此为公司的第一所技师学院，我们分析此次升格技师学院：（1）体现了公司的办学实力及教学水平获得了政府的充分认可，亦是公司拓扩及加强职教产业园决心的有力证明，标志着公司响应国家政策号召，向构建“纵向贯通”职业教育体系迈出坚实的一步。（2）升格技师学院后，未来对高中生源的吸引力将进一步加强，有望推出五年制专业，从而拉长学制，提升在校生人数。（3）为公司不断提升办学层次及丰富产品序列提供有力支持，并在培养技师、高级技师等高技能人才方面积累丰富的经验，未来随着更多区域中心建设完成后，有望实现技能培训、中专、技工、高级技工及技师学院多层次、高水平的办学矩阵，也为快速规模化升格技师学院作好了路径探索与模式铺垫。（4）公司的技师学院拥有汽车检测、汽车维修、机电一体化技术3 个预备技师专业，公司持续深化产教融合，集中资源培养新能源汽车、智能制造等新型优质生产力相关产业极需的技能人才，与头部重点企业开展师资课程共建，让企业的新技术、新工具同步引入教学一线，为学生提供更加优质的实习实训机会，促进产教融合取得实效，提升招生吸引力。Incident Overview
On October 21, 2024, the company announced that the Anhui Wantong Advanced Technical School wholly owned by the company has been officially upgraded from the Anhui Provincial People's Government to Anhui Wantong Technician College. Anhui Wantong Technician College currently has more than 8100 students and 463 full-time teachers, covering an area of about 0.174 million square meters, including a construction area of more than 0.15 million square meters and a training area of more than 0.028 million square meters. It is also equipped with more than 100 training rooms and 3,540 training stations. Currently, 18 majors, including NEV inspection and maintenance, intelligent connected vehicle technology applications, automobile inspection, automobile maintenance, industrial robot application and maintenance, and mechatronic technology, have been established, as well as 14 permanent senior technician majors and 3 preparatory technician majors in automobile inspection, automobile maintenance, and mechatronics technology.
Analytical judgment:
This is the company's first technician college. We analyzed that the technician college was upgraded this time: (1) It shows that the company's ability to run schools and teaching standards have been fully recognized by the government. It is also a strong proof of the company's determination to expand and strengthen the vocational education industrial park. It marks a solid step towards building a “vertical integration” vocational education system in response to national policy calls. (2) After being upgraded to the College of Technicians, the appeal to high school students will be further strengthened in the future, and it is expected that a five-year major will be introduced, thereby lengthening the academic system and increasing the number of students enrolled. (3) It provides strong support for the company to continuously improve its level of operation and diversify its product lineup, and has accumulated rich experience in cultivating highly skilled talents such as technicians and senior technicians. In the future, with the completion of the construction of more regional centers, it is expected that it will achieve a multi-level and high-level education matrix for skills training, secondary schools, technicians, senior technicians and technician colleges, which also paved the way for rapid large-scale upgrading of technician colleges. (4) The company's technician college has 3 preparatory technician majors in automobile inspection, automobile maintenance, and mechatronics technology. The company continues to deepen the integration of industry and education, concentrate resources on cultivating skilled talents in new high-quality productivity-related industries such as new energy vehicles and intelligent manufacturing, and co-build teacher courses with leading key enterprises, so that new technologies and tools of enterprises are simultaneously introduced to the front line of teaching, providing students with better internship and training opportunities, promoting the integration of industry and education to achieve effective results and enhance enrollment appeal.
Investment advice
We analyzed that (1) in the short term, we expect that as cost control performance is expected to continue to exceed expectations; (2) in the medium term, long-term student growth is expected to gradually recover after enrollment is normalized; by category, we expect IT to be under pressure, but the cooking, automobile and beauty industries will maintain rapid growth, Omiki and the beauty industry will continue to reduce losses, and the net interest rate for automobile services will increase; (3) the company's long-term advantage lies in employment competitiveness and the ability to quickly adjust courses in response to market changes. The qualifications of the company's first technician college have been approved. Nozomi Lengthen the academic system. Maintain the 24/25/26 revenue forecast of 4.15/4.41/4.84 billion; maintain the 24/25/26 net profit of 0.496/0.596/0.725 billion yuan, corresponding to the 24/25/26 EPS of 0.23/0.27/0.33, and the closing price of HK$2.85 on October 18, 2024 corresponds to a 24/25/26 PE of 11/9/8 times (HK$1 = RMB 0.91), maintaining a dividend rate of 8% “Buy” rating.
Risk warning
Potential risks of policy changes, higher-than-expected IT decline, less-than-expected cooking recovery, high cost risk, systemic risk.
