教学质量铸就壁垒，渠道+品牌助力增长。1）教学质量上，公司建立标准化讲师培训系统，已组建一支超 3,000 名的高水平讲师团队，同时重视课程材料研发，核心产品《模块宝典》已更新至第14 版；2）渠道上，截至2024年6 月，公司实现了“全国一张网”的整体经营布局，辐射网点已突破1,000个，同时通过双师教学模式和基地班的创新，进一步拓宽客户服务形式；3）品牌上，2017 年公务员考试中，华图笔试/面试协议班的通过率分别为14.4%/40.7%，高过全国笔试和面试通过率（8.6%/33.0%），高通过率奠定了华图口碑基础，此外，公司积极投身教育慈善、举办宣讲会，进一步扩大品牌影响力。The company inherits the resources of Huatu Education, a leading recruitment and training agency, and has the advantage of offline channels and the accumulation of high-quality teachers. With its brand advantage and teaching reputation, it is expected to obtain excess revenue from the rising popularity trend of various recruitment examinations such as public examinations and public institutions, and for the first time, it has been covered to give an “increase” rating.
Huatu Education Holdings is expanding its non-academic training business smoothly. Huatu Education was founded in 2001 and is one of the leading recruitment examination training leaders in China. In 2023, Huatu Shanding obtained the right to use assets related to Huatu Education free of charge and expanded the new vocational education business. Currently, it has contributed impressive results. 24Q1-3 has revenue of 2.1 billion yuan and net profit of 0.13 billion yuan to mother.
The recruitment and training market is in high demand, and there is plenty of room for enterprise development. According to Frost & Sullivan, the market size of China's vocational examination and training industry in 2021-2026 was 9.8%, and the CR5 of the FY21 vocational examination market was only 22.1%. The industry concentration is low, and leading companies are good at it.
Teaching quality creates barriers, and channels+brands help growth. 1) In terms of teaching quality, the company has established a standardized instructor training system, and has formed a team of over 3,000 high-level instructors, while focusing on the development of course materials. The core product “Module Collection” has been updated to the 14th edition; 2) On the channel, as of June 2024, the company has achieved the overall business layout of the “National One Network”. The number of radiated outlets has exceeded 1,000, and further broadened customer service forms through the innovation of the dual-teacher teaching model and base class; 3) On the brand, the pass rate of Huatu written test/interview classes in the 2017 civil service examination They were 14.4%/40.7% respectively, higher than the national written test and interview pass rate (8.6%/33.0%). The high pass rate laid the foundation for Huatu's reputation. Furthermore, the company actively participated in educational charity and held seminars to further expand its brand influence.
Profit prediction and investment advice: The company inherits Huatu Education Resources, a leading recruitment agency, and is expected to obtain excess profits as the popularity of the industry increases. We expect FY24-26 to achieve revenue of 2.7/3.3/4.1 billion yuan and net profit to mother of 0.271/0.38/0.516 billion yuan, which is covered for the first time with a “gain” rating.
Risk warning: risk of changes in policies and regulations, increased risk of industry competition, risk of education and training business development falling short of expectations, risk of technological change, risk of teacher loss.
