US Jim (002621): The company changed its name to US Jim ‘s early education track

US Jim (002621): The company changed its name to US Jim ‘s early education track
2018 Annual Report: The company achieved operating income in 20182.6.5 billion (+ 49% YoY).78%), net profit attributable to mother 0.3.2 billion (+ 71% year-on-year.90%), net profit margin 12.08% (+ 1% year-on-year.91pct) deducting non-net profit is 0.1.5 billion.The 2018 annual budget equity incentive plan corresponds to 0 share payment expenses.US $ 2.5 billion. If this factor is excluded, its net profit is attributable to the parent.5.7 billion (+208 compared to the same period last year).94%).The report completed the completion of the US Jim acquisition, forming a dual industry of education and manufacturing. The education business will become the company’s main profit contribution in the future. Profit distribution plan: The company’s total share capital is 347,595,000, and a cash dividend of 0 for every 10 shares is distributed to all shareholders.20 yuan, 7 capital shares for every 10 shares transferred to all shareholders with capital reserve. The manufacturing business grew steadily, and profitability was further improved.Revenue in 20181.5.9 billion (+ 24% year-on-year.53%), gross profit margin 44.03% (+16.48pct).The company is currently one of the largest double-wall corrugated pipe manufacturing equipment suppliers in China with the largest scale, the most complete varieties, and the complete production process. The company officially changed its name to US Jim, and in 2018 US Jim over-performed performance betting.The company completed its industrial and commercial registration on April 17, 2019 and obtained a business license and changed its company’s short name US Jim. US Jim achieved operating income in 20183.6.2 billion, net profit attributable to mothers1.91 ppm, net profit margin 52.76%.As of the end of 2018, there were 434 early education centers and 91 new stores were added. Meijim consolidated in December 2018, so Meijim achieved 0 operating income within the scope of the consolidated statement.33 ppm, accounting for 12 of the company’s consolidated operating income.44%, achieving a net profit of 0.22 trillion, accounting for 55 of the company’s consolidated net profit.34%. Kaide Education’s profitability has gradually improved. In 2018, Kaide achieved zero operating income.6.8 billion, net profit attributable to mother 0.29 trillion, complete performance betting.In Beijing, Shanghai, and Shenzhen, there are 7 directly-operated teaching centers, which are industry-leading in terms of training service quality and outstanding teacher reserves. In 2019, we will continue to deepen the education business, rapidly promote the joining and direct management of US Jim, and continuously improve the profitability of Kade Education.The early education industry is currently in a low-leakage rate and the rapid growth stage of the initial formation of early education consumption awareness. As the leader of the domestic early education industry, Meijim ranks in the top two nationwide in terms of brand power. It 重庆耍耍网 is mainly engaged in the direct operation and authorized operation of early education centers.In some first-, second-, and third-tier cities, the penetration rate is still at a certain level.In the future, “Jim Jim” will take a step forward in ensuring quality, a rich product system, and accelerate the development of online products. At the same time, it will continue to establish new direct-operated stores and franchise stores offline.At the same time, actively expand overseas markets such as India, Russia, Hong Kong, Macao and Taiwan to increase market share. Profit forecast: The company is optimistic about the quality track of the early education industry where the company is located, and its future growth distance is determined. As a key industry brand, Meijim has obvious advantages in the expansion of its first, second 深圳桑拿网 and third lines, and is expected to be in a rapid development stage in the future.Taking into account the consolidation of US Jim’s performance in 2019, the company’s US Jim + Kade education business will contribute significantly to profits, and it is estimated that the net profit for 2019-2020 will be approximately 1.75, 1.980,000 yuan, given an “overweight” rating. Risk warning: Joining expansion is blocked; early education industry policy supervision, industry competition is intensifying.