Jefferies认为，优质教育的渴求带动民办辅导行业的发展；政府政策加速民办辅导市场的扩张；K-12辅导市场增速11%，领军企业有望达到30%以上；一对一辅导机构的困境在于营收增速和利润率的平衡。

Jefferies think,The high quality education for lead to the development of private tutoring industry;Government policies to accelerate private tutoring market expansion;The k-12 tutoring market growth of 11%,Leader is expected to reach more than 30%;One-on-one tutoring agency dilemma lies in the balance of revenue growth and profitability.

　　以下是Jefferies的中国K-12课外辅导市场分析报告：

Here are Chinese k-12 Jefferies after-school tutoring market analysis report:

　　中国民办教育服务行业之所以能够发展起来，主要原因是入学率较低，尤其是大学。2008年起，教育部明令禁止公办学校开办盈利性辅导班，民办辅导市场得到了爆发性的增长。根据IDC报告，2011年-2013年中国辅导市场的年均复合增长率有望达到11%。Jefferies认为，学而思、新东方和安博教育是K-12辅导市场的领军企业，三者的市场份额合计不到2%，但可以在未来几年内通过市场整合、品牌延伸使营收增速保持在30%以上。

Private education service industry in China are developed,The main reason is that low enrollment,Especially in the university.Since 2008,The ministry of education banned public schools offer a for-profit trainings,Private tutoring market obtained the explosive growth.According to IDC report,China coach in 2011-2011 average annual compound growth rate could reach 11% of the market.Jefferies think,Learning and thinking/New Oriental and ambow education is K - 12 tutoring market leader,The combined market share of less than 2%,But you can through the market integration in the next few years/Brand extension to keep revenue growth is above 30%.

　观点一：优质教育的渴求带动民办辅导行业的发展 View a:The high quality education for lead to the development of private tutoring industry

　　中国民办教育服务行业的发展取决于国民教育情况。尽管入学率有所上升，但仍处于较低的水平，尤其是大学的整体招生情况。由于中国人口基数庞大，就业市场的竞争较为激烈，工作机会很大程度上与学历直接相关。

Private education service industry in China's development depends on the national education.Although enrolment increased,But is still in low level,Especially the overall situation of enrollment at the university of.Due to China's huge population base,Job market is more competitive,Jobs largely is directly related to education.

　　教育部统计数据显示，2010年中国高等教育的毛入学率为26.5%。根据艾瑞数据，国内一流大学的录取率约为7~8%。211重点大学的入学率约为5%，985大学的录取率仅为2%。

The ministry of education figures show,In 2010 China's higher education gross enrollment ratio is 26.5%.According to iresearch data,The acceptance rate of the domestic first-class university is about 7 ~ 8%.211 the enrolment of the university is about 5%,Acceptance rates at the university of 985 was only 2%.

备注：毛入学率，指某学年度某级教育在校生数占相应学龄人口总数比例，标志教育相对规模和教育机会，是衡量教育发展水平的重要指标。 note:The gross enrollment ratio,Refers to an academic year MouJi education students number of school-age population scale accordingly,Mark education relative to the size and education opportunities,Is one of the important indicators to measure education development level.

　　中国目前的高等教育入学率相当于美国30多年前的水平。联合国教科文组织统计数据显示，2009年美国高等教育入学率约为89%，中国仅为24%。

China's current higher education enrollment is equivalent to the level of the United States more than 30 years ago.UNESCO statistics show,American higher education enrollment rate is about 89% in 2009,China is only 24%.

观点二：政府政策加速民办辅导市场的扩张 Point 2:Government policies to accelerate private tutoring market expansion

　　2008年3月，教育部、国家发改委、财政部等政府部门明令禁止公办学校开办盈利性辅导班，旨在减轻学生学习负担。然而，高考竞争十分激烈。很多学生和家长为了考取更高的分数，不得不参加课外辅导班。

In March 2008,The ministry of education/The national development and reform commission/The Treasury banned public schools and government departments offer a for-profit trainings,Designed to reduce the learning load.however,College entrance examination competition is very fierce.Many students and parents in order to obtain higher scores,Have to participate in extracurricular remedial class.

　　此后，大量民办辅导机构开始拓展K-12辅导业务。2008年3月，新东方优能（U-Can）的辅导课程范围从英语拓展到非英语课程；同年，安博教育通过10余起收购迅速介入线下辅导市场；学而思和学大教育的进入时间相对较早，政策发布之后也进行了扩张。

Since then,A large number of private tutoring agencies began to expand the k-12 tutoring business.In March 2008,New Oriental can best(U - Can)Tutoring courses range from English to non-english courses;In the same year,Ambow education through more than 10 acquisitions intervention offline tutoring market quickly;Learning and thinking and learning big education relatively early in time,Policy has expanded after the release.

观点三：K-12辅导市场增速11%，领军企业有望达到30%以上 Point 3:The k-12 tutoring market growth of 11%,Leader is expected to reach more than 30%

　　尽管近年来K-12学生人数略有减少，家庭的教育支出持续增加。Jefferies预计，随着中国人均可支配收入的增加，以及父母对子女成绩的重视，家庭教育支出将会相应增加。

In recent years, though, the k-12 students is slightly reduced,Family education spending continues to grow.Jefferies expect,With the increase of per capita disposable income in China,And parents in the children's achievements,Family education spending will increase accordingly.

　　根据艾瑞报告，2011-2013年中国家庭教育支出有望达到8000亿元人民币至10000亿元人民币，约合1250亿美元至1600亿美元。

According to iresearch report,2011-2013, Chinese family education spending is expected to reach 800 billion yuan to 1 trillion yuan,$125 billion to $160 billion.

　　根据IDC报告，2011-2014年中国辅导市场规模有望达到240亿美元-330亿美元，2011-2013年均复合增长率为11%。Jefferies认为，随着生活质量和消费水平的提升，家长愿意在个性化教育上花更多的钱来使子女更具竞争力。这正是民办辅导市场发展增速超过家庭教育支出增速的原因。

According to IDC report,2011-2014 Chinese tutoring market scale is expected to reach $24 billion - $33 billion,2011-2013 average annual compound growth rate of 11%.Jefferies think,With the enhancing quality of life and consumption level,Parents are willing to spend more money on personalized education to their children more competitive.This is run by the local guide the development of the market growth rate more than family education spending growth.

　　由于初高中每班大约有5、60人，教师无法顾及每个学生的需求。K-12民办辅导机构的小班学生人数通常为30人，VIP（包括1对1）班级大约每班是1到5名学生。

Due to the high school is about five in each shift/60 people,Teachers can not consider the needs of each student.K-12 private tutoring agencies usually small class students to 30 people,VIP(Including 1 to 1)Class per class is about 1 to 5 students.

　　中国K-12民办辅导市场十分分散，市场份额排名前五的机构合计占比不到2%。这五大机构分别是学大教育、学而思、新东方、安博教育、巨人教育。

Chinese k-12 private tutoring market very dispersed,Combined market share of the top five institutions accounted for less than 2%.The top five institutions, respectively is learning big education/Learning and thinking/New Oriental/In ambow education/The giant education.

　　随着K-12辅导市场持续增长，辅导机构近年来进行了积极的扩张。以下是新东方、安博教育、学而思、学大教育的学习中心和招生情况。

As the k-12 tutoring market continues to grow,Counseling agencies in recent years has carried on the positive expansion.Below is the new Oriental/In ambow education/Learning and thinking/Xueda education learning center and enrolment.

　　Jefferies认为，K-12辅导市场的分散竞争格局有利于规模较大的辅导机构。原因如下：

Jefferies think,K-12 tutoring decentralized market competition pattern is advantageous to the larger counseling agencies.Here's why:

　　1.大机构能够雇佣更多教材和课程设置方面的研发人员，这是影响教学质量的关键因素；

1. Large institutions to hire more teaching materials and curriculum developers,This is the key factor that affects the quality of teaching;

　　2.大机构拥有提供增值服务（例如建设老师与家长的交流平台、追踪学生的学习成绩、提供咨询服务等）的优质资源，这将有助于提高消费者的黏性；

2. Large institutions have to provide value-added services(For example, the construction of teachers and parents communication platform/Track students' grades/Provide consulting services, etc)The high quality resources,This will help to improve the viscosity of consumers;

　　3.学生在参加考试之前，机构的教学质量很难得以评估。因此家长们，尤其是那些对价格比较敏感的家长，偏向于选择规模大、教材和教室标准化、口碑好的机构。

3. The students before exams,It is difficult to assess the mechanism of teaching quality.So the parents,Especially those that are sensitive to price comparison of parents,Prefer to choose the size/Standardization of teaching materials and classroom/Word of mouth good institutions.

　　Jefferies相信，这些领军企业今后将会整合市场、获取更多份额，其营收增速有望超过行业平均水平。

Jefferies believe,These leaders will integrate the market in the future/Want to share more,Its revenue growth is expected to more than the industry average.

观点四：1对1辅导机构的困境在于营收增速和利润率的平衡 Point four:1 on 1 coaching institution's dilemma is the balance of revenue growth and profitability

　　随着中国人均可支配收入的增加和家长对个性化辅导需求的增加，以学生具体情况和需求为基础的个性化辅导服务近年来不断普及。根据艾瑞数据，1对1辅导在整个K-12辅导市场的占比有望持续提高。

With the increase of China's per capita disposable income and parents increased demand for personalized guidance,Based on the students' specific conditions and requirements of personalized tutoring service expansion in recent years.According to iresearch data,1 on 1 coaching in the k-12 tutoring market share is expected to continue to improve.

　　1对1个性化辅导的增长是由学生和家长个性化需求驱动的，但其困境在于营收增速和利润率的平衡。相比于小班模式，1对1的平均销售价格比较高，但利润率相对更低。尤其是在新建学习中心的初期阶段，1对1通常需要更长的时间达到收支平衡。学大教育多年来专注于提供1对1个性化教育服务，相比与新东方、安博教育和学而思，它的平均销售价格最高，但利润率也最低。

The growth of the personal one on one tutoring is driven by students and parents personalized needs,But the trouble is that the balance of revenue growth and profitability.Compared to the small class model,1 on 1 of the average selling price is quite high,But relatively lower profit margins.Especially in the early stages of new learning center,1 to 1 usually take longer to break even.Xueda education for many years, focusing on individualized education service provided 1 to 1,Compared with the new Oriental/In ambow education and learning and thinking,It has the highest average selling prices,But profit margins were the lowest.

　　2010-2011年，由于所有K-12辅导机构都开展1对1辅导，并且开设了1对1辅导中心，教育行业的利润水平有所下降。Jefferies预计，由于学习中心和营收规模的扩大，2012年起1对1辅导带给教育行业整体利润水平的消极影响将减弱。

2010-2011,Because all the k-12 counselling organization to carry out the 1 on 1 coaching,And opened a 1 to 1 tutoring center,Profits fell in the education industry.Jefferies expect,Due to the learning center and the scale enlargement of revenue,1 on 1 coaching since 2012 to bring the negative influence of education industry profit level will be reduced.

附：K-12辅导机构对比 Attached to the:The k-12 counselling organization

　　K-12线上辅导的规模较小，因为家长更加愿意让孩子参加线下辅导班。以下是上市公司K-12线下辅导业务的优劣势分析：

The smaller size of k-12 online tutoring,Because parents are more willing to let children participate in offline remedial class.Listed company K - 12 offline of the tutoring business analysis of the advantages and disadvantages: