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学大教育(000526):教育主业需求稳健,利润持续高增
EBSCN· 2025-08-28 07:25
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The education sector demand remains robust, with continuous high profit growth for the company [1] - The company achieved a revenue of 1.92 billion yuan in the first half of 2025, representing a year-on-year increase of 18.3%, and a net profit of 230 million yuan, up 42.2% year-on-year [5] - The company has expanded its personalized education business, with over 300 learning centers and more than 5,200 dedicated teachers [6] - The company has optimized its financial situation, with a significant reduction in financial costs and improved asset-liability structure [7] - The company plans to repurchase shares, reflecting confidence in its long-term development [8] Summary by Sections Financial Performance - In 25H1, the company's gross margin was 36.3%, and the net profit margin reached 11.98% [7] - The company forecasts revenue growth rates of 22.07% for 2025 and 20.58% for 2026 [9] - The projected net profit for 2025 is 255 million yuan, with a growth rate of 41.65% [9] Business Expansion - The company has diversified its business, including vocational education and cultural reading, with multiple acquisitions and partnerships [6] - The company has opened 14 cultural spaces and established a rehabilitation hospital under the "Qianyi Health" brand [6] Valuation and Forecast - The report projects the company's net profit for 2025-2027 to be 255 million, 311 million, and 369 million yuan, respectively, with corresponding P/E ratios of 25x, 20x, and 17x [8][9] - The company is positioned as a leader in high school one-on-one training, benefiting from a favorable industry environment [8]
学大教育(000526):25H1点评:业绩靓丽,盈利能力提升
Xinda Securities· 2025-08-28 03:13
证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 学大教育(000526) [Table_S 事件:25ummar H1,公司实现收入 y] 19.2 亿元、同增 18.3%、实现归母净利润 2.3 亿元、同增 42.2%,实现扣非后净利润 2.1 亿元、同增 39.1%。 点评: 相关研究 [Table_OtherReport] 24 年报&25Q1 点评:开启快速扩张进 程 | | 买入 | | --- | --- | | 投资评级 | | [Table_Author] 范欣悦 商社行业首席分析师 执业编号:S1500521080001 邮 箱:fanxinyue@cindasc.com [Table_Title] 25H1 点评:业绩靓丽,盈利能力提升 [Table_ReportDate] 2025 年 08 月 28 日 学大教育:个性化教育开创者,多元 化布局展新颜 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编:100031 | [Table_Prof ...
第一创业晨会纪要-20250828
6 证券研究报告 点评报告 2025 年 8 月 28 日 晨会纪要 第一创业证券研究所 分析师:刘笑瑜 证书编号: S1080525070001 电话:0755-23838239 从行业上看,1-7 月同比增速靠前的行业为:铁路、船舶、航空航天和其他运输 设备制造业、有色金属冶炼及压延制造业和电气机械、器材制造业;1-7 月同比 增速靠后的行业为:煤炭开采和洗选业、钢铁业、家具制造业、纺织服装服饰业、 造纸及纸制品业。7 月同比增速明显改善的行业包括:计算机、通讯和其它电子 设备制造业、通用设备制造业、家具制造业、纺织业和钢铁业;7 月同比增速明 显下滑的行业包括:化纤业、汽车制造业。具体各行业利润同比增速如下表:上 游分化、下游较差而中游较好。 请务必阅读正文后免责条款部分 邮箱:liuxiaoyu@fcsc.com 核[心Ta观bl点e_:Summary] 一、宏观经济组: 事件: 8 月 27 日(星期三)国家统计局公布 7 月中国工业企业利润数据。 评论: 1-7 月份,全国规模以上工业企业实现利润总额 40203 亿元,同比下降 1.7%,比 1-6 月回升 0.1 个百分点。7 月份,规模以上工 ...
科德教育2025年中报简析:净利润同比下降15.16%,公司应收账款体量较大
Zheng Quan Zhi Xing· 2025-08-27 23:30
Core Viewpoint - The recent financial report of Kede Education (300192) shows a decline in revenue and net profit, indicating potential challenges in the company's performance and financial health [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 366 million yuan, a decrease of 1.15% year-on-year [1]. - Net profit attributable to shareholders was 53.28 million yuan, down 15.16% compared to the previous year [1]. - In Q2 2025, total revenue was 183 million yuan, showing no growth year-on-year, while net profit dropped by 30.61% to 15.31 million yuan [1]. - The gross margin was 32.5%, an increase of 0.68% year-on-year, while the net margin fell to 14.29%, a decrease of 13.4% [1]. - Total expenses (selling, administrative, and financial) amounted to 36.23 million yuan, representing 9.9% of revenue, an increase of 8.98% year-on-year [1]. - Earnings per share decreased to 0.16 yuan, down 15.15% year-on-year [1]. Balance Sheet and Cash Flow Summary - Cash and cash equivalents increased by 23.53% to 329 million yuan [1]. - Accounts receivable rose by 2.8% to 112 million yuan, which is significant as it represents 77% of the net profit [1]. - Interest-bearing debt decreased by 26.2% to 5.60 million yuan [1]. - Operating cash flow per share remained stable at 0.19 yuan, a slight decrease of 1.95% year-on-year [1]. Expense Analysis - Selling expenses increased by 8.8% due to higher business promotion costs [2]. - Administrative expenses rose by 4.68% primarily due to increased leasing costs [2]. - Financial expenses surged by 65.27% as a result of decreased interest income [2]. - Research and development expenses increased by 18.6%, indicating a focus on innovation [2]. Investment and Return Metrics - The company's return on invested capital (ROIC) was 15.13%, indicating strong capital returns [3]. - Historical data shows a median ROIC of 8.85% over the past decade, with a significant drop to -40.2% in 2021 [3]. - Analysts project a revenue of 160 million yuan for 2025, with an average earnings per share estimate of 0.48 yuan [3].
学大教育2025年上半年净利润2.3亿元,同比增长42.18%
Bei Jing Shang Bao· 2025-08-27 14:12
北京商报讯(记者 吴其芸)8月27日,学大(厦门)教育科技集团股份有限公司(以下简称"学大教 育")发布2025年半年度报告,报告期内,学大教育实现营业收入19.16亿元,同比增长18.27%;归属于 上市公司股东的净利润2.3亿元,同比增长42.18%。 ...
科德教育(300192)25H1点评:教育收入略有下滑 有望受益于中昊芯英资本运作
Xin Lang Cai Jing· 2025-08-27 00:41
Core Insights - The company reported a revenue of 366 million yuan for H1 2025, a decrease of 1.15% year-on-year, with a net profit attributable to shareholders of 53.28 million yuan, down 15.16% year-on-year [1][2] - The decline in education revenue is attributed to changes in parents' payment capabilities and increased competition in the education sector [2] - The company maintains a "buy" rating, anticipating improved profitability in H2 2025 due to the seasonal nature of its investments [3] Revenue Breakdown - Total revenue for H1 2025 was 366 million yuan, with the education training segment contributing 167 million yuan (down 3.9%) and the ink chemical chalk segment contributing 199 million yuan (up 1.3%) [1][2] - Dragon Gate Education's revenue decreased by 3.1%, while Tianjin Overseas Education's revenue fell by 15.0%, attributed to increased competition and recruitment challenges [2] Profitability Metrics - The overall gross margin increased by 0.2 percentage points to 32.5%, with the education training segment's gross margin decreasing by 1.3 percentage points to 41.2%, and the ink chemical chalk segment's gross margin increasing by 2.0 percentage points to 25.2% [2] - The company experienced an increase in expense ratios, with sales expenses rising by 0.2 percentage points to 2.6%, management expenses by 0.4 percentage points to 7.3%, and R&D expenses by 0.4 percentage points to 2.4% [2] Investment Performance - The investment loss from the associate company Zhonghao Xinying expanded due to seasonal losses, with H1 2025 revenue of 102 million yuan (up 87.6%) and a net loss of 144 million yuan [2] - The company expects improved performance in H2 2025 as Zhonghao Xinying enters its peak revenue season [3] Future Outlook - The company projects net profits of 161 million yuan, 185 million yuan, and 210 million yuan for 2025 to 2027, with current stock price corresponding to PE ratios of 54x, 47x, and 41x respectively [3] - The company is focused on its investment in artificial intelligence chip development and plans to acquire controlling interest in Tianpu shares [3]
以红色教育为核心、艺术体验为载体 “九色鹿”暑托服务护航童年梦想
Zhen Jiang Ri Bao· 2025-08-26 23:37
Core Viewpoint - The "Nine-Color Deer" public summer care class in the Jiuhua Mountain Villa community successfully concluded, addressing the childcare challenges faced by dual-income and new employment families, serving over 40 children in the district [1][2]. Group 1: Program Structure and Impact - The summer care class implemented an innovative "Nine-Color Curriculum" system, emphasizing comprehensive education through various activities, including red culture, AI classes, and traditional crafts, which significantly nurtured children's growth [2][4]. - Activities included practical skills like making earthquake alarms and an eco-friendly fashion show, promoting both safety awareness and environmental consciousness among children [3][4]. Group 2: Community Collaboration - The success of the program was attributed to a collaborative model involving community support, university student volunteers, and contributions from local businesses, fostering a strong partnership between families and educational institutions [3][4]. - The program's approach of "learning through play" was highlighted, with children engaging in hands-on activities that combined fun with educational value [3]. Group 3: Future Development and Goals - The Jiuhua Mountain Villa community aims to enhance the "Nine-Color Deer" brand, focusing on integrating various educational elements and expanding service reach, while striving to create a sustainable and replicable community service model [4]. - The community's commitment to instilling a sense of national pride and responsibility in children through red education and artistic experiences was emphasized as a key aspect of their mission [4].
科德教育(300192):25H1点评:教育收入略有下滑,有望受益于中昊芯英资本运作
Xinda Securities· 2025-08-26 14:17
Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's education revenue slightly declined in the first half of 2025, with total revenue of 366 million yuan, a decrease of 1.15% year-on-year. The net profit attributable to the parent company was 53.28 million yuan, down 15.16% year-on-year [2] - The report maintains a net profit forecast of 161 million yuan for 2025, with a corresponding PE valuation of 54x. The company is expected to benefit from the capital operations related to its investment in Zhonghao Xinying and the proposed acquisition of Tianpu shares [2][3] Financial Performance Summary - Total revenue for 2023 is projected at 771 million yuan, with a year-on-year growth rate of -2.9%. Revenue is expected to increase to 999 million yuan by 2027, with a growth rate of 9.5% [3] - The net profit attributable to the parent company is forecasted to grow from 139 million yuan in 2023 to 210 million yuan in 2027, reflecting a compound annual growth rate of approximately 13.5% [3] - The gross margin is expected to improve slightly from 33.3% in 2023 to 34.8% in 2027 [3] Cost and Expense Analysis - The comprehensive gross margin increased by 0.2 percentage points to 32.5% in the first half of 2025, while the gross margin for the education training segment decreased by 1.3 percentage points to 41.2% [2] - The report indicates an increase in expense ratios, with the sales expense ratio rising to 2.6% and the management expense ratio increasing to 7.3% in the first half of 2025 [2] Investment and Future Outlook - The company experienced an expanded investment loss due to the seasonal losses of its associate company Zhonghao Xinying, which reported a net loss of 144 million yuan in the first half of 2025 [2] - The report anticipates that the company's profitability will improve in the second half of 2025 as Zhonghao Xinying enters its peak revenue season [2]
科德教育:8月26日召开董事会会议
Mei Ri Jing Ji Xin Wen· 2025-08-26 09:12
Group 1 - The core viewpoint of the article highlights the announcement by Kede Education regarding its board meeting and the composition of its revenue for the year 2024 [1] - Kede Education's revenue composition for 2024 is detailed, with ink and similar products manufacturing accounting for 53.76% and education training accounting for 46.24% [1] - As of the report, Kede Education has a market capitalization of 8.7 billion yuan [1] Group 2 - The article also mentions the booming pet industry, valued at 300 billion yuan, indicating a significant growth opportunity for related companies [1] - The rise in the pet industry is reflected in the stock performance of industry-listed companies [1]
探索国际教育叙事多维度呈现方式 新东方启动《视界》第二季
Zheng Quan Ri Bao Wang· 2025-08-25 13:20
Group 1 - New Oriental Education Technology Group has announced the release of a new book titled "Children Going to the World" and the launch of the second season of the documentary series "Vision" to explore more vivid narratives in international education [1][2] - The documentary series "Vision" has achieved over 30 million views online and has won multiple awards, prompting families to deeply consider international education [1] - The new book compiles in-depth interviews and reflections from the first season, showcasing the growth stories of 71 students across 11 cities and 24 renowned international schools, providing families with a comprehensive reference for educational choices [1] Group 2 - The CEO of New Oriental, Zhou Chenggang, emphasized that the most valuable gain for children is their intrinsic pursuit rather than just acceptance letters from prestigious schools, aiming to build a bridge to quality international education for more families [2] - Visa has become a strategic partner for the second season of "Vision," highlighting its long-standing commitment to the international student community and the transformative power of education [2] - Visa's China President, Yin Xiaolong, expressed confidence in the collaboration with New Oriental, anticipating the second season to tell more diverse student stories and witness the limitless possibilities of growth together [2]