CCP Education (002607): New track such as teachers’ steady growth in public examinations broke out

CCP Education (002607): New track such as teachers’ steady growth in public examinations broke out

Investment Highlights Event: The company released a semi-annual report, and realized revenue of 36 in 2019H1.

3.7 billion, an increase of 48.

79%, net profit attributable to mother 4.

9.3 billion, an increase of 132.

18%, deducting non-returning mother 4.

7.2 billion, an increase of 138.


Opinion: Volume and price go up, revenue grows rapidly.

Revenue in the first half of the year was 36.

3.7 billion, an increase of 48.


Among them, training income from face-to-face training is 31.

6.8 billion, an increase of 38.

02%, accounting for 87.

10%, 93 trainees.

09 thousand (+30.

80%), the unit price of 3403 yuan (+5.


Online training income 4.

4.5 billion, an increase of 205.

94%, accounting for 7 of 18 years.

14% increased to 12.

24%, 85 trainings.

810,000 (+62.

64%), the unit price of 518 yuan (+88.


The rapid growth of online training is mainly due to the rapid increase in the number of on-the-job training applicants.

Teachers, postgraduate entrance examinations, and IT have a high growth rate. The growth rate indicators of public institutions affected by institutional reforms.

Judging by the sequence, the civil service sequence has grown steadily with a 40% reduction in the national examination and a quarter of the provincial examination. The income has also increased by 26.

32%, the income accounted for 50%, the number of trainings increased by about 10%, and the customer unit price increased by nearly 15%; the teacher sequence benefited from the new K12 education training rules, and the income increased by 52.

18% to 4.

3.2 billion, accounting for 11.

89%; income from comprehensive face-to-face training increased by 89.

43%, the proportion increased to 19.

30%, mainly driven by the acceleration of new business development such as postgraduate research and IT training, and the continuous increase in customer unit price over 15%; the sequential revenue growth rate of public institutions reached 7.

01%, mainly due to the impact of classification reform, transformation reform is coming to an end, and it is expected to gradually recover in the second half of the year.

Accelerate the expansion of outlets and actively develop learning bases.

As of the end of June, the company had established 880 learning center outlets covering 319 prefecture-level cities, which increased by 179 in half a year, expanding rapidly, and then gradually increased to the county level and continued to grow.Expansion of network expansion and pasting fit the trend of 杭州桑拿网 continued recruitment of vacancies (increased recruitment of grassroots public services, civil servants and other positions), which is also conducive to giving full play to the company’s vertical integration and rapid response capabilities.

In addition, the company has taken the lead in implementing the upgrade from hotel-style decentralized mobile teaching to “big factory-style” integrated and centralized teaching in some key business areas, and gradually takes the postgraduate entrance examination and training requirements for long-term courses such as IT.

Investment suggestion: The public examination business still grows steadily during the period of institutional reform. Teachers, postgraduates, and IT series have grown rapidly. The end of the transformation classification reform, and the growth of public institution series has accelerated.

The network is expanding rapidly, and the construction of learning bases is expected to open up production capacity and improve efficiency.

Estimated 19/20/21 net profit16.



970,000 yuan, budget income 0.



55 yuan / share.

The current market value is expected to be 907 trillion, with an estimated 54x / 38x / 27x, maintaining the “overweight” rating.

Risk reminder: Civil servants’ contraction of civil servants brings the number of civil servant training less than expected; the new track expansion fails to meet expectations.