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新华文轩(601811):提升教育服务业务 紧抓电商发展新趋势

Xinhua Wenxuan (601811): Enhancing the Education Service Business and Seizing New Trends in E-Commerce Development

西南證券 ·  Aug 30, 2022 00:00  · Researches

Performance summary: Xinhua Wenxuan released its 2022 semi-annual report. 2022H1 achieved revenue of 4.98 billion yuan, an increase of 6.8% over the previous year; achieved net profit of 720 million yuan, an increase of 19.1% over the previous year; after deducting non-net profit of 640 million yuan, an increase of 4.2% over the previous year; Q2 of 2022 achieved revenue of 2.77 billion yuan, an increase of 2.4% over the previous year; and Guimo's net profit of 550 million yuan, an increase of 22.9% over the previous year.

Online platforms continue to be optimized, and education services have reached new heights. During the reporting period, the textbook teaching aid publishing business achieved main business revenue of RMB 640 million, a year-on-year decrease of 5.5%. The company continues to optimize and upgrade the “Excellent Education” online service platform, covering a total of 6,319 schools, serving 4.52 million students; the labor and practical education business order reached 7.7 million yuan, serving more than 30,000 students; the teacher training business order reached 16.37 million yuan, serving more than 90,000 teachers. The company's education services business achieved main business revenue of RMB 2.87 billion, an increase of 8.8% over the previous year.

Keep abreast of new trends in e-commerce development and strengthen supply chain logistics service capacity building. During the reporting period, fertilization refined the level of category operation and the impact of technological innovation on commodity organization and logistics organization. The Internet sales business performed brilliantly, achieving main business revenue of RMB 1.17 billion, an increase of 11.3% over the previous year; the Group's newly built warehouse in South China was put into operation, and the total number of logistics published and logistics through its own channels reached 15.9 billion yuan, an increase of 1% over the previous year; the three-party logistics business established a major expansion direction. Single project operating results were remarkable. During this period, the three-party logistics business achieved revenue of 150 million yuan, an increase of 20.7% over the previous year. In the future, the Group will continue to consolidate its dominant position in book e-commerce, build a complete logistics network, and consolidate its advantages in enterprise development.

Optimize the business layout of stores and build a new reading service system. 2022H1, the group uses physical bookstores as connecting points to build a new reading service system of “online and offline integration, in-store and out-of-store integration”. During this period, the store sales business achieved main business revenue of 300 million yuan, a year-on-year increase of 6.6%, gross margin of 36.6%, and a year-on-year decrease of 37.2%. The company optimizes its business layout, expands out-of-store business on the basis of maintaining store operations, and breaks the development dilemma of physical stores.

Profit forecasts and investment recommendations. Net profit attributable to the mother in 2022-2024 is estimated to be 1.41 billion yuan, 1.55 billion yuan and 1.72 billion yuan. The corresponding PE is 10 times, 9 times, and 8 times respectively. Considering the continuous optimization of the company's online platform and the steady development of the education service business, it is recommended to pay attention as the company grasps the Internet sales model, optimizes the store business layout, and maintains the “buy” rating.

Risk warning: 1) The risk of growing cross-border competition among emerging Internet companies; 2) The risk that advanced technology continues to reshape the business form and management model of traditional publishing.

The translation is provided by third-party software.


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