Qinshang Optoelectronics acquired Guangzhou Longwen's performance promise to achieve difficulties
On January 19, Qinshang Optoelectronics issued a draft acquisition. The company intends to purchase 100% equity of Guangzhou Longwen Education Technology Co., Ltd. (hereinafter referred to as “Guangzhou Longwenâ€) by issuing shares and paying cash. The transaction price is 2 billion yuan. . Among them, the company intends to pay Yang Yong a cash consideration of 500 million yuan, and the remaining 1.5 billion yuan will be paid by way of issuing shares.
Guangzhou Longwen's main business is the K12 stage non-degree education information consulting service, which belongs to other service industries in the modern service industry.
According to financial data, in 2014, Guangzhou Longwen's operating income fell by 11.61% year-on-year, but net profit increased by 258.33%.
Compared with the same industry companies, Guangzhou Longwen's rental expenses, sales expenses and management expenses accounted for a much lower proportion than comparable companies.
In addition, the draft acquisition shows that in recent years, Guangzhou Longwen's subsidiaries have suffered administrative punishments for 30 times, and the internal management capabilities of the company are worrying.
Revenue decline in profit growth
According to financial data, in 2013, 2014 and January-August 2015, Guangzhou Longwen achieved operating income of 853 million yuan, 754 million yuan and 501 million yuan respectively. In 2014, Guangzhou Longwen's operating income fell by RMB 99 million, down 11.61% year-on-year. In the same period, the company achieved net profit of 11.35.29 million yuan, 42.249 million yuan and 68.085 million yuan respectively, showing an increasing trend year by year.
According to the performance forecast, in 2015, Guangzhou Longwen can achieve a net profit of 85 million yuan. From this calculation, in 2013-2015, Guangzhou Longwen's net profit increased by an average of 173.63%.
In addition, Guangzhou Longwen's sales expenses and management expenses accounted for a significantly lower proportion of revenue than comparable companies.
According to the draft acquisition, in 2013, 2014 and January-August 2015, the sales expenses of Guangzhou Longwen were 34.017 million yuan, 2,694.41 million yuan and 14.425 million yuan, accounting for 3.99% and 3.58% respectively. 2.88%; management expenses were 76.106 million yuan, 67.77 million yuan and 32.225 million yuan respectively, accounting for 8.92%, 9.02% and 6.43% of operating income respectively.
In the draft acquisition, Guangzhou Longwen listed Xueda Education and Jinghan Yingcai as comparable targets.
According to the data, in 2013, 2014 and January-June 2015, the proportion of sales expenses of Xueda Education to operating income was 10.46%, 10.7% and 9.25%, respectively; the proportion of management expenses to operating income was 15.19% and 17.75 respectively. % and 15.14%. In the same period, Jinghan Yingcai's sales expenses accounted for 36.2%, 34.42% and 27.44% of operating income, respectively, and management expenses accounted for 14.35%, 12.88% and 10.03% of operating income, respectively.
In response to a reporter interviewed by Securities Market Weekly, the person in charge of Qinshang Optoelectronics said that the difference in expense ratio was mainly due to the difference in labor cost processing. Guangzhou Longwen's gross profit margin and net profit margin were not much different from the same industry.
In fact, Guangzhou Longwen's single store income level is much lower than comparable companies, but the company's gross margin level and the same industry companies are not obvious, the company's cost control ability is surprising.
According to the draft acquisition, at the end of 2013, the end of 2014 and the end of August 2015, the number of outlets in Guangzhou Longwen was 699, 582 and 494 respectively. During the reporting period, the revenue of Guangzhou Longwen's individual outlets was 1,240,400 yuan, 1,295,400 yuan and 1,522,400 yuan respectively.
In 2013, 2014 and January-August 2015, Guangzhou Longwen's gross profit was 163 million yuan, 175 million yuan and 147 million yuan respectively, and the gross profit margins were 19.09%, 23.25% and 29.25% respectively.
At the end of 2013, the end of 2014 and the end of June 2015, the number of outlets of Xueda Education was 408, 467 and 593 respectively. The operating income realized during the same period was 2.17 billion yuan, 2.069 billion yuan and 1.265 billion yuan, far exceeding Guangzhou. Long Wen. According to calculations, the income of individual outlets of Xueda Education is about 5,188,700 yuan, 4,340,400 yuan and 2,133,200 yuan respectively.
According to financial data, in 2013, 2014 and January-June 2015, the gross profit margin of Xueda Education was 34.53%, 28.35% and 35.18%, respectively.
In addition, according to the draft acquisition, in 2014, Jinghan Yingcai realized an operating income of 687 million yuan, which is similar to the income of Guangzhou Longwen. In the same period, the number of business outlets of Jinghan Yingcai was more than 100. Calculated by the maximum value, the income of Jinghan Yingcai's individual outlets is not less than 3.435 million yuan.
From the perspective of cost structure, housing rent is one of the important components of the education consulting agency's operating costs, but compared with the University of Education, Guangzhou Longwen's rent costs are significantly lower.
According to the draft acquisition, in 2013, 2014 and January-August 2015, Guangzhou Longwen rents were 155 million yuan, 133 million yuan and 72.729 million yuan respectively. According to the calculation, the rents of Guangzhou Longwen's individual outlets are about 221,700 yuan, 228,500 yuan and 147,800 respectively.
In 2013, 2014 and January-June 2015, the rent for Xueda Education was 252 million yuan, 263 million yuan and 184 million yuan respectively. The rents of the company's individual outlets were 617,600 yuan, 563,300 yuan and 301,300 yuan respectively. yuan.
In contrast, the rent of Guangzhou Longwen's outlets is only about 50% of the education of the University, which is far lower than the rent of the University of Education.
The person in charge of Qinshang Optoelectronics said that the difference in rent is mainly determined by the area of ​​a single outlet.
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