888pokeronline| Kede Education (300192): Re-reading and vocational schools are steadily recovering, performance exceeds expectations

What happened: the company released its 23-year annual report and 24-year quarterly report888pokeronlineThe company achieved revenue in 23 years. 7.888pokeronline71 million yuan, same as minus 2.888pokeronline.94%; the net profit returned to the mother was 139 million yuan, an increase of 83.60%; and the net profit after deducting non-profit was 141 million yuan, an increase of 76.27%. 24Q1, the company realized an income of 188 million yuan, an increase of 10.46%; a net profit of 41 million yuan, an increase of 13.94%; and a net profit of 40 million yuan, an increase of 12.86%. Comments: 23 years of vocational school and re-study business continues to pick up. In 23 years, the company achieved 771 million yuan in revenue, a decrease of 2.94%. The decline in revenue was mainly due to the divestiture of K12 education and training business at the end of 22. Among them, the enrollment of vocational schools and re-study business recovered steadily, with an income of 353 million yuan, an increase of 23.74 percent. According to the demolition company, Longmen's education income was 313 million yuan, down 17.92%, while Tianjin's overseas income was 41.05 million yuan, an increase of 48.14%. The revenue of ink products reached 413 million yuan, an increase of 7.50%, mainly for the launch.888pokeronlineThe sales of high value-added environmental protection ink products increased. Ink business gross profit margin increased significantly. The company's gross profit margin rose to 33.26% in 23 years from a year earlier. Among them, the gross profit margin of vocational school and re-study decreased by 4.36pct to 47.80%, while the gross profit margin of ink chemical business increased by 10.33pct to 20.33%. During this period, the expense rate declined. The 23-year sales expense rate also decreased from 3.7pct to 4.0%, mainly due to the withdrawal from the K12 discipline training business, the management expense rate was also reduced by 1.2pct to 6.2%, and the R & D expense rate was increased by 0.3pct to 2.3%. The profit of education contributes more than 100 million yuan. In 23 years, the company achieved a net profit of 139 million yuan, an increase of 83.60%, and the net interest rate increased by 7.3pct to 17.3%. From a split point of view, the net profit of Longmen Education was 95 million yuan, an increase of 8.73%, while that of Tianjin tourists was 9.8455 million yuan, an increase of 52.16%. Zhonghao Xinying makes a profit and contributes to investment income. Zhong Hao Xinying, an artificial intelligence chip company that took a stake in April 23, achieved an income of 485 million yuan in 23 years and a net profit of 81.3264 million yuan. Exceed the promise and make a profit smoothly. Bring 7.3588 million yuan of investment income to the company. 24Q1 revenue is growing steadily. The income of 24Q1 Company reached 188 million yuan, an increase of 10.46%. 24Q1 gross margin fell slightly. 24Q1's gross margin fell 0.47pct to 36.85% year-on-year. The expense rate was well controlled during 24Q1. The 24Q1 sales expense rate is reduced by 1.05pct to 2.26%, the management expense rate is reduced by 0.07pct to 6.11%, and the R & D expense rate is reduced by 0.39pct to 1.45%. 24Q1's profits are steadily increasing. 24Q1 realized a net profit of 41 million yuan, an increase of 13.94%. Investment advice: 23 years of high performance growth, repeat and vocational school business recovery is good. Although the business of 24Q1 re-study and vocational school is slightly disturbed by the winter vacation, we expect it to be prosperous for 24 years. We estimate that in 2024-26, EPS will be 0.53, 0.66, and 0.80 yuan, and the current share price will be 22x/18x/14x corresponding to PE, maintaining a "buy" rating. Risk tips: the number of enrollment is not up to expectations, resulting in the company's revenue and profits do not meet expectations; macroeconomic downside risks; key business personnel mobility risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.