Tianfeng ** shares *** Sun Haiyang recently conducted research on Xueda Education and released a research report "Accelerating Extension Integration, Empowering Core Business, and Catering to Industrial Trends", this report gives a ** rating to Xueda Education, and the current stock price is 5274 yuan.
Xueda Education (000526).
Acquired 70% of the organizers' interests of the two universities in Zhuhai to accelerate the extension and integration.
The company intends to acquire 70% of the equity of Zhuhai Longda for 54.6 million yuan, and will indirectly hold 70% of the organizer's rights and interests of Zhuhai Industry and Trade Technical School and Zhuhai Industry and Trade Management College after the acquisition; Zhuhai Longda's revenue in 23Q1-3 was 31.57 million, the net profit was 4.85 million, and the net profit margin was 15%.
Among the underlying assets, Zhuhai Industry and Trade Technical School is a full-time intermediate and senior technical education and short-term vocational skills training school (i.e., a technical school, managed by the Ministry of Human Resources and Social Security), with 14 secondary technical majors + 15 high-tech majors; Zhuhai Industry and Trade Management College is a cultural education, management training, and self-study examination tutoring school.
As of September 30, 23, there were a total of 4,123 students in technical schools and vocational schools, including 2,542 in technical secondary school (equivalent to technical secondary school education) and 1,270 in high technology (equivalent to college education).
We believe that this acquisition:
1. Catered to the current policy guidance direction and student demands.
At the beginning of 2024, the Ministry of Education replied to topics such as the integration and construction of vocational education, and in summary, the direction is to enhance the content of secondary vocational culture courses and strengthen the path of secondary vocational education; Xueda naturally has the genes for high school advancement, and has innate advantages and abilities in improving the enrollment ability and admission performance of the target school; Moreover, it is in line with the country's core demands for the development direction of secondary vocational schools in technical schools and the core demands of parents and students.
2. Cooperate with full-time business development of the university.
The company continues to consolidate the advantages of personalized education business, and vigorously develops the full-time (training) + (secondary education) academic system; We believe that the integration of academic assets is of positive significance for consolidating business content, enriching development paths, and improving the reuse capabilities of teachers.
3. Realize the company's scale and performance thickening.
With the consolidation of the target, the company's student scale and revenue and profit volume are expected to directly increase, lay the foundation for the ability to cash in performance, and enhance the company's overall scale and strength; And it is not ruled out that the follow-up integration and acquisition will continue.
Adhere to the promotion of the development strategy, and actively optimize the business layout.
The company maintains its business advantages and brand image in the field of personalized education, and its performance has grown steadily with the improvement of the business environment and the increase of market demand. At the same time, we will actively promote the business layout of business vocational education, consolidate core competitiveness, and improve sustainable profitability.
In addition to personalized education, vocational education, cultural reading, etc., the company has deeply laid out the field of medical, education and health integration, and provided personalized programs for children facing challenges such as autism, attention deficit, developmental delay, and learning difficulties through self-operated hospitals and cooperative hospitals, and optimized the "hospital + family + school" comprehensive intervention model; In August 23, the company's sub-brand Qianyi Health opened the first self-operated ** hospital - Xuchang Qianyi ** Hospital in Xuchang, Henan, and reached cooperation with secondary and ** hospitals in many cities in Henan Province.
Maintain Profitability and Maintain "Rating."
The company closely follows the changes in education policies and market demand, improves the business structure, optimizes the layout of campuses, maintains the business advantages and brand image in the field of traditional personalized education, and continues to lay out vocational education, education digitalization, cultural services and other businesses to consolidate its core competitiveness. We expect the company's net profit attributable to the parent company in 23-25 years to be 145/2.2/2.900 million, EPS were 12/1.8/2.4 yuan shares, the corresponding PE is 43 28 21X.
Risk Warning: Policy Risk; new business risks; manage risk; the risk of rising operating costs; Acquisition transaction termination risk, etc.
*According to the calculation of the research report data released in the past three years, the research team of Gu Jia has conducted in-depth research on the stock, and the average accuracy of the past three years is 2399%, and its **2023 attributable net profit is 15.4 billion, and the **PE converted according to the current price is 4007。
The latest profit** breakdown is as follows:
A total of 13 institutions have rated the stock in the last 90 days, **10 have rated it, 2 have overweight ratings, and 1 have neutral ratings. The average institutional price target over the last 90 days is 5668。
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