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中国东方教育(0667.HK):疫情阶段性干扰 巩固技能型职教优势

China Oriental Education (0667.HK): periodic interference from the epidemic situation to consolidate the advantages of skilled vocational education

天風證券 ·  Aug 26, 2021 00:00

21H1 revenue 2.001 billion, up 31.9% over the same period last year; adjusted net profit 301 million year-on-year increase of 41.8% on August 25, the company released the first half of 2021 results report, 21H1 revenue of 2.001 billion yuan, an increase of 31.9%; net profit of 233 million yuan, down 3.9%; adjusted net profit of 301 million yuan, an increase of 41.8%.

The increase in revenue was mainly due to an increase of about 34.7% in the number of new students enrolled by the company and the number of new customer registrations.

As of June 30, 2021, the company's cash and its equivalents were 768 million yuan, accounting for 13.43% of the company's total assets.

The total number of schools is 218,34.7% more than the same period last year. The number of 21H1 new training students is 34.7% higher than the same period last year. The number of oriental education schools and centers in China is 218,12 more than in 2020. Specifically:

The number of cuisine branch schools and centers is 128, including 69 New Oriental Education & Technology Group cuisine education, 39 Omichi western food education and 20 delicious colleges.

The number of information technology and Internet technology branch schools and centers is 53, including 31 Xinhua computer education and 22 Huaxin Zhiyuan DT talent training base.

The number of schools and centres in the Automotive Service Division (i.e. Wantong Automotive Education) is 36.

The number of schools and centres of the Fashion and Beauty Division (that is, Aumanti Fashion and Beauty Education) is 1.

2021H1 China Oriental Education trained an average of 143300 people, an increase of 12.0% over the same period last year.

Broken down by courses, the average training attendance for long-term courses was 127000, an increase of 9.1% over the same period last year (of which, 7500 for courses of less than one year and less than two years, an increase of 1.8% over the same period last year; 54800 for courses of less than two years, a decrease of 15.5% over the same period last year; 64600 for three-year courses, an increase of 46.4% over the same period last year); and an average of 16400 for short courses, an increase of 41.0

Downgrade earnings forecast and give buy rating.

The epidemic has not yet stabilized in the first half of the year, and the company's enrollment was still affected. Therefore, we lowered the company's profit forecast. After the adjustment of FY21-22, the net profit was adjusted from 1.19 billion yuan and 1.37 billion yuan to 800 million yuan and 920 million yuan, and EPS from 0.54 yuan per share and 0.62 yuan per share to 0.36 yuan per share and 0.42 yuan per share. The income of PE is 22.81x and 19.83x respectively. The income of FY21-22 maintains 4.7 billion yuan and 5.7 billion yuan respectively.

Risk tips: lower than expected enrollment, loss of core executives, fierce market competition

The translation is provided by third-party software.


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