FY22 income 884 million yuan, adjusted net profit 98 million dividend ratio 50%FY22 (2021-9-1-2022-8-31) the company's income is 884 million yuan (the same below, all are RMB); the adjusted net profit is 98 million yuan. The board of directors recommends the payment of a final dividend of 2.29 cents per share, with a dividend payout ratio of 50%.
Specifically, according to the type of income, FY22's restaurant operating income is 432 million yuan, accounting for 48.9% of the total; comprehensive education service income is 276 million yuan, accounting for 31.2% of the total; travel income is 38 million yuan, accounting for 4.3% of the total; supply chain management service income is 25 million yuan, accounting for 2.9% of the total; management and franchise fee income is 22 million yuan, accounting for 2.5% of the total The comprehensive literacy service income of FY22 Company was 32 million yuan, accounting for 3.6% of the total, and the sales revenue of new student supplies was 59 million yuan, accounting for 6.7% of the total.
At the end of August 31, 2022, the company had contractual liabilities of $843 million. As of the end of August 31, 2022, in terms of deferred income reflecting subsidies, the company's deferred income was 191 million yuan.
FY22 gross profit margin 33.2%, adjusted net profit rate 11.1%
FY22's gross profit is 294 million yuan, with a gross profit margin of 33.2%. The adjusted net profit is 98 million yuan, and the adjusted net profit rate is 11.1%.
FY22 company sales cost 591 million; by cost type, FY22 material consumption cost 253 million yuan, accounting for 42.8% of the total; staff cost 120 million, accounting for 20.2% of the total; staff cost 120 million, accounting for 20.2% of the total; depreciation and amortization cost 117 million, accounting for 19.8% of the total; student supplies sales business corresponding procurement cost 45 million yuan, accounting for 7.7% of the total In addition, teaching activity costs, public utility costs and other costs account for 5.6%, 2.6% and 1.3%, respectively.
22x23 high school students increased by 49% in 25000, accelerating core business adjustment. By the end of the 22nd school year, the number of senior high school students in the company's schools was 17200. At the beginning of the 22apt 23 school year, the number of senior high school students was 25500, an increase of 48.5%. The rapid growth may be due to the company's accumulated reputation for further studies in the local school and the rich and perfect layout of the school network, and the utilization rate of existing schools continues to rise. the number of new self-owned schools has increased.
In the 22-year college entrance examination, the company's schools enrolled a total of 79 global top50 students, such as Qingbei, with an undergraduate rate of about 90% and a undergraduate rate of about 60%. Among the candidates for the college entrance examination in Sichuan Province, the undergraduate rate and the undergraduate rate were 93% and 66%, respectively. At the same time, the students of the company's schools continue to achieve excellent results in various academic examinations, competitions and extracurricular activities.
Looking to the future, the company will take measures to improve the operating structure of ①, including the independent operation license of a high school with an independent operating license from an integrated school, and its financial performance is expected to be merged into the company's comprehensive financial report after the high school obtains a separate operating license; ② gradually reduces the enrollment size of affected primary and junior high schools.
The company will provide comprehensive operational services for students by expanding and strengthening its for-profit high school business, including, but not limited to, a series of other value-added services, such as online campus mall, integrated logistics services, arts and sports guidance, international education, overseas study consultation and study trips, to promote the all-round development of students. In the later stage, the volume of the company's revenue and performance is expected to recover quickly, so it is recommended to pay active attention to it.
Raise earnings forecasts and maintain "buy" ratings. Tianli is a leading comprehensive education service operator in western China, providing customers with comprehensive education management and diversified services, along with the adjustment of its operation structure and the continuous development of comprehensive operation services such as quality education. the volume of follow-up income performance is expected to recover quickly. Due to the rapid recovery of the company's profitability, we adjust our profit forecast and estimate that the company's FY23-25 revenue will be 14.0,20.0 and 2.58 billion yuan respectively, and the adjusted net profit will be 2.0,3.50 and 480 million yuan respectively (before FY23-24 is 1.50 yuan and 280 million yuan respectively) The corresponding EPS is 0.09,0.16,0.22 RMB per share (before FY23-24 is 0.07,0.13 RMB per share respectively), and the PE is 16.3,9.3 and 6.8X respectively.
Risk tips: lower than expected enrollment, loss of core executives, fierce market competition, risk of policy change, and so on.