思考樂教育(01769.HK)：2019年經調整淨利潤1.36億元，同比增長62.37%
機構：廣證恆生
事件：
2020年3月18日，思考樂教育發佈2019全年業績未經審計財務報告。報告期內，公司實現營業收入7.11億元，同比增加44.27%；淨利潤0.95億元，同比增長36.43；經調整淨利潤（調整上市開支、租賃會計準則影響以及股權激勵開支）1.36億元，同比增長62.37%。
點評：
財務分析：營業收入大增44.27%至7.11億元，淨利潤逐年增長明顯
（1）收入方面：FY2019公司實現營業收入7.11億元（+44.27%）。業務拆分來看，學業備考課程（簡稱：升學）仍是公司營收增長的核心驅動力，實現營收6.96億元（+46.37%），營收佔比97.89%；初階小學素質教育（簡稱：樂學）實現營收0.15億元（-12.87%），營收佔比2.11%。（2）費用方面：公司FY2019銷售費用率為3.04%，同比增長78.87%，仍遠低於行業平均水平；管理費用率為18.59%，同比增長87.67%，主要原因是員工薪酬和日常運營的增加；研發費用率為6.40%（+0.10pct），研發費用同比增長45.95%，主要原因是公司加大研發投入致力改善教學方式；營業成本4.07億元同比增長33.00%，主要系員工成本的增加和會計準則的調整。（3）利潤方面：FY2019毛利率為42.72%（+4.85pct），營業利潤為1.32萬元（+53.82%），經調整淨利潤為1.36億元（+62.37%），淨利率為19.14%（+2.13pct）。
運營情況：入學人數及學習中心持續增長，擴大地域覆蓋加強研發投入
（1）FY2019新生入學人數同比增長22.76%，學習中心數量擴張持續增長。學生招生人次從2018年同期的24.12萬人增加到29.61萬人，增幅為22.76%。業務拆分來看，“升學”學生入學人數為28.97萬（+25.25%）；“樂學”入學人數為0.64萬（-35.35%）；FY2019學習中心數量達100間，其中深圳2019全年新開28間，總體較2018同期增長85.00%。（2）全面佈局深圳市場進軍粵港澳大灣區，加大研發投入佈局網校及雙師業務。2020年公司計劃擴張36個學習中心佈局粵港澳及周圍區域。為佔據下沉市場份額，公司於2019秋季推出雙師課堂。同時，公司加大研發培育思考樂網校與思考樂線下教育互為補充，致力於提供系統化的學習模式。
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