天立國際控股:多元輸出業務持續豐滿

文摘   2024-10-24 18:06   广东  

Tianli International Holdings 

(1773 HK)


多元輸出業務持續豐滿


Tianli’s proven school management system goes to Hohhot as it diversifies its market to sustain future growth

BUY (maintain)


投資要點/Investment Thesis

投資要點/Investment Thesis

與北京四中呼和浩特分校簽署合作協議

近期天立教育與北京四中呼和浩特分校簽訂項目合作協議。此次由雙方的合作由學校負責準備一套師資,常態教學管理迴歸學校為主體;天立教育負責配備集團首席、天立名師、心理諮詢師、賦能教練、運營人員以及相關軟硬件進行賦能,負責結果交付;同時建立雙方領導定期會晤制度和工作人員定期聯席會議制度,推動合作關係不斷髮展和深化。


啟鳴達人科技公司作為天立教育集團旗下的全資子公司,集成天立教育22年教學標準化管理體系和教育內容,以AI+大數據技術研發完成啟鳴數字驅動教學管理雲平臺,賦能北京四中呼和浩特分校在智慧教育全場景方面實現教育高質量發展。


此次天立教育集團與北京四中呼和浩特分校合作,對推動北京四中呼和浩特分校教育教學高質量、可持續創新發展,提升天立教育集團啟鳴達人公司在人工智能賦能教育的深度開發能力,充分發揮人工智能賦能教育優勢等方面具有積極的意義。


目前近60所精心打造的天立學校已廣泛分佈在四川、山東、上海、浙江、河北、廣東、廣西、湖北、湖南、河南、江西、安徽、重慶、雲南、貴州等18個省(自治區、直轄市),為超10萬名在校生提供服務。


School management project with Beijing No.4 High School’s Hohhot branch

Collaboration: Tianli Education recently signed a project cooperation agreement with Beijing No 4 High School’s Hohhot branch. The school will provide a set of teachers who will manage standard teaching responsibilities, while Tianli will provide the project chief, elite teachers, emotional health counselors and life coaches, alongside the operation personnel, as well as related software and hardware. Thus, Tianli will be responsible for delivering results. Regular meetings between the leaders from both parties, along with regular joint staff meetings, will help drive the project’s development and deepen ties. 


Smart AI empowerment: Tianli Education’s wholly-owned subsidiary, Sichuan Qiming Daren Technology Company, will deploy Tianli’s 22-year standardized management system and educational content. Qiming’s digitally-driven teaching management cloud platform incorporates AI big-data technology through comprehensive smart education scenarios. The project would help establish AI-driven sustainable and quality education and teaching at the school. Its significance is to give full play to the advantages of AI-enabled education.


Tianli’s school network: nearly 60 of Tianli’s well-built schools are widely distributed across 18 provinces (autonomous regions and municipalities directly under the central government), providing services to more than 100,000 students. They include Sichuan, Shandong, Shanghai, Zhejiang, Hebei, Guangdong, Guangxi, Hubei, Hunan, Henan, Jiangxi, Anhui, Chongqing, Yunnan and Guizhou.


推出AI智習室服務

公司旗下啟鳴公司推出的[AI]智習室解決六大問題:(1)幫助學生精準提分,科學訓練提升成績。(2)解決學生課後個性化補弱的學習需求。(3)幫助學生快速篩選學習資源,節省時間。(4)解決學生課後少思考、少訓練的問題。(5)幫助學生樹立學習目標,構建個性化學習路徑。(6)幫助學生建立學習信心,增強學業成就感。


啟鳴[AI]智習室具體通過以下五個階段來實現:(1)分析成績、診斷學情、定位層次;(2)同步學習目標、補充學習資源;(3)知識點智能訓練,精準補差;(4)模擬檢測,鞏固練習,總結收穫;(5)輔導預習、查漏補缺,引導提升。


我們認為,本次與北京四中呼和浩特分校的合作以及AI智習室的推出,均較好體現出辦學沉澱以及輸出能力;優質教育具備廣泛的需求市場,包括公辦院校以及課後服務;天立的優質教育資源有望獲得更多學校及家長的認可。


AI Smart Study Room service applies scientific solutions to common study issues

Qiming launched its AI Smart Study Room service to address six major areas:

1) Help students improve their scores precisely through scientifically-based training;

2) Attend to their personalized after-school learning requirements; 

3) Help students save time by quickly filtering learning resources; 

4) Address the issue of students’ lack of thinking with after-class training; 

5) Help students set learning goals and set up personalized learning pathways; 

6) Help build up their confidence to learn with a sense of academic accomplishment.


Five stages of implementation: 

1) Analyze grades, diagnose the learning status and identify learning levels; 

2) Synchronize learning objectives and supplement learning resources; 

3) Smart training in knowledge data points to fill in the gaps; 

4) Simulate tests, consolidate exercises and summarize the gains; 

5) Provide guidance in pre-study, fill in the gaps and guide students to improve.


Our take: we believe that this collaboration with Beijing No. 4 High School in Hohhot and the launch of the AI Smart Study Room are both reflections of the school’s knowledge and output capabilities. There is wide market demand for quality education, including public institutions and after-school services, thus we expect Tianli’s quality educational resources will go on to gain recognition by more and more schools and parents.



投資建議/Investment Ideas



維持盈利預測,維持“買入”評級

天立教育潛心辦學22年,始終貫徹黨的教育方針,堅守教育強國初心,落實立德樹人根本任務,走高質量內涵式發展道路,已發展成為辦學成果豐碩、社會價值顯著的綜合教育服務提供者。

我們預計公司FY24-26年收入分別為32億人民幣、46億人民幣、62億人民幣;FY24-26調後歸母淨利分別為5.9億人民幣、8億人民幣以及11億人民幣;FY24-26EPS分別為0.28元人民幣/股、0.38元人民幣/股以及0.52元人民幣/股;對應PE分別為15.9、11.6、8.5。


Valuation and risks

Tianli Education’s 22-year focus on the business of running schools aligns with the Central Party’s education policy. The company has not wavered from its original intention of strengthening China’s education industry and has realized the fundamental precept of moral character, taking the high road of quality and connotative development. In our view, Tianli has developed into a comprehensive education service provider on the back of its school management success and substantive social role.


We maintain our revenue forecasts of RMB3.2bn/4.6bn/6.2bn for FY24/25/26E (fiscal year ends in August); with adjusted net profit at RMB590m/800m/1.1bn. They imply EPS of RMB0.28/0.38/0.52, corresponding to PE of 15.9x/11.6x/8.5x. We maintain our BUY rating on the stock.


風險提示:消費不及預期,行業競爭加劇風險,核心高管流失等。


Risks include: worse-than-expected consumption, intensifying competition; and loss of core executives.


Email: research@tfisec.com

TFI research report website: 

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