Event
The company issued a 2020 (CY) performance announcement: in 2020, the company achieved an income of 555 million yuan, an increase of 10.7%, a net profit of 193 million yuan, an increase of 53.9%, and an adjusted net profit of 203 million yuan, an increase of 34.3%.
Brief comment
The overall income increased steadily and the level of tuition fees increased slightly. In 2020, the company's revenue was 555 million yuan, an increase of 10.7%, and the adjusted net profit was 203 million yuan, a substantial increase of 34.3% over the same period last year.
From the perspective of business, the income from tuition fees was 493 million yuan, an increase of 14.9%; the income from accommodation fees was 48 million yuan, a decrease of 27.8%, mainly due to a refund of 34 million yuan to students; and other income was 14 million yuan, a decrease of 57.7%. The average tuition fee in 2020 was 23100 yuan, an increase of 6.88%. Among them, the tuition fees for freshmen increased from 2.3-30000 yuan in the 20th academic year in 2019 to 2.3-38000 yuan in the 21st academic year in 2020. the tuition fees for newly promoted freshmen increased from 2.3-27000 yuan in 2019 to 2.3-30000 yuan in 2020. In terms of accommodation, the accommodation fee for the second phase of the school premises is 5800 yuan (60% higher than the previous accommodation fee), and the accommodation fee for freshmen in the first phase of the school building is increased from 3600 yuan to 4800 yuan.
The number of students has exceeded 2W, and the number of students who have been promoted to undergraduate level has increased. The number of students in the 2020 academic year was 21338, of which 17274, 2548 and 1516 were undergraduate, junior college and junior college students, accounting for 81.0%, 11.9% and 7.1%, respectively. Benefiting from the expansion of college enrollment, the number of new students in the 2020Universe 21 academic year reached 6326, an increase of 446 over the previous academic year, of which 441 were enrolled in junior college. Despite the impact of the epidemic, the enrollment rate of freshmen in the 21st school year in 2020 is still 93.02%. At present, the company is carrying out three phases of the school building construction plan, including a multi-purpose teaching building, two dormitory buildings with a total capacity of 3984 students and dormitory auxiliary buildings.
The quality of running school is excellent and the employment rate is high. According to the national third-party university evaluation agency iRuishen alumni association network, Shanghai Jianqiao College ranks fourth in the 2021 alumni association of China's private universities. In 2020, four undergraduate majors, namely, e-commerce, gem and material technology, microelectronic science and engineering and software engineering, were approved as provincial first-class undergraduate construction sites. As of 2020.10, the employment rate of graduates of the class of 2020 has reached 97.6%, and employers are generally satisfied with 99.5% of the graduates' job performance, of which 62.6% of the graduates remain employed in the Shanghai area. In 2020, the rate of students studying abroad reached 6.4%, 52 students entered the top 100 universities in the QS World University, and 95 students entered the top 200 universities in QS World University.
Profit forecast: without considering mergers and acquisitions, revenue in 2021-2023 is expected to be 6.88,7.70 and 859 million yuan, up 24.0%, 11.8% and 11.6% respectively, and adjusted net profit of 2.63,3.14 and 367 million yuan, an increase of 29.6%, 19.4% and 17.1%. The corresponding PE is 7.9,6.6 and 5.7 times, respectively, and the "buy" rating is given.
Risk hint: the progress of school expansion is not as expected, and the regulations on the implementation of the Civil Promotion Law have not yet been landed.