Century Mingde (839264): Seven major districts across the country have completed their march into the fields of art and sports tourism
Event: The company released its 2018 annual report and achieved operating income5.
98 ppm, an increase of 15 in ten years.
27%; net profit attributable to mother was 1614.
79 thousand yuan.
The company plans to distribute a cash dividend for every 10 shares to all shareholders with undistributed profits.
00 yuan (including tax).
The main factor for the decline in net profit was the completion of the product layout for the country’s seven major regional markets. Looking at the impact of changes in the company’s performance, the net profit attributable to mothers fell by 72 in 2018.
92%, net profit after deducting non-attribution is 4,551.
50,000 yuan (-15.
21%), the 武汉夜网论坛 first is the management fee of 9112.
480,000 yuan (+177.
62%), corresponding to 15 management fees.
The reasons are: 1) The company incurred 4275 equity incentive expenses in the first quarter.
RMB 0.99 million; 2) The increase in the number of subsidiary companies leads to an increase in overall rent expenses; 3) The depreciation of the houses purchased by subsidiaries in Hunan, Shaanxi, and Jiangsu has increased; 4) The increase in business volume requires the addition of full-time service personnel and new subsidiariesEmployees’ salaries increased; 5) The introduction of professional management talents increased management salaries.
The company continued its nationwide market and product layout, and established wholly-owned subsidiaries in Guizhou, Guangdong, Jiangsu, Henan, Sichuan, Gansu, Ningxia, and Chongqing. In 2018, the company added 1 holding subsidiary and 13 holding grandchildren.
At present, the market and product layout in the seven regions of Northeast China, North China, Northwest China, Central China, East China, South China, and Southwest China are basically completed.
(Company Annual Report) Entering the field of art study tour and sports study tour, helping resources to achieve docking: The reported company achieved major breakthroughs in the field of art and education, of which 1) The company and Liu Yang and Ningbo Yayi jointly established Beijing Mingde Huayi Education Technology Co., LtdThe company also made additional investments to hold 45% of Mingde Huayi’s shares; 2) Acquired 15% of Longteng Yuedong (Youdao Basketball).
Among them, Century Mingde and some companies will jointly strengthen the in-depth docking of the two parties in brand, channel, service management, curriculum development, and security management, and enter the field of art study tours and sports study tours.
In the future, the company will achieve comprehensive coordination in the upstream and downstream supply chain of research travel and customer channels.
Among them, Mingde Huayi’s 2018 net profit was 389.
R & D continued to be empowered, and R & D expenses increased by 121 in 2018.
88%: In 2018, the company added information management systems such as the minimum unit course resource library, the centralized control center large screen dispatching system, the financial bus data center construction, the financial bill internal control management system, and the internal receiving resource database.
690,000 yuan (+121.
Among them, the second phase of Century Mingde’s Operation Management Information System (ERP) was officially launched.
The company’s product research and development is mainly to update the product library, research and development of new products, the company’s existing “Study Travel in China” series of courses, thereby improving the quality of service.
Funds received in advance were 8006.
150,000 yuan (+27.
72%) The growth rate is extremely impressive: the company’s advance receipts are mainly advance receipts of activity fees, of which the advance receipts in 2018 were 8006.
150,000 yuan, +27 a year.
The research cloud data interactive system-Mingde Online APP, as a dedicated online learning service tool for Century Mingde, has accumulated more than 400,000 users.
Customers paid more than 300 million through Mingde Online APP, an increase of 400% over the same period last year.
Investment suggestion: We are optimistic about the specific mode of Century Mingde B-end + domestic major + research + extension camps. We expect the net profit in 19/20/21 to be 7565.
60,000 yuan, 9497.30,000 yuan, 12688.
90,000 yuan, corresponding to PE for 2019-2021.
4X, maintaining the overweight-A level.
Risk reminders: security factors, policy advancement is less than expected, regulatory risks, increased market competition risks