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$博实乐教育(BEDU)$

bedu毛利率为什么突然变高了?

以下英文材料来自 Q3 财报 网页链接

Gross profit for the quarter was RMB183.8 million, representing a 51.5% increase from RMB121.3 million in the same period of last fiscal year. Gross margin for the quarter was 45.2%, as compared to 38.2% in the same period of last fiscal year,primarily due to the ramp up of our existing schools, increased average tuition and fees, and improved operating efficiency.

黑体部分为官方给出的原因:对现有学校的加强,学费的上升,运营效率的提升。

我觉得最重要的原因是学费的上升以及生源的增加:

International Schools: Revenue for the period was RMB410.1 million, representing a 20.1% increase from RMB341.4 million, accounting for 38.9% of total revenues as compared to 41.6% in the same period of last fiscal year, primarily due to a 17.0% increase in the average number of students from 5,448 to 6,372, and a 2.7% increase in the average tuition and fees from RMB62,668 to RMB64,355 during the comparison periods.

Bilingual Schools: Revenue for the period was RMB330.3 million, representing a 27.0% increase from RMB260.0 million, accounting for 31.4% of total revenues as compared to 31.7% in the same period of last fiscal year, primarily due to a 15.3% increase in the average number of students from 11,424 to 13,169, and a 10.2% increase in the average tuition and fees from RMB22,760 to RMB25,079 during the comparison periods.

Bedu最重要的两部分业务是国际学校和语言学校,生源和学费的增长基本都在10%以上(见黑体部分,国际学校的学费除外)。这些上涨直接促进了毛利的迅速上涨,还有其他原因么,请赐教。至于这学费上涨的潜力还有多大,我也挺好奇,好教育毕竟是稀缺资源,对于富裕的家庭,这学费不算贵。