盛通股份:卡位青少素質培訓,深耕編程迎合產業方向

（以下内容从天风国际证券《盛通股份:卡位青少素質培訓,深耕編程迎合產業方向》研报附件原文摘录）
　　Beijing Shengtong Printing (002599 CH) 卡位青少素质培训，深耕编程迎合产业方向 Initiating coverage: premium positioning in youth grooming market for coding jobs and other applications TP:RMB9.32 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 深耕印刷领域多年，扩张科技教育版图 公司主营业务为教育培训与出版印刷，坚持打造教育、出版文化综合服务生态圈，致力於培养青少年创造性思维，提供满足人工智能时代人才核心素养要求的教育培训服务和产品。2017年後布局编程教育业务，拓展素质教育版图。收购乐博乐博後，公司坚定布局教育产业，形成“出版综合服务+青少年stem课外培训（主要为机器人编程课程）”双板块主业。 Integrated publishing house expanded STEM training business with coding Shengtong Printing’s business covers educational training in addition to publishing and printing. Its full-service ecosystem caters to the education, publishing and cultural markets. Its educational training services and products aim to foster creative thinking in young learners and fulfill key requirements for talented labor of the AI era. It added computer programming to its courses and expanded the specialist education footprint in 2017, and the acquisition of Roborobo firmed the company’s dual main businesses of integrated publishing services and STEM training (mainly robotic coding courses). 双板块助力业绩增长，教育占比持续升高 分业务看：1）教育业务营收占比持续提升，2023H1达16%，复甦态势良好。2）印刷综合业务：较为稳健，营收由2017年的12.21亿元升至2022年的18.76亿元，CAGR达14.71%。由於公司重点转移，占比由2017年的87%下降至2023H1的84%。 Twin main business drivers boost profit growth; investing into training courses Training: the proportion of education business revenue has been growing and it reached 16% in 23H1, amid a healthy recovery trend. Integrated publishing and printing: this other main business is stable as well, with revenue rising from RMB1.22bn in 2017 to RMB1.88bn in 2022 at a CAGR of 14.71%. The strategic business shift led its proportion to drop from 87% in 2017 to 84% of total revenue in 23H1. 打多元化产品矩阵，加速全渠道渗透 公司积极拓展科教服务，先後投资收购多家科教及AI企业，已打造覆盖青少年科技教育全产业链生态的盛通教育集团，拥有完备的“产品+内容+平台”的科教体系，涉及编程、机器人、科学实验、人工智能等科技课程学习，涵盖编程硬件生产、科技课程研发、线上学习平台搭建、教学培训交付等业务，构建 To C、To B 和 To G 全方位科技教育服务模式。公司客户涵盖来自C/B/G端全渠道客户，均呈现潜在业务机会，公司多维度服务预计可满足来自全渠道的客户需求，助力业绩增量。 Product matrix diversification increases omnichannel penetration potential Service offerings: the company expanded STEM training services by investing into and acquiring a number of scientific education and AI companies. It set up Shengtong Education Group, which covers the entire value chain ecosystem for science and tech education catering to the youth market. The system integrates products, content and platforms for coding, robotics, scientific experiments, AI and other technology courses. It covers programming hardware production, technology course R&D, online learning platform building, teaching and training delivery and other areas. Omnichannel customer potential: the company is building up an B2C, B2B and B2G science and technology education service model. The omnichannel coverage of B2C, B2B and B2G customers provide wide business potential. We expect Shengtong’s wide-spectrum services will meet customer needs and add incremental profit. 直营+加盟同步发力，校区网络覆盖全国。公司旗下乐博乐博采用“直营+加盟”模式，迅速扩张布局全国。截至2023年5月，公司拥有直营店150家，布局全国一、二线城市核心地带及其它主要城市；加盟店约500 家，布局一、二线城市郊区及三、四线城市。扩张策略稳步推进门店规模，有望推动业绩增长。 Pan-China network: running direct operations and franchises in tandem Under a dual direct-operation and franchised model, subsidiary Roborobo is rapidly expanding its footprint across China. It has 150 directly-operated stores in core locations across first and second-tier cities and other major cities as of May 2023, as well as about 500 franchised stores not just in first and second-tier city suburbs but also in third and fourth-tier cities. We believe its strategic expansion will raise the scale of its stores and drive performance growth. 投资建议/Investment Ideas 首次覆盖，给予“买入”评级 公司立足出版综合印刷服务行业多年，在课程教具研发、教育人才引进方面不断加大投入力度，打造第二增长曲线。公司可依托双主业及平台优势，实现有序可持续发展。我们预计公司23-25年营业收入分别为26.0/29.5/33.0亿元，归母净利润分别为0.76/1.35/1.54亿元，EPS分别为0.14/0.25/0.29元/股，对应PE分别为45/25/22x。参考可比公司PE均值，24年目标价为9.32元，首次覆盖，给予“买入”评级。 Valuation and risks Shengtong Printing’s main business of integrated publishing and printing services have plied the market for many years. Meanwhile, its continual R&D investments into course teaching aids and training talents augment its second growth driver. We believe the competitive advantages of its twin businesses and platforms will drive sustainable growth. We forecast revenue of RMB2.60bn/2.95bn/3.30bn in 2023/24/25E and net profit of RMB76m/135m/154m; with EPS at RMB0.14/0.25/0.29, corresponding to 45/25/22x PE. Relative to the peer average, our target price for Shengtong is RMB9.32 in 2024E. We initiate coverage with a BUY rating. 风险提示：经营不达预期；行业竞争加剧；原材料价格波动；政策风险；今年出现多次交易异动等。 Risks include: operations fall short of expectations; intensifying competition; fluctuating raw material prices; policy risks; and we note that there has been a number of trading anomalies this year. 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