Summary
For 2017, it is expected that M&A integration and layout of the track will still be the general trend of the A-share preschool education sector this year, and the market will pay more attention to the mid-to-high-end park than before, and the integrated service provider for the B-end of the pre-school market may become listed. The company has laid out new hot spots in the preschool track. In addition, in 2017, the performance of the majority of listed companies' acquisition targets will come, and the performance contribution of each company and the corresponding performance of the stock market are worth looking forward to.
From the current point of view, the preschool education industry can be roughly divided into two parts:
The first category is based on various pre-school educational institutions, providing early education, kindergarten and related quality education services (including B-side services involving pre-school institutions);
The first category is to cut into the family education of children, and provide parent-child entertainment such as children's toys, animation and technology + preschool education.
According to the "13th Five-Year Plan" for the development of the national education industry, the gross enrollment rate in China's three years before school will increase from 75% in 2015 to 85%, and the number of people in the park is expected to increase 45 million from 42.65 million. According to institutional data, by 2020, China's early childhood education industry has a market space of 50-600 billion yuan .
In 2015, the total number of kindergartens in China was 223,700, including 146,400 private parks. The overall private rate was 65%, and the number of public and other departments was less than 35%. In the same year, the total number of people in the park was 42.648 million, including private kindergartens. The number of children in the park reached 2,302,400, accounting for about 54%.
From the perspective of the number of parks and the number of people entering the park, private kindergartens occupy an important position. Limited by the previous education policy and regional economic development differences, the kindergarten is still in a small and scattered pattern. Even with the sum of statistical franchise and direct kindergartens, the top five kindergarten institutions in the country have CR5<2%, and the top 100 kindergartens in preschool have a market share of less than 5%. With the passage of the new revised law of the "People's Promotion Law", the channel for capital to enter the early childhood education industry is smoother, and the integration of mergers and acquisitions within the industry is expected to further increase.
As of 2015, the per capita disposable income of urban residents in China reached 31,790 yuan, a year-on-year increase of 6.6%; in 2015, the per capita education, cultural and entertainment service consumption expenditure of urban residents was 2,382 yuan, an increase of 11%. The increase in disposable income supports the expansion of family education and cultural consumption.
On the other hand, after 80s and 90s, parents' education level has improved, and most of them are the Internet generation. The ability to accept new things is obviously stronger than that of the 70s and before. The support of economic income and the improvement of educational concepts have promoted the educational spending power of residents. The concept of consumption has been upgraded. Not only is the demand for traditional pre-school institutions more vigorous, the quality requirements are higher, and the acceptance of education + technology products is higher, stem education sets a new breakthrough in the early childhood market.
Education, as a weak-cycle industry that directly benefits from consumption upgrades, is increasingly favored by capital.
At present, there are three main ways for the A-share listed companies to lay out the preschool education industry:
1. Directly acquire the assets of the preschool education and build the second main business, such as Wei Chuang, Xiuqiang, etc.;
2. Establish an education industry fund to cooperate with company incubation products, such as the Changfang Group;
3. The original main business is actively integrated with the preschool education industry, such as Bangbao puzzle (children's toys), Gaole shares (children's toys), Aofei Entertainment (children's animation IP), Times Publishing (Time Children's), Changjiang Media (Love Cube) Education) and so on.
Different from the primary market, the listed companies are still focusing on the preschool education industry, ensuring that the investment target can bring stable income.
For 2017, it is expected that M&A integration and layout of the track will still be the general trend of the A-share preschool education sector this year, and the market will pay more attention to the mid-to-high-end park than before, and the integrated service provider for the B-end of the pre-school market may become listed. The company has laid out new hot spots in the preschool track. In addition, in 2017, the performance of the majority of listed companies' acquisition targets will come, and the performance contribution of each company and the corresponding performance of the stock market are worth looking forward to.
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