US Jim (002621) Annual Report 18 Review: Officially renamed US Jim education business accounted for a significant increase

US Jim (002621) Annual Report 18 Review: Officially renamed US Jim education business accounted for a significant increase
I. Overview of the event The company released its 2018 annual report on April 17 and achieved operating income2.6.5 billion, an increase of 49 in ten years.78%, education proportion rose to 43.53%; net profit attributable to mother was 3155.150,000 yuan, an increase of 71 in ten years.90%. 2. Analyze and judge the impact of factors such as the sound development of manufacturing business, the increase in gross profit margin, the improvement of industrial policies in affected countries and local areas, the speed of water conservancy investment, the process of new urbanization, and the speed of urban pipe network reconstruction.Leading manufacturing equipment industry, revenue is expected to achieve further growth.In addition, the company’s high-end machine tool manufacturing business achieved revenue of 2664 in 2018.40,000 yuan, an increase of 55 in ten years.03%, gross profit margin increased 39 in ten years.79%.The company’s high-end 南宁桑拿 machine tool products have won user orders in the aerospace field, marking that the product performance has reached the international leading level. USJEM consolidated its profits to accelerate the pace of transition to the education industry. The company completed the acquisition of the early education leader USJEM in 2018, and consolidated it in December 2018.Within the scope of the consolidated statements for 2018, Memec achieved operating income of 3,300.590,000 yuan, achieving a net profit of 2158.660,000 yuan, accounting for 55 of the company’s consolidated net profit.34%.For the first time, Megem achieved net profit attributable to mother.910,000 yuan, exceeding the 2018 annual performance commitment.As of the end of 2018, there are 434 “Jimmy” brand early education centers across the country, an increase of 97 from 苏州桑拿网 the same period last year.In the future, the company will further refine and improve curriculum development, teacher training, customer service, operation management and other aspects through its own platform, capital and resource advantages, and expand in non-disciplinary quality education service areas that are complementary to the school education system.The service age has gradually developed from 0-3 years to 0-12 years, and more abundant quality courses are provided for children at all stages. Third, investment recommendations are covered for the first time, and recommendation levels are given.The company has entered the field of education services since the acquisition of Kade Education in 2017. At present, it has formed a situation in which both the manufacturing business and the education service business are in parallel. The company has recently completed the change of the company name and the company’s securities short name, which fully reflects the company’s overall strategic planning.With the introduction of relevant supportive policies that clarify the development direction of early education and remove policy risks, the size of the market that supports early education will further expand.The company has high-quality content and talents and a wide range of channels, and its revenue is expected to further increase.We expect the company’s EPS for 2019-2021 to be 0.50/0.62/0.77 yuan, corresponding to the current price of 45X / 36X / 29X. Fourth, risk warning: the risk of increased costs caused by the regulatory upgrade of the early education industry; the increased competition in the market of the early education industry.