思考乐教育(01769)重拾成长节奏

天风证券08-20

公司发布2024年中期业绩公告24H1公司收入3.99亿元人民币，同增58.8%；归母净利0.83亿元，同增92.5%，其中包含共计1089万元购股权福利开支(23H1为357.3万元)，剔除后归母净利0.94亿元，同增101.1%；合约负债2.49亿元，同增93%；毛利率44.4%，同增3.0pct；调后归母净利率23.4%，同增4.9pct。归母净利增加主要系①辅导课时总数增加；②公司努力改善...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2460243130?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-08-20 16:17","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2460243130","market":"hk","top_or_hot":-1,"title":"思考乐教育(01769)重拾成长节奏","media":"天风证券","content":"<div>\n<p>公司发布2024年中期业绩公告24H1公司收入3.99亿元人民币，同增58.8%；归母净利0.83亿元，同增92.5%，其中包含共计1089万元购股权福利开支(23H1为357.3万元)，剔除后归母净利0.94亿元，同增101.1%；合约负债2.49亿元，同增93%；毛利率44.4%，同增3.0pct；调后归母净利率23.4%，同增4.9pct。归母净利增加主要系①辅导课时总数增加；②公司努力改善...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202408201630359f3d2107&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>思考乐教育(01769)重拾成长节奏</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n思考乐教育(01769)重拾成长节奏\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-20 16:17 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202408201630359f3d2107&s=b><strong>天风证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>公司发布2024年中期业绩公告24H1公司收入3.99亿元人民币，同增58.8%；归母净利0.83亿元，同增92.5%，其中包含共计1089万元购股权福利开支(23H1为357.3万元)，剔除后归母净利0.94亿元，同增101.1%；合约负债2.49亿元，同增93%；毛利率44.4%，同增3.0pct；调后归母净利率23.4%，同增4.9pct。归母净利增加主要系①辅导课时总数增加；②公司努力改善...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202408201630359f3d2107&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1228","symbol_name":"教育服务","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202408201630359f3d2107&s=b","article_id":"2460243130","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202408201630359f3d2107&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2460243130","pubTimestamp":1724141826,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"费用方面，24H1销售费用0.07亿元，同增26.6%；行政费用0.56亿元，同增11.5%；研发费用0.11亿元，同增21.3%；各项费用增幅均低于收益增幅。上调盈利预测，维持买入评级由于公司24H1净利率表现较好，我们适当上调盈利预测；我们预计2024-26年全年收入分别为9.8亿人民币、15.6亿人民币、22.0亿人民币；调后净利分别为2.1亿人民币、2.8亿人民币、3.4亿人民币；EPS分别为0.38元人民币/股、0.51元人民币/股、0.61元人民币/股对应PE分别为14、10、9x。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK1228":"教育服务","01769":"思考乐教育","BK1596":"K12教育","BK1556":"内地教育股","BK1519":"在线教育"},"translate_title":"Thinking Music Education (01769) regains the pace of growth","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01769":1},"content_text":"公司发布2024年中期业绩公告24H1公司收入3.99亿元人民币，同增58.8%；归母净利0.83亿元，同增92.5%，其中包含共计1089万元购股权福利开支(23H1为357.3万元)，剔除后归母净利0.94亿元，同增101.1%；合约负债2.49亿元，同增93%；毛利率44.4%，同增3.0pct；调后归母净利率23.4%，同增4.9pct。归母净利增加主要系①辅导课时总数增加；②公司努力改善经营效率。分业务看，24H1非学业素质课程及其他业务收入3.67亿元，同增57.8%；辅导课程业务收入0.33亿元，同增70.6%。经营效率改善，销售成本及各项费用增幅低于收益增幅公司24H1销售成本2.22亿元，同增50.7%，系教师薪酬上涨及学习中心扩张导致的使用权资产摊销增加。费用方面，24H1销售费用0.07亿元，同增26.6%；行政费用0.56亿元，同增11.5%；研发费用0.11亿元，同增21.3%；各项费用增幅均低于收益增幅。业务转型持续推进，素养课程广受认可公司积极推行业务转型，自2021年秋公司推出多种非学科的素养课程，取得了学生及家长的高度认可，24H1营收成绩喜人。24H1公司非学科素养课程入读学生人次达16.97万人次，同增57.3%；相关课时数达420.29万课时，同增57.1%。多举措助力国际化培养，妙维国际素养课程成效显著公司自2023年7月推出教育旅游业务及国际课程，这些举措已经并且将持续拓宽公司收益基础，为长远发展做出贡献。24H1思考乐妙维国际积极采取各项举措：成立妙维国际绿景NEO校区，致力于培养具有国际视野、创新精神和实践能力的优秀人才；与新西兰长湾中学签署了战略合作协议，共同搭建相互学习平台；积极开展海外研学活动，目的地涵盖美国、英国、加拿大、新加坡、日本、新西兰等多个国家。上调盈利预测，维持买入评级由于公司24H1净利率表现较好，我们适当上调盈利预测；我们预计2024-26年全年收入分别为9.8亿人民币、15.6亿人民币、22.0亿人民币；调后净利分别为2.1亿人民币、2.8亿人民币、3.4亿人民币(原值分别为2.0亿人民币、2.7亿人民币、3.3亿人民币)；EPS分别为0.38元人民币/股、0.51元人民币/股、0.61元人民币/股(原值分别为0.36元人民币/股、0.49元人民币/股、0.60元人民币/股)对应PE分别为14、10、9x。风险提示：政策风险；管理风险；运营成本上升风险；行业竞争风险加剧；外汇风险等。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.26.2","shortVersion":"4.26.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2460243130"}