Public Education (002607): There is a promising future now

Public Education (002607): There is a promising future now

18 years of outstanding performance, 19 years of digital transformation, rich categories, channel innovation companies released 18 annual reports, revenue 62.

37 billion / + 54.

72%, net profit attributable to mother 11.

5.3 billion / +119.

67%, in line with expectations.

The gross profit margin is 59.

08%, a slight decrease of 0 every year.

5pct; the company has achieved significant achievements in the dual division and IT system upgrades, the scale effect continues to appear, and the sales rate has dropped 3.

2 points to 17.

67%, the management fee rate fell by 2.

54pct to 14%, financial expenses expenditure -0.


Vocational education provides an important talent reserve for the economic transformation of developing countries. The industry has broad space and policy support. The company is the leader of non-educational vocational education groups. Its development content and outlets have dug deep into the moat. The 19-year digital transformation has enriched categories and channel innovation., Enjoy the industry dividend, EPS 0 is expected in 19-21.



55 yuan with a target price of 14.


56 yuan, maintain “Buy” rating.

The overall category layout, leading edge, and scale effect underscore the company’s rank and product category in the new employment situation. It responds quickly to new employment needs. The company has provided 119 face-to-face training sessions in 18 years.

210,000 / + 35.

10%, 111 people trained online.

580,000 / + 91.

19%; leading advantages and scale effects support product upgrades, and the unit price of face-to-face training increased by 13.


In terms of business, 18 years of civil servant income is 30.

8.2 billion / + 49.

15%, public institution sequence 7.

8.5 billion / + 37.

91%; teacher sequence income 10.

7.5 西安耍耍网 billion / +60.

58%, benefiting from the increase in enrollment, increased participation rate and company market share, the three businesses are expected to maintain high growth; comprehensive face-to-face training income.

28 billion / 87.

17%, it is expected to incubate into a leading track segment in the future; online income4.

4.3 billion / + 57.

64%, technology-driven online training business is expected to continue high growth.

Channel sinking accelerated, research and development investment deepened, and the moat was terminated. At the end of 18, the company had established 701 outlets covering 319 prefecture-level administrative regions, and its direct sales network covered the whole country.

In terms of different regions, the growth rate of Northeast / North China / South China revenue growth rate reached 128% / 61% / 59%, accounting for 20% / 15% / 8% 都市体验网 of revenue, which helped the national market to expand and replicate.

The company insists on R & D-driven. The R & D investment is mainly divided into the curriculum system basic development and training auxiliary software R & D. The 18-year-old R & D staff is 1350 / + 36.92%, R & D expenses4.

5.4 billion / + 46.

48%, R & D expense rate 7.


In 18 years, the company focused on the transformation and upgrade of basic systems such as ERP, CRM, and teaching platforms, and transformed it into a number of core business transformations for preliminary digital transformation. Operational efficiency and the synergy between the outlets and the headquarters promoted continuous improvement.

The leading Matthew effect continues to appear, with high performance growth, maintaining a “buy in” increase in the severity of domestic employment, recruitment and qualification examinations are relatively low, and vocational education is the most clearly segmented field of policy support in the education industry. In recent years,Come heavy support policy constantly.

The company started with the public examination business, insisted on research and development-oriented, channel sinking, tapping potential vocational training needs through high-quality content and teaching services, positioning market gaps, becoming a cross-track teaching and research strength + channel barriers, and promoting the full benefit of industry growth dividends.

The company will focus on digital transformation in 19 years, innovate and upgrade high value-added products, increase management innovation, and transfer IT capabilities to maintain rapid network expansion and sinking. The original forecast was EPS0 in 19-20.


39 yuan, an increase of 21 years forecast, EPS 0 is expected in 19-21.



55 yuan, maintaining a target price of 14.


56 yuan, maintain “Buy” rating.

Risk warning: Enrollment is not up to expectations; market competition is fiercer than expected.