Waseda Academy Research Memo (2): mainly focused on the development of a preparatory school for small, middle and high school students in the metropolitan area."Waseda Academy"

Fisco Japan · Jun 17 23:42

■会社概要

1. 会社沿革

早稲田アカデミー＜4718＞は1975年に創業者の須野田誠（すのだまこと）氏が早稲田大学在学中に、東京都杉並区にて小中学生対象の学習指導サークルを開始したところからスタートする。当初は都立の進学高校であった「西高の合格者数No.1」を目標に進学塾を運営。数年後に目標を達成したが、その後、受験生の人気が公立高校から私立高校へシフトしていくなかで、同社も新たな目標として「早慶附属高校の合格者数No.1」を目指すことを1990年に打ち出した。カリキュラム、教材の拡充を進めると同時に、教務指導力の強化に取り組みながら合格実績を年々積み上げ、2001年に合格者数No.1を達成、その後はこのブランド力を持って校舎数の拡大を進め、業績も本格的な成長期に入っていった。

早慶の附属高校は首都圏で7校あり、年間の受験者数は1万人を超える。潜在的な志望生徒数は数万人となり、高校受験の進学塾として成長を目指すため、同分野で合格者数No.1を獲得することは最大の宣伝効果になったと言える。その後も2024年まで24年連続でトップを走っており、今では2位以下を大きく引き離す圧倒的なNo.1となっている（2024年春は定員約1,520名に対して1,554名が合格）。また、次の目標として設定した難関私立高の開成高は17年連続、筑波大附属駒場高は8年連続でそれぞれ合格者数No.1を達成しており、首都圏における高校受験ではブランド力、合格実績ともにNo.1の進学塾として不動の地位を確立している。現在は次の目標である首都圏の難関中学である「御三家中学※の合格実績No.1」達成に向けた取り組みを進めている。また、大学受験部の事業領域を拡大するため、2023年11月にナガセが運営する東進衛星予備校ネットワーク及び東進中学NETにフランチャイジーとして加盟し、2024年3月に4校を開校した。

※男子は開成、麻布、武蔵中学校、女子は桜蔭、女子学院、雙葉（ふたば）中学校を指す。2024年春の合格実績は545名と前年比77名増と過去最大の増加数となり、業界トップのSAPIX小学部が同61名減の868名と数字を落とすなか大躍進を遂げた。

グループ展開としては、2007年に医歯薬系大学受験専門予備校「野田クルゼ」を運営する野田学園の株式を取得し、完全子会社化したほか、2015年に茨城県内で小中学生を対象とした進学塾「水戸アカデミー」を運営する(株)アカデミー（現水戸アカデミー）、2018年に千葉県内で小中高校生を対象とした進学塾「QUARD」を運営する集学舎の株式を取得し完全子会社化している。また、2010年から明光ネットワークジャパン＜4668＞と資本・業務提携を締結して共同で展開してきた個別指導塾「早稲田アカデミー個別進学館」の事業（直営、FC事業）について、2021年11月に同社が譲受し、単独で展開していくこととなった。直近では2024年1月に幼稚園受験・小学校受験を目指す幼児教室「サン・キッズ」を都内で3校運営する幼児未来教育の株式を取得し完全子会社化した。

海外市場についても、国内の難関校を目指す生徒に教育サービスを提供するため、2019年にロンドンとニューヨークの子会社で早稲田アカデミー直営校を開校したほか、(株)学研スタディエ及びその子会社との間で早稲田アカデミーブランドによる海外学習塾事業に関する業務提携契約を締結し、2024年3月末時点で7校（シンガポール2校、ベトナム2校、中国台湾1校、マレーシア1校、米国1校）が展開されている。

（執筆：フィスコ客員アナリスト　佐藤　譲）

■Company Overview

1. Company history

Waseda Academy ＜4718＞ started in 1975 when the founder, Sunoda Makoto (Sunoda Makoto), started a study guidance circle for elementary and middle school students in Suginami Ward, Tokyo while attending Waseda University. Initially, Shingaku Juku was operated with the goal of “No. 1 in the number of students who passed Nishi High School,” which was a metropolitan high school for shingaku. The goal was achieved a few years later, but after that, as the popularity of examinees shifted from public high schools to private high schools, the company also set out in 1990 to aim for “No. 1 in the number of successful applicants at Saikei Affiliated High School” as a new goal. At the same time as expanding the curriculum and teaching materials, we built up passing records year by year while working to strengthen academic affairs leadership, achieved No. 1 in the number of successful applicants in 2001, and after that, we promoted the expansion of the number of school buildings with this brand power, and our performance also entered a period of full-scale growth.

There are 7 high schools affiliated with Saikei in the Tokyo metropolitan area, and the number of examinees per year exceeds 10,000. The number of potential applicants is tens of thousands, and since it aims to grow as a college for high school entrance exams, it can be said that getting No. 1 in the number of successful applicants in the same field was the greatest advertising effect. After that, they continued to run at the top for 24 consecutive years until 2024, and now they are overwhelmingly No. 1, leaving 2nd place and below (1,554 people passed against the capacity of about 1,520 people in the spring of 2024). Also, Kaisei High School, a difficult private high school set as the next goal, has achieved No. 1 in the number of successful applicants for 17 consecutive years, and Komaba High School attached to the University of Tsukuba has achieved No. 1 in the number of successful applicants for 8 consecutive years, and it has established an immovable position as the No. 1 preparatory school in terms of both brand power and passing records in high school entrance exams in the Tokyo metropolitan area. Currently, we are proceeding with efforts to achieve the next goal of “Gosanke Junior High School* Passing Record No. 1,” which is a difficult junior high school in the Tokyo metropolitan area. Also, in order to expand the business area of the university entrance exam department, it joined the Toshin Satellite Preparatory School Network and Toshin Junior High School NET operated by Nagase in 2023/11 as franchisees, and 4 schools were opened in 2024/3.

*Boys indicate Kaisei, Azabu, and Musashi Junior High Schools; girls refer to Sakuragoe, Joshi Gakuin, and Futaba (Futaba) Junior High Schools. The passing record for the spring of 2024 was 545, an increase of 77 compared to the previous year, the largest increase ever, and the industry-leading SAPIX Elementary School made a big breakthrough as the number dropped to 868 with 61 fewer students.

As a group development, shares of Noda Gakuen, which operates the medical, dental and pharmaceutical university entrance exam preparation school “Noda Cruise,” were acquired in 2007, and in addition to making it a wholly owned subsidiary, Academy Co., Ltd. (currently Mito Academy), which operates the preparatory school “Mito Academy” for elementary and middle school students in Ibaraki prefecture in 2015, and Jugakusha, which operates the preparatory school “QUARD” for elementary, middle and high school students in Chiba prefecture, was acquired in 2018 and made a wholly owned subsidiary. Also, in 2021/11, the company took over the business (direct management, FC business) of the tutoring school “Waseda Academy Individual Shinkakukan,” which has been developed jointly by concluding a capital and business alliance with Meiko Network Japan ＜4668＞ since 2010, and it was decided to develop it independently. Recently, shares of Early Childhood Future Education, which operates 3 schools in Tokyo, were acquired in 2024/1, and the preschool classroom “Sun Kids,” which aims for kindergarten entrance exams and elementary school entrance exams, was acquired and made into a wholly owned subsidiary.

As for overseas markets, in order to provide educational services to students aiming for difficult domestic schools, in addition to opening schools directly managed by Waseda Academy in 2019 as a subsidiary in London and New York, a business partnership agreement was concluded with Gakken Studio Co., Ltd. and its subsidiaries relating to the overseas study school business under the Waseda Academy brand, and as of the end of 2024/3, 7 schools (2 schools in Singapore, 2 schools in Vietnam, 1 school in Taiwan, 1 school in the US) were developed It's broken.

(Author: FISCO Visiting Analyst Joe Sato)

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

早稲アカ Research Memo（2）：首都圏で小中高校生を対象にした進学塾「早稲田アカデミー」を中心に展開

Waseda Academy Research Memo (2): mainly focused on the development of a preparatory school for small, middle and high school students in the metropolitan area."Waseda Academy"

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