国泰君安发布研指出，短期教培行业龙头股价调整所带来版块整体估值承压，背后隐含的是市场对政策与竞争格局层面解读分歧的进一步加大，考虑到思考乐教育门店加速扩张下利润率仍有回升，地方龙头仍保有竞争优势，核心关注下半年利润率以及客单价边际变化。Scholar edu (01769) rose by more than 3%, up 3.22% to HKD 5.13 at the time of publication, with a turnover of HKD 9.9106 million.
According to the Zhixun Finance APP, Scholar edu (01769) rose by more than 3%, up 3.22% to HKD 5.13 at the time of publication, with a turnover of HKD 9.9106 million.
Recently, Scholar edu announced 'profit feast' stating that the revenue for the six months ended June 30, 2024 is expected to be no less than RMB 0.38 billion, an increase of no less than 51.2% compared to the same period last year. Shareholders' net income is expected to be no less than 80 million yuan, an increase of no less than 86.5% compared to the same period last year.
Guotai Junan's research report pointed out that the adjustment of the stock price of the short-term education and training industry leader has brought pressure to the overall valuation of the sector, which implies that the market's interpretation of policies and competition patterns has further diverged. Considering that Scholar edu's profitability is still expected to rebound under the accelerated expansion of store outlets and local leading advantages, the focus is on the profitability and marginal changes in customer unit price in the second half of the year.
The bank also added that Scholar edu has accelerated store repairs after the epidemic. According to the data from the mini-program, the company had 145 stores as of the mid-year, which hit the annual target ahead of schedule and expanded significantly compared to the pre-epidemic period. Taking into account the climbing period from store opening to maturity, there is still room for improvement in profitability in H2 of 2024. The focus is on summer delivery and winter holiday bookings.