金吾财讯 | Guosheng Securities research report pointed out that 21st Century Education (01598) achieved revenue of 0.241 billion yuan in 2024 H1, up 25.6% year-on-year, and achieved a net income attributable to mother of 0.031 billion yuan, down 7.8% year-on-year.
The bank pointed out that, in terms of company revenue by sector, 1) professional education sector: achieved revenue of 0.173 billion yuan, up 38.80% year-on-year. The number of students at the end of the reporting period reached 20,252, up 5.7% year-on-year, with average revenue per student reaching 6,302 yuan, up 32.3% year-on-year. Due to the optimization of lodging environment, the average lodging fee per student reached 859 yuan, up 49.14% year-on-year, achieving a high employment rate of 96.8%; 2) non-professional education sector: achieved revenue of 0.069 billion yuan, up 1.37% year-on-year. Including ① ordinary high school: the average revenue per student was 9,830 yuan, up 7.6% year-on-year, with 2,417 students respectively, up 2.4% year-on-year. The overall performance of ordinary high school business maintained good growth; ② kindergarten: the average revenue per student reached 10,168 yuan, down 4.3% year-on-year, with 1,770 students, down 6.6% year-on-year, facing pressure on kindergarten business.
The bank stated that the company takes new professional education as the main development direction, with diversified comprehensive services, focusing on both endogenous and exogenous expansion. In September 2023, Gaoyi New Campus was put into use. Subsequently, with the gradual full enrollment of students at the new campus, it is expected to continue to bring performance increment. It is expected that the company will achieve revenue of 0.531/0.604/0.656 billion yuan in 2024-2026, with net income attributable to mother of 0.046/0.067/0.083 billion yuan, and EPS of 0.04, 0.06, 0.07 yuan per share respectively, maintaining a "shareholding" rating.
