Southern Media (601900) commented: Guangdong Province prints and publishes online teaching work guidelines to promote Guangdong Education Xiangyun

Southern Media (601900) commented: Guangdong Province prints and publishes online teaching work guidelines to promote “Guangdong Education Xiangyun”

Event: Recently, the Guangdong Provincial Department of Education’s Leading Group for the Prevention and Control of New Coronavirus Pneumonia Outbreak issued the “Guidelines for Autonomous Teaching in Primary and Secondary Schools During Delayed School Starts” to guide the orderly and standardized implementation of online teaching across the province.

Among them, it is proposed to strengthen the overall planning of the platform, build and deploy the curriculum management platform, teaching management platform, realize interconnection and interoperability, and comprehensively expand and promote the “Guangdong Education Xiangyun” digital teaching material application service platform, and the province (except Shenzhen area) compulsory education stageTeachers and students can use the digital teaching material service platform for online teaching and learning activities free of charge, and localities can make good use of national education resource platforms and local network platforms.

(The full text of the “Guide” can be found in the appendix below.) Yueyun Xiangyun digital teaching material application platform has been created by Southern Media for many years.

The company started its layout in 2014, and pilot applications of digital textbooks began in 2015. In 2017, the Guangdong Provincial Department of Education launched a full-scale project for the application of the national curriculum digital curriculum in the province’s compulsory education stage.Training of trainers, audiovisual staff, and backbone teachers.

Guangdong has become the first province in the country to launch a full-discipline, full-segment national curriculum digital teaching platform before the compulsory education stage.

Official endorsement, Guangdong Education Informatization Key Project, implementation of provincial coverage.

The Cantonese teaching cloud digital teaching material application platform is the official endorsement and is created by Southern Media. The Guangdong Provincial Department of Education has funded the purchase of application services. It is a key project of education informatization in Guangdong Province.

In March 2019, the Guangdong Provincial Department of Education officially issued the “Implementation Plan for the Full-scale Application of Digital Curriculum for National Curriculum”, which is a guiding document for the promotion of digital textbook application full-coverage projects launched in 2018.Further clarified the goals and tasks. By 2021, the province’s alternative teachers and students will fully incorporate the concept, content and requirements of digital teaching materials into all areas of subject teaching.

During the epidemic, the popularity of the platform accelerated.

The company launched an emergency plan to distribute user accounts for teachers and students of the province (except Shenzhen) during the compulsory education phase with the Guangdong Education Department.

The average download and usage of digital textbooks increased, and online activity rose sharply.

We believe that the platform has an official endorsement and promotion, has been built for many years, has many high-quality 天津夜网 resources and features, and has completed the training of a large number of key teachers as early as last year. At this critical moment, it brought online education during the epidemic.Great convenience.

The value of the platform is huge and the development space is broad.

At the same time, the company continues to develop new functions and platforms. Through expansion in the province, user stickiness and activity have increased. In the future, the company will strive to create a market-oriented application aggregation platform and become an application store in the field of online education.

Realize the expansion of profit model and broad development space.

Channel integration is accelerating, market share increase and new business expansion can be expected. The company’s market-oriented education and auxiliary 都市夜网 business has a low market share, and there is huge room for improvement.

In 2018, the company’s per capita consumption of teaching materials19.

59 books / person / year and 162 per capita consumption.

The average annual rate of 85 yuan is far lower than the selected counterparts42.

69 volumes / person / year with 374.

48 yuan / person / year average.

There is huge room for improvement.
Policy assistance + active development, teaching materials and auxiliary business continued to develop.

Complemented by three subjects, exclusive qualifications, and other policies, it has helped the company’s rental textbooks and teaching aids business to grow rapidly, driving the overall textbooks teaching aids business to improve.

General books have become an important growth point, and the growth rate leads the industry.

In 2018, the company’s general book revenue increased by 19% in ten years, far exceeding the industry11.

3% growth rate.

Implement a boutique strategy to build a new highland of Lingnan culture.

Channel integration is accelerating, and four major businesses are poised for growth.

After the company was listed, the receipt issuing group and the controlling shareholder Guangban Group accepted the free transfer within the Guangdong Education Bookstore. The distribution layout in the province continued to be optimized. The company also implemented precise marketing to expand the breadth and depth of diversified operations.

Among them, market-oriented teaching aids, textbooks for colleges and junior colleges, major customer business, and education equipment business show potential for breakthroughs and good momentum.

The publishing company is upgraded to an education service platform, and the company’s value is expected to be revalued.

Through the integration of the company’s offline channels, market share increases, and online gradual card slots, the company is expected to become an educational service platform for online and offline resources. Quality content and resources can reach more teachers and students in the school through Southern Media.
The value of the company is expected to be revalued.

Earnings forecast and investment advice: We predict that Nanfang Media will achieve revenues of 64 in 2019-2021.

07 billion, 74.

310,000 yuan, 82.

88 ppm, an increase of 14 in ten years.46%, 15.

98%, 11.

54%; net profit attributable to mothers was 7, respectively.

7.7 billion, 8.

9.9 billion, 10.

34 ppm, an 18-year increase.

55%, 15.

72%, 15.

04%; EPS for 2019-2021 are 0.

87 yuan, 1.

00 yuan, 1.

15 yuan.

Risk reminders: risks of changes in industrial policies; new technology shocks; increased competition