Financial Performance - For the fiscal year ending August 31, 2024, the company reported revenue of RMB 6,579 million, an increase of 17.1% compared to RMB 5,616 million in the previous year[3]. - The gross profit for the same period was RMB 3,644 million, reflecting a growth of 15.2% from RMB 3,164 million[3]. - Adjusted net profit attributable to the company's owners was RMB 2,242 million, up 7.9% from RMB 2,077 million[3]. - Operating profit increased by 14.2% year-on-year, reaching RMB 2,846 million[19]. - Adjusted net profit rose by 3.3% year-on-year, amounting to RMB 1,971 million[19]. - Adjusted EBITDA grew by 12.3% year-on-year, totaling RMB 3,774 million[19]. - The company recorded a net loss of RMB 1,975 million in other income and losses, primarily due to impairment losses on goodwill and intangible assets amounting to RMB 1,911 million[45]. - Main operating costs increased from RMB 2,452 million for the year ending August 31, 2023, to RMB 2,935 million for the year ending August 31, 2024, reflecting a rise of 19.7% due to increased student numbers[38]. - Administrative expenses rose to RMB 965 million for the year ending August 31, 2024, compared to RMB 775 million for the year ending August 31, 2023, driven by increased student enrollment and new campus investments[43]. - The company reported a net profit of RMB 502 million for the year, a decrease of 67.4% from RMB 1,541 million in the previous year[113]. - The company's income tax expense for the year ended August 31, 2024, was RMB 170 million, compared to RMB 93 million for the previous year, representing an increase of 83%[162]. - Total comprehensive income attributable to the company's owners for the year ended August 31, 2024, was RMB 421 million, a decrease from RMB 1,380 million in 2023, representing a decline of 69.5%[115]. - Basic earnings per share for the year ended August 31, 2024, was RMB 16.13, down from RMB 55.31 in 2023, reflecting a decrease of 70.8%[115]. Student Enrollment and Capacity - The total number of full-time students reached approximately 270,000, representing a year-on-year growth of about 9%[7]. - The number of higher education students increased by approximately 12.5% to 224,000[7]. - The company expanded its student capacity by nearly 40,000 through new and expanded campuses, increasing the number of campuses from 22 to 23[12]. - The number of cooperative schools increased to 3,980, contributing approximately 75,000 skilled graduates to society[15]. - The number of international education programs with verified qualifications increased to 7, with new student enrollment in international courses growing over 100% year-on-year[16]. - The group established 13 new industry colleges, bringing the total to 61, including notable institutions like Huawei ICT College[15]. Cash and Reserves - The cash reserves as of August 31, 2024, were recorded at RMB 6,626 million[3]. - Cash reserves increased to RMB 6,626 million as of August 31, 2024, up from RMB 5,802 million in 2023[60]. - The company reported cash and cash equivalents of RMB 6,238 million as of August 31, 2024, an increase from RMB 5,177 million in 2023, representing a growth of 20.5%[117]. Dividends and Shareholder Information - The board recommended a final dividend of RMB 0.1028 per share[3]. - The proposed final dividend is RMB 0.1028 per ordinary share, compared to RMB 0.1353 per share for the year ended August 31, 2023, reflecting a decrease of approximately 24.5%[90]. - The total dividend payout for the year is expected to be approximately 40% of the adjusted net profit attributable to the owners of the company[90]. - The company plans to offer shareholders the option to receive the final dividend in new shares instead of cash, pending approval at the upcoming annual general meeting[92]. - The annual general meeting is scheduled for January 21, 2025, with a suspension of share transfer registration from January 16 to January 21, 2025[93]. Market Performance and Strategy - Domestic market revenue increased from RMB 5,396 million for the year ending August 31, 2023, to RMB 6,335 million for the year ending August 31, 2024, representing a growth of 17.4% driven by an increase in student enrollment and average revenue per student[36]. - International market revenue rose to RMB 244 million for the year ending August 31, 2024, up 10.9% from RMB 220 million for the year ending August 31, 2023[37]. - The company anticipates a decline in new customer numbers due to increased market competition and changing customer preferences[51]. - The company is focused on enhancing vocational education capabilities through various initiatives, including building practical training centers and expanding international cooperation[70]. - The company is exploring strategic acquisitions to enhance market presence, targeting companies with a combined revenue of $200 million[7]. Corporate Governance and Compliance - The audit committee reviewed the financial performance for the year ended August 31, 2024, ensuring the integrity and accuracy of financial data[109]. - The company is committed to enhancing corporate governance practices to align with legal and professional standards[105]. - The company maintained compliance with public float requirements as per listing rules[101]. Employee Information - The company had 18,677 employees as of August 31, 2024, representing a 13% increase from 16,468 employees as of August 31, 2023[84]. - The company will provide various benefits to employees, including participation in social insurance plans and diverse welfare options[84]. - The company is committed to hiring based on qualifications and experience, ensuring equal employment opportunities without discrimination[87]. Future Outlook - Future plans include deepening industry-education integration and innovating international education models to cultivate skilled talent[20]. - The company anticipates sufficient resources to continue operations for at least the next twelve months, despite current liabilities exceeding current assets[130].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company is expected to achieve a revenue of approximately 6.469 billion RMB in the fiscal year 2024, with a downward adjustment for the fiscal years 2025 and 2026 to 7.188 billion RMB and 7.967 billion RMB respectively [4]. - The adjusted net profit for fiscal year 2024 is projected to be around 2.105 billion RMB, with slight downward adjustments for the following years [4]. - The report highlights that the company has experienced a significant decline in net profit expectations for fiscal year 2024, primarily due to anticipated decreases in tuition fees and potential policy changes affecting international students in Australia [4]. Financial Summary - Revenue growth rates are projected to be 37.00% for 2020, 37.50% for 2021, 29.15% for 2022, and gradually decreasing to 10.83% by 2026 [1]. - The adjusted net profit growth rates are expected to be 28.73% for 2020, 57.13% for 2021, and tapering to 8.95% by 2026 [1]. - The price-to-earnings (PE) ratio is forecasted to decrease from 27.47 in 2020 to 4.77 by 2026, indicating a potential increase in valuation attractiveness over time [1].

Financial Performance - The main revenue for the six months ended February 29, 2024, was RMB 3,284 million, an increase of 18.3% from RMB 2,775 million for the same period in 2023[17]. - Gross profit for the same period was RMB 1,839 million, representing a gross margin of 56.0%, compared to RMB 1,593 million and a gross margin of 57.4% in 2023[17]. - Net profit attributable to the owners of the company increased to RMB 1,071 million, up 9.6% from RMB 977 million in the previous year[21]. - Adjusted net profit for the six months ended February 29, 2024, was RMB 1,092 million, compared to RMB 1,045 million in 2023, reflecting a growth of 4.5%[24]. - Operating profit for the period was RMB 1,475 million, an increase of 17.4% from RMB 1,257 million in the prior year[17]. - The adjusted EBITDA for the six months ended February 29, 2024, was RMB 1,956 million, up 16.7% from RMB 1,676 million for the same period in 2023[30]. - The net profit for the six months ended February 29, 2024, increased by 14.7% to RMB 1,188 million, compared to RMB 1,036 million for the same period in 2023[30]. - The gross profit for the six months ended February 29, 2024, was RMB 1,839 million, reflecting a growth of 15.4% from RMB 1,593 million for the same period in 2023[27]. - Profit before tax increased to RMB 1,283 million, representing a growth of 19.98% compared to RMB 1,069 million in the previous year[93]. - The total comprehensive income for the period was RMB 1,069 million, compared to RMB 976 million in the same period last year, reflecting a 9.5% increase[101]. Revenue Segmentation - The domestic market segment's revenue increased from RMB 2,668 million to RMB 3,179 million, representing a growth of 19.2%[27]. - The international market segment's revenue decreased to RMB 105 million, down from RMB 107 million for the same period in 2023[27]. - Domestic market revenue reached RMB 3,179 million, while international market revenue was RMB 105 million for the same period, indicating a strong focus on the domestic market[113]. - The education services revenue recognized over time was RMB 3,263 million, up from RMB 2,753 million in the previous year, marking a growth of approximately 18.4%[117]. Costs and Expenses - The company reported a financing cost of RMB 225 million, which increased from RMB 190 million in the previous year, indicating a rise of 18.4%[17]. - Administrative expenses rose to RMB 476 million from RMB 387 million, reflecting increased operational costs[93]. - The total employee costs increased to RMB 1,020 million, up from RMB 839 million for the same period in 2023, representing a 21.6% increase[127]. - The construction costs for new campuses and student dormitories increased to RMB 1,648 million, compared to RMB 840 million for the same period in 2023, indicating a 96.5% rise[137]. Financial Position - The company's cash reserves as of February 29, 2024, amounted to RMB 4,531 million, a decrease from RMB 5,802 million as of August 31, 2023[30]. - As of February 29, 2024, the company's bank and other borrowings and bonds amounted to RMB 8,933 million, an increase from RMB 8,603 million as of August 31, 2023[33]. - The net equity debt ratio as of February 29, 2024, was 23.0%, up from 15.3% as of August 31, 2023[33]. - The company maintained a prudent treasury policy and a robust liquidity structure as of February 29, 2024[33]. - The company recorded net assets of approximately RMB 19,148 million and cash reserves of approximately RMB 4,531 million as of February 29, 2024[81]. - The company had a net decrease in cash and cash equivalents of RMB 1,129 million, which is an improvement from a decrease of RMB 1,491 million in the previous year[106]. Shareholder Information - The total number of issued shares was 2,551,540,490, with significant shareholdings by directors, including 61.04% held by certain directors and their related entities[55]. - Major shareholder "Blue Sky" holds 772,184,000 shares, representing approximately 30.26% of the total issued shares[62]. - The company declared a mid-term dividend of RMB 0.1877 per share for the period, an increase from RMB 0.1638 per share for the same period in 2023[131]. - The company has a share option plan that may grant options to directors based on the number of shares held prior to the IPO[56]. Corporate Governance and Compliance - The company has complied with all provisions of the corporate governance code as set out in Appendix C1 of the listing rules for the six months ended February 29, 2024[50]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the six months ended February 29, 2024[51]. - The company has no significant contingent liabilities as of February 29, 2024[33]. Employee and Operational Developments - The company had 17,810 employees as of February 29, 2024, representing a 19% increase from 14,925 employees on February 28, 2023, primarily due to organic growth in staff numbers in new schools and districts[43]. - The company provides various benefits and social insurance plans for its employees, ensuring compliance with local labor laws[43]. - The company has implemented a mentorship program to help new teachers integrate into the teaching team more effectively[43]. Investment and Expansion Plans - The company plans to continue expanding its vocational education services across China, Australia, and the UK, focusing on high-quality technical talent development[15]. - The company raised approximately RMB 1,681.4 million from previous placements, with 70% allocated for expanding new campuses in the Greater Bay Area and 30% for potential acquisition projects[36]. - The company is focused on expanding its education business overseas while adhering to the updated foreign investment negative list regulations[75]. Risk Management - The company is monitoring foreign exchange risks and may consider hedging against significant foreign currency risks when necessary[33].

Summary of Conference Call Company Overview - The company has recently reported strong and consistent organic growth, maintaining a robust performance in its sector [1] - The company has also increased its dividend payout ratio, indicating a commitment to returning value to shareholders [1] Key Points - The management, represented by Mr. Mo, will provide updates on the company's current status and performance [1] - Following the update, a Q&A session will be held to address any inquiries from participants [1] Additional Important Information - The focus on organic growth suggests a strategic emphasis on internal development rather than relying on acquisitions [1] - The increase in dividend payout may attract more investors looking for income-generating stocks [1]

港股公司报告 | 公司点评 中教控股（00839） 证券研究报告 2024年05月 10日 投资评级 关注股息属性 行业 非必需性消费/支援服 务 FY24H1收入同增18.3%，调后归母净利同增4.5%，分红率 45% 6个月评级 持有（维持评级） 当前价格 5.08港元 FY24H1 收入32.8 亿，同比增长18.3%；调后归母净利 10.9 亿，同比增长 目标价格 港元 4.5%；公司保持稳定分红比例，派发中期股息每股普通股18.77分人民币， 占调后归母净利约45%，较去年同期的40%有所提升。 基本数据 收入分市场，国内市场分部收入31.8 亿，同比增长19.2%，主要由在校生 港股总股本(百万股) 2,618.31 人数及生均收入增长带动；国际市场分部收入1.05亿，同比减少1.9%。 港股总市值(百万港元) 13,301.03 每股净资产(港元) 7.04 资产负债率(%) 47.13 加大办学投入，现有校区持续扩容 一 年内最高/最低(港元) 7.73/3.51 FY24H1公司毛利率56%，同比减少1.4pct，波动或系校园扩大及师资、教 学投入增长所致；销售开支占收入比例2.7%，同比减 ...

好的 那咱们今天开始了各位投资者早上好欢迎大家参加今天西部传媒组织的宗教控股业绩后交流会我是西部传媒分析师冯海星那今天和我一起主持的还有我的同事唐可欣我们今天也很荣幸地邀请到宗教控股的投资总监莫总跟大家做交流那宗教它在假日前四月底发布了二四财年上半年的这个业绩那整体利润端的话文件增长也是持续在兑现业绩同时今年上半年也拿出了45%的这样一个分红比例来回馈股东 我们看到近期股价也得到了一个比较好的正反馈那下面我们先有请莫总做一下一个简单的业绩介绍然后再进入Q&A环节看看各位投资者有什么问题Hello 莫总好 谢谢海昕各位投资人早上好我们是在4月26号是发布了我们二四财年上半年的一个业绩公告二四财年上半年我们的收入一如既往的稳健是实现32.8亿的收入同比增长18.3%经调整的 积税者就成利润19.6亿人民币同比增长16.7%然后我们的一笔打率是59.6%是和过去五年的平均59.4%是基本一致的所以我们的经营一直都非常的稳健的一个状态那经调整的规模经利润是10.9亿人民币同比增长4.5%是略低于收入的一个增长这里面其实有两个主要影响的一个因素一个是我们海南的学校定表的口径略微有所不同 另外一个是我们的所得税有所增加这 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 6.85 [6][9]. Core Insights - The company achieved a revenue of RMB 3.28 billion in the first half of FY2024, representing an 18.3% year-on-year increase, driven by a 9% rise in average tuition fees and a 9% increase in student enrollment [2]. - The net profit for the same period was RMB 1.07 billion, a 9.6% increase year-on-year, with an adjusted net profit of RMB 1.09 billion [2]. - The company plans to invest RMB 50 billion from 2023 to 2025 for campus expansion, aiming to increase the capacity of various institutions significantly [3]. - The company is also focusing on enhancing the proportion of international courses, which have an average tuition fee approximately 60% higher than regular courses [3]. - The forecast for FY2024 net profit is adjusted to RMB 1.99 billion, reflecting a 43.8% year-on-year growth [4]. Financial Summary - For FY2024, the company expects revenues to reach RMB 6.54 billion, with a growth rate of 16.4% [5]. - The gross profit margin is projected to decline to 55.1%, down 0.9 percentage points from previous estimates [4]. - The company has increased its dividend payout ratio to 45%, exceeding market expectations, with a current dividend yield of approximately 9% to 10% [4][5]. - The company holds approximately RMB 4.5 billion in cash, indicating a strong liquidity position to support future capital expenditures [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrates strong organic growth with a revenue increase of 18.3% year-on-year in FY2024H1, achieving a total revenue of 3.284 billion RMB [3] - The domestic market shows robust growth, with a 19.2% year-on-year increase in main revenue from the domestic segment [3] - The overall gross margin slightly declined to 56%, down 1.41 percentage points year-on-year, primarily due to increased student numbers and educational investments [3] - The company is a leading player in the domestic higher education sector, showcasing strong acquisition integration and management capabilities [3] - Significant capital investment is being made in new campus construction, expected to increase student capacity by 52,000 [3] Financial Summary - Revenue projections for FY2024E are set at 6.501 billion RMB, with a year-on-year growth rate of 11.24% [2] - Adjusted net profit for FY2024E is forecasted at 2.101 billion RMB, reflecting a substantial year-on-year increase of 52.22% [2] - The latest closing price corresponds to a P/E ratio of 4.89 for FY2024E [4] - The company plans to distribute an interim dividend of 0.1877 RMB per share, representing approximately 45% of the adjusted net profit [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance is in line with expectations, with a projected revenue of 6.47 billion, 7.43 billion, and 8.52 billion for the fiscal years 2024-2026, and net profit of 2.11 billion, 2.32 billion, and 2.55 billion respectively [4] - The target price is set at 8.98 HKD, based on a 10x PE valuation for the fiscal year 2024 [4] Financial Performance Summary - For the first half of the fiscal year 2023/24, the company achieved a revenue of 3.28 billion, representing a year-on-year increase of 18.3%, with a gross profit of 1.84 billion, up 15.4% year-on-year [4] - Adjusted net profit for the same period was 1.22 billion, reflecting a year-on-year growth of 10.2% [4] - The gross margin decreased by 1.41 percentage points to 56.00%, while the sales expense ratio decreased by 0.43 percentage points to 2.71% [4] Growth Drivers - The company is experiencing steady organic growth, driven by an increase in both student numbers and per-student revenue, with a 9% increase in student enrollment and a 9% rise in revenue per student [4] - The domestic market segment generated revenue of 3.18 billion, a year-on-year increase of 19.2%, while the international market segment saw a slight decline [4] - The company has a strong cash reserve of 4.53 billion, which supports its expansion plans [4]

Financial Performance - For the six months ended February 29, 2024, the main revenue reached RMB 3,284 million, an increase of RMB 509 million or +18.3% compared to RMB 2,775 million for the same period in 2023[2] - Gross profit for the same period was RMB 1,839 million, up by RMB 246 million or +15.4% from RMB 1,593 million year-on-year[2] - Adjusted net profit was RMB 1,217 million, reflecting an increase of RMB 113 million or +10.2% compared to RMB 1,104 million in the previous year[2] - Operating profit for the period was RMB 1,475 million, up from RMB 1,257 million, indicating a growth of RMB 218 million[4] - The net profit attributable to the owners of the company was RMB 1,071 million, an increase of RMB 94 million or +9.6% from RMB 977 million in the previous year[4] - The company reported other income of RMB 201 million, compared to RMB 138 million in the same period last year[4] - Adjusted EBITDA for the six months was RMB 1,956 million, an increase of RMB 280 million or +16.7% from RMB 1,676 million in the prior year[2] - The net profit for the period was RMB 1,188 million, up from RMB 1,036 million in the prior year, reflecting a growth of approximately 14.7%[47] - Basic earnings per share increased to RMB 41.97, compared to RMB 40.06 for the same period last year, marking an increase of about 4.8%[47] Revenue Breakdown - Domestic market segment main revenue increased from RMB 2,668 million for the six months ended February 28, 2023, to RMB 3,179 million for the six months ended February 29, 2024, representing a growth of 19.2%[12] - For the six months ending February 29, 2024, the total revenue was RMB 3,284 million, with domestic market revenue at RMB 3,179 million and international market revenue at RMB 105 million[56] - Customer revenue from mainland China for the six months ended February 29, 2024, was RMB 3,179 million, compared to RMB 2,668 million for the same period in 2023, indicating a growth of about 19.1%[60] Costs and Expenses - Financing costs increased to RMB 225 million from RMB 190 million, reflecting a rise of RMB 35 million[4] - The increase in main operating costs was 22.3%, rising from RMB 1,182 million for the six months ended February 28, 2023, to RMB 1,445 million for the same period ended February 29, 2024[14] - The total employee costs for the six months ended February 28, 2023, were RMB 1,020 million, compared to RMB 839 million for the same period in 2022, reflecting an increase of approximately 21.6%[65] Assets and Liabilities - The total assets of properties, campuses, and equipment grew by 9.3% to RMB 19,316 million as of February 29, 2024, from RMB 17,668 million as of August 31, 2023[23] - As of February 29, 2024, cash reserves amounted to RMB 4,531 million, a decrease from RMB 5,802 million on August 31, 2023[25] - The net debt-to-equity ratio increased to 23.0% as of February 29, 2024, compared to 15.3% on August 31, 2023[25] - Total bank and other borrowings and bonds were RMB 8,933 million as of February 29, 2024, up from RMB 8,603 million on August 31, 2023[25] - The group has net current liabilities of RMB 1,750 million, which includes contract liabilities of RMB 3,287 million[52] Capital Expenditure and Investments - Capital expenditure for the six months ended February 29, 2024, was RMB 2,032 million, significantly higher than RMB 1,220 million for the same period ended February 28, 2023[24] - Capital commitments related to acquisitions of property, plant, and equipment amounted to RMB 1,521 million as of February 29, 2024, compared to RMB 986 million in 2023[72] Dividends and Shareholder Information - The board recommended an interim dividend of RMB 0.1877 per share[2] - The board declared an interim dividend of RMB 0.1877 per share for the six months ended February 29, 2024, compared to RMB 0.1638 per share for the same period in 2023[67] - The interim dividend will be paid on July 18, 2024, to shareholders listed on June 17, 2024[38] - Shareholders will have the option to receive the interim dividend in new shares instead of cash, pending approval from the listing committee[39] Employee and Operational Growth - The company has increased its employee count to 17,810 as of February 29, 2024, representing a 19% increase from the previous year, primarily due to organic growth in existing and new schools[36] - The group is focused on expanding its professional education services in both domestic and international markets[55] Financial Governance - The audit committee has reviewed the unaudited consolidated financial statements for the six months ended February 29, 2024, ensuring the integrity and accuracy of the financial data[45] - The group has adopted a prudent treasury policy and maintained a stable liquidity structure as of February 29, 2024[26] - The group has no significant contingent liabilities as of February 29, 2024[28] Convertible Bonds and Fundraising - The company believes that the full redemption of the convertible bonds on their maturity date will not have a significant impact on its financial condition[42] - The total outstanding principal amount of the convertible bonds as of February 29, 2024, was HKD 4,000,000, with a potential issuance of 323,886 new shares upon full conversion[41] - The net proceeds from the fundraising completed on February 3, 2021, amounted to approximately RMB 1,681.4 million, with 70% allocated for expanding new campuses in the Greater Bay Area[32] - As of February 29, 2024, the net proceeds utilization shows that 90% (RMB 1,265 million) has been allocated, with RMB 604 million already utilized[35]