On April 25, the company announced that 18 revenue was 2.095 billion, up 21.58% from the same period last year; net profit from home was-267 million, down 361.68% from the same period last year; and non-return net profit was deducted from-176 million, down 380% from the same period last year.
The K12 education business of the company realized operating income of 1.565 billion yuan, an increase of 24.71% over the same period last year, and realized a net profit of 63.0221 million yuan belonging to listed companies. By the end of this report, a total of 77 new teaching centers have been added, 26 have been expanded and relocated, and the number of directly operated teaching centers has increased to 249, covering Shanghai, Jiangsu and Zhejiang and other regions, achieving great-leap-forward development. The number of students enrolled in the year was 172400, an increase of 25% over the same period last year.
The business income of vocational education in the current period is 235 million yuan, which is basically the same as that of the same period last year, and the net profit attributed to listed companies is 12.553 million yuan. The fund-raising project has been substantially promoted, and a strategic cooperation agreement has been signed with Shandong Shenquan College, and Shandong Shenquan College has successfully opened its new campus. Jiaxing Nanyang Vocational and Technical College has made gratifying achievements in teaching, management and service through the implementation of the 13th five-year Plan.
The company focuses on the four major education and training areas of K12 education, vocational education, international education and early childhood education. On the one hand, it makes use of the comprehensive advantages of experience, brand, teachers and curriculum system accumulated in the field of K12 education and training for many years to further consolidate the company's superior education and training business. At the same time, it also actively arranges vocational education, international education and early childhood education business. On the other hand, the company actively seeks opportunities for national, regional and international cooperation, constantly integrates high-quality educational resources at home and abroad, strengthens project reserves, actively improves the company's investment management system, and builds a capital operation framework in line with the company's follow-up development. it has laid a solid foundation for the realization of the company's "two-wheel drive" strategy.
Industrial capital will be stationed in an all-round way to optimize equity institutions and stimulate business vitality. as of November 20, 2018, CICC Group and its actors held a total of 61640819 shares in unlimited sale conditions of the company, accounting for 21.51% of the total share capital. Shanghai Jiaotong University Industrial Investment, the largest shareholder of the company, and its actors currently hold 22.65% of the total share capital. In the future, we may accelerate the market-oriented operation in the aspects of corporate governance and capital operation. At the national level, we will promote the comprehensive clean-up and standardization of enterprises affiliated to colleges and universities, classify and implement reform work, promote colleges and universities to concentrate on running schools, or form a synergy with CICC, Changjia and other social forces to speed up equity optimization.
Maintain earnings forecasts and give buy ratings. The company's main business is education and training, mainly related to K12 education, vocational education, international education, early childhood education and other business areas. Relying on Shanghai Jiaotong University, the company has a strong competitive advantage in brand building, curriculum research and development, business development, personnel training and teacher training in the field of education and training. Onli Education, a wholly owned subsidiary of the company, is a well-known education and training institution in Shanghai. The company has formed a complete education and training service industry chain, and through connotation growth and extension expansion two-wheel drive rapid development. We estimate that the EPS of the company in 19-20 is 1.01 yuan 1.24 yuan, and the corresponding PE is 20x and 16x respectively.
Risk hint: new business development is not as expected and industry competition is fierce.