Jinwu Financial News | Guosheng Securities released a research report saying that Neusoft Education (09616) released its 2023 annual report. The company's revenue in 2023 also increased 16.6% to 1.81 billion yuan, and adjusted net profit to mother also increased 12.6% to 430 million yuan. The company's gross margin increased by 4.8 pcts to 47.9% in 2023; the sales expense ratio also increased by 0.42 pcts to 2.93%, mainly due to the expansion of the two wings; the management expense ratio also decreased by 0.78 pcts to 11.48%; and the R&D expense ratio also decreased by 0.47 pcts to 2.21%.
According to the bank, starting in 2023, the company will establish Phoenix University to lay out continuing education for the elderly, targeting the silver hair market. On March 26, 2024, the company announced that its wholly-owned subsidiary Neusoft Ruixin plans to acquire all shares of Neusoft Healthcare for 81 million yuan. It owns two institutions, Dalian Ruikang Cardiovascular Hospital and Dalian Ruikang Zhuomei Dental Hospital. The affiliated hospitals and nursing homes will be used as training bases for students to provide practical training and internship opportunities, further improve the geriatric care+geriatric education layout, which is expected to create a second performance growth curve.
According to the bank, according to the 2023 report, we adjusted the profit forecast, and the net profit forecast for 2024-2026 is expected to reach 4.2/4.9/560 million yuan, a year-on-year change of -1.7%/17.0%/12.3%, corresponding to EPS of 0.65/0.76/0.86 yuan, and the current price corresponds to 4/4/3 times PE, maintaining the “buy” rating.