4PCT to 18.

4% Hakuba leading net profit doubles expectations

Public Education (002607): Scale effect increases net margin5.

4PCT to 18.

4% Hakuba leading net profit doubles expectations

2018 revenue 62.

4 ‰, an increase of 54 in ten years.

7%; net profit attributable to mother 11.

5 billion, a growth of 119 in ten years.

7% On February 27th, the company announced a performance report, and the company expects 18 years of revenue 62.

4 billion, an annual increase of 54.

7%, net profit attributable to mother 1杭州夜网论坛 1.

5 billion, a growth of 119 in ten years.

67%, performance approaching the Air Force’s forecast limit (11?
11.

600 million), which greatly surpassed the profit on gambling (net profit after deduction is 9).

300 million); At the same time, the public interest rate of the public company increased by 5.

4 points to 18.

4% during the period, the fee rate fell, and the scale effect continued to appear.

Steady and rapid growth in revenue and profit is the continuous increase in the number of training books, the continuous increase in the unit price of training, the continuous emergence of market leadership and scale advantages, the dual-teachers, independent IT system development and upgrade, and other significant digital transformation measures.着 promote.

As of December 31, the company’s total assets were 72.

02 ppm, an increase of 122 over the beginning of the reporting period.

65%, mainly due to the increase in monetary funds, major asset restructuring and other acquisitions increased the size of assets.

As the volume of the company expands, the company’s scale effect will continue to stand out. R & D collaboration will be enhanced to reduce management fees. Brand value will be enhanced to reduce sales rates. In the future, it will continue to be optimistic about the rapid growth of the revenue side, and at the same time, the operating efficiency improvement performance will be released quickly.

CCP takes root in recruiting training, comprehensive layout certificate and vocational skills training, national channel advantages, teaching and research advantages, brand advantages highlighting leading industry competitors, positioning college students for employment and professional services, conforming to the national vocational education reform and education 2035 development plan, and high-quality product substitutions are flourishing.Demand releases growth momentum.

Upgrade earnings forecast and maintain BUY rating.

Li Yongxin, the actual controller of CCP, founded CPG Education after graduating from Peking University. He has always focused on the frontline of teaching and research, and is committed to the research and development team to continue to consolidate core competitiveness and use high-quality content to create outstanding reputation.

Through the A-share capital market platform, CPG Education will broaden financing channels and provide impetus for subsequent development.

We raised the company’s profit forecast from the original 19-20 15 years.

5.7 billion, 18.

54 trillion is raised to 17.

580,000 yuan, 24.

9.8 billion yuan, corresponding to EPS from 天津夜网the original 19-20 years.

25 yuan, 0.

30 yuan increased to 0.

29 yuan, 0.

41 yuan.

Risk reminder: the risk of loss of core management teachers, fierce competition in the industry, less-than-expected development of teacher qualifications, and inability to complete the risk of gambling