Full-pass education doubled behind: Facing the transformation future performance is bewildering

Full-time education (300359.SZ), a A-share company that was listed this January, has risen more than 120% per cent since its listing, and has more than 150 times times earnings. and full-pass education on the market facing the transformation of business, forward-looking, stock prices do not have enough historical trend for reference; Looking back, its future market is facing upheaval, the future performance is uncertain. One of the most important reasons for the strong rise in the forced transformation of all-pass education is that it is categorized into the current market concept of "online education". But the relationship between the traditional business of full education and online education is limited, and its traditional business prospects are simply precarious. The company's traditional strong products are school communication, is the primary and secondary school teachers to send students a short message platform. School communication is the main way to communicate mobile phone messages, so operators, especially the broad coverage of China Mobile [Weibo] is the largest player, has a strong pricing power, but including the full education of the operation and maintenance of the company's position is relatively weak; In addition, school communication is a message channel, is likely to be replaced by micro-credit and other easy-to-use and free new communication tools. Therefore, whether from the product form, or the company's position in the industrial chain can be seen in the future of this product embarrassing situation. In the past few years, school communication in some regions to promote good, the whole education is one of the big and strong representatives, however, after several years of rapid growth, the school communication company General show a decline. According to the full education earnings, the company's revenue growth rates for 2010 to 2013 were 59.03%, 42.15%, 9.87% and 10%, respectively. The growth rate of net profit of shareholders in parent company is 102.65%, 35.24%, 17.56% and 3.92% respectively. It can be seen that the company's revenue growth in the past two years has slipped, while net profit in 2013 negative growth. Many people in the industry view, the school hearing this product in the future must be "by the revolution." Zhao Wei is a senior industry person in Shanghai Education Informationization, he told the first financial daily newspaper "financial quotient" (Micro-signal: CAISHANG02) Reporter: "Within two years, the school hearing this product will be completely out of the market." This product has not been able to do in the Shanghai market, product function is limited, the Shanghai region parents strong, unwilling to pay for products. Shanghai market today is the other regional market tomorrow. In fact, because the school communication in the use of the process is not strong, product sales have strong buying suspicion, triggering parents protest. Shenzhen Municipal Bureau of Education has issued the "Shenzhen Bureau of Education to further standardize the work of home and school communication" notice, clearly from January 1 this year, the school sent a note containing all kinds of education and teaching and management of public information services projects, the relevant fees from the school budget, from the school public expenditure. and other personalized information services including school communication, voluntary purchase by parents to pay the service costs, and stressed that schools should not replace parents and related services enterprises to sign the relevant information service contract by the parents, not on behalf of the service enterprises to collect school messages and other types of clothingFees, schools are not allowed to participate in any promotion or customization. Zhao Wei is expected to be the future of the school communication charges will be the national, which is engaged in the school communication operation of the company is simply a bomb can explode at any time. The long road to full education, which was launched in January this year, is facing huge changes in business. and the listing for the company can also get more money to push themselves out of the school news through the dismal market predicament, to the new battlefield. Full-pass education has chosen to transform itself into the hottest online education in the present. It is also the most sought-after investment in the market this year. 2013 to date, one after another has burst a few industry landmark events: Baidu [micro-blog] and Alibaba [micro-blog] launched Baidu Education and Taobao students, Tencent launched QQ Education and Tencent University, NetEase, Sina, 360, Jinshan and other Internet enterprises also launched their own online education products. The online education layout is an all-round change of educational products under the Internet environment, and the market space is huge. According to Taobao students since the data, the top three of the demand for education in the field of language training, marketing management and primary and secondary counseling. There is no suspense, the full pass education chose its most familiar market primary and secondary school counseling to start the transformation, first layout two products, the whole beans (according to the class fee) and the whole course network (in accordance with the monthly fee). If the transition is successful, the whole-pass education will become an online education company from the school Xun Yun-wei company. For the future trend of the company, the market people generally value their existing customer resources conversion. "Because the company has built up a huge number of clients in the school's communication operations, the income it earns in online education will be substantial if it can be partially transformed." "Investment director Zhang Yunyi told reporters. According to Wanguo [micro-BO] calculation, if the whole network in accordance with the school communication 30% conversion rate and 25% of the conversion rate will be 300,000 paid users, according to the annual average revenue per user 180 yuan (promotion period according to 360 Yuan half) and 60% divided into proportional calculation, 2015 Full course network is expected to achieve 30 million yuan income; the whole course of beans in accordance with 10% conversion rate, the average hours of 20 hour, unit price 150 yuan calculation is expected to achieve nearly 100 million yuan in 2015 income. According to the 30 billion forward market capacity, 10% maturity market share, corresponding to 3 billion income, according to overseas mature education listed companies comparable valuation PS (market value/sales revenue) 4 times times, corresponding market value space will reach 12 billion yuan. 12 billion market value! The current total market value of full-pass education is only 6.587 billion yuan. However, this assumption is based on the full education of the school's current users to transfer well to the new online education business. This is a difficult one, first of all, the original school communication is actually only an information channel, the new online education products more complex than the school communication is much higher. Secondly, the field of basic education will be the highest commercial value in the field of online education by countless competitors, the market already has an early start ladder nets, learning and other online education platform. July 4, the full Pass education bulletin is planning externalInvestment matters, suspension of business so far.