粉筆(02469.HK)公佈中期業績 毛利潤率超逾50% 成功扭虧為盈
格隆匯8月30日丨粉筆(02469.HK)發佈公吿，截至2023年6月30日止6個月，公司收入增加15.9%至人民幣1,682.3百萬元。公司自2021年開始將戰略方向逐步往線上側重並持續提升效率，優化成本和費用結構，尤其是線下業務的效率，該等調整在2022年基本完成，並在2023年上半年的財務表現上效果顯著，毛利潤率超逾50%，並且線下培訓服務的毛利由上年同期的人民幣190.2百萬元增加68.7%至期間的人民幣320.9百萬元。
公司期間錄得淨利潤人民幣81.5百萬元，而去年同期則錄得淨虧損人民幣391.8百萬元，成功扭虧為盈。期間公司的經調整淨利潤(非《國際財務報吿準則》計量)為人民幣288.0百萬元，而去年同期為人民幣95.6百萬元。截至2023年6月30日止六個月，公司的淨利潤率為4.8%，同期經調整淨利潤率(非《國際財務報吿準則》計量)為17.1%。公司預計公司的成本和費用結構可持續，並有進一步優化提升的空間。
公司的研發開支由上年同期的人民幣85.3百萬元增加67.7%至期間人民幣143.1百萬元，主要是由於向內容及技術開發人員支付的花紅增加及研發團隊人數因應長期業務策略而增加，令僱員福利開支增加。
在當前的就業市場趨勢下，公司預計財政供養崗位在合資格求職羣體中的受歡迎程度將會持續走俏。公司相信中短期內的報考人次將會大幅增長，令職業教育培訓服務供應商數量激增。並且，新冠疫情改變了人們的生活習慣和學習習慣，加速了在線學習的發展。作為行業內線上的龍頭公司，公司的業務將會得益於行業的整體發展和行業中線上化的大趨勢，尤其是公司的線上精品班產品，其針對性強，師資利用率高，這樣的特點令公司可以把更多的資源投入到教研和教學本身，達到更出眾的教學效果，實現正向循環。受良好的學習效果推動，線上精品班的付費人次持續增長，公司相信線上業務有巨大的發展空間。公司預計公司的收入可以實現顯著的複合增長，並且在運營效率及利潤率層面還有持續優化的空間。
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