国金:予新高教(02001.HK)目标价7港元 维持“买入”评级
国金证券发布研究报告表示,新高教集团(02001.HK)上半年实现营收5.01亿元人民币,同比增长101%,归母净利润2.01亿元人民币,同比增长34%,剔除并表影响后,其他收入及收益同比增加52%。该行预计公司FY19、20归母净利润为3.22/4.22亿元人民币,同比增速为33%/31%,对应PE分别为12/9x,予目标价7港元,维持买入评级。

该行指出,新高教旗下6校并表,2018/2019学年在校生人数达到9.35万人。除此之外,公司2018年7月公告收购的甘肃学校,预计2020年实现并表,7校总在校生达到10.2万人。公司学生人数和生均收入双升,内生增长稳健,但毛利率下降受到并表因素影响,新并入学校盈利水平低于原体系内学校,具有提升空间。公司财务费用率下降,债务结构明显改善。
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