Items:
Dianguang Technology announced on Sept. 19 that the company plans to buy 51% of the shares of Shanghai Jiayu Culture Communication Co., Ltd in cash for 45.05 million yuan. Yueqing Fengyu steady Education Industry Equity Investment Fund Partnership (limited partnership) plans to buy 15% of the shares of Shanghai Jiayu Culture Communication Co., Ltd., with a consideration of 13.25 million yuan.
In terms of profit commitment, Jiayu Culture promised to deduct the non-return net profit of not less than 9 million / 10 million / 11 million yuan in 2017-18-19. Through this merger and acquisition, it will lay a solid foundation for the company to set foot in early childhood education and improve the ecological layout of the company in the education industry.
Main viewpoints
1. Take advantage of the prosperity of early childhood education, Jiawei culture to create a quality early childhood education service group
Jiayu culture is aimed at cultivating the all-round development of 2mi 6-year-old children under the background of international education, and has four directly operated kindergartens in Shanghai. High-quality education core resources, excellent teaching system and rich management talents are the core competitive advantages of the company. Specifically, the company's kindergarten education is mainly divided into three levels: ○ 1 aims at 0Mel 3-year-old infants' early education, the company employs professionals at home and abroad to design personalized teaching aids, introduces foreign advanced 5Q education concepts and complete curriculum content. ○ 23Mel 6-year-old kindergarten education, the company provides children with humane multiple intelligence development courses and international advanced bilingual courses, using a spiraling teaching framework to improve children's personality traits. ○ 33Mel 12-year-old characteristic courses, the company through the creation of education market operation and development, professional consulting services and other aspects of the development of continuous improvement of service strength. With the gradual release of the policy of early childhood education, the prosperity of the early childhood education industry will continue to rise. The good reputation and rich operational experience of early childhood education will take advantage of the wind of early childhood education to help Jiawei culture build a professional preschool education group.
two。 Under the development tone of tamping the main industry and two-wheel drive, electro-optic science and technology has actively transformed the education industry.
Since EO confirmed that it will regard education industry as the company's second main business at the end of 2015, it has completed its acquisition of Shanghai Yali, and its education industry fund has also conducted due diligence on a number of education target companies. and invested in Shanghai Newban Cultural Development Co., Ltd., Newfield Education Group. The acquisition of Jiafan Culture is a good beginning of the company's positive layout of preschool education and preschool education. The acquisition of Jiayu culture pried open the entrance to early childhood education, relying on the mature and well-run kindergartens of Jiayu culture, to consolidate the foundation of the electro-optical education industry. At the same time, it also helps to open up the education industry chain and realize the full coverage of the whole education industry chain from preschool education to international high school and studying abroad.
3. Investment advice:
Under the pressure of the main business, electric optical technology actively seeks to develop the second main business, and the original intention of realizing the education industry to improve the company's business performance has not changed. For the acquisition of Jiawei Culture, the company will have the entrance to early childhood education, and the direction of ecological layout in the early childhood education industry will be more clear. International education and preschool education will become the core sector of the company's education industry, and will continue to carry out integrated mergers and acquisitions around these two areas in the future. We estimate that the company's EPS for 16-17 years will be 0.21 and 0.27 yuan respectively, corresponding to a purchase rating of 83 times for PE.
4. Risk tips: main business performance decline risk, education industry M & An integration risk, policy supervision risk.
