港股异动 | 新高教涨逾7% 迎来业绩爆发 券商唱多
格隆汇8月28日丨新高教(02001.HK)涨逾7%,报3.18港元,成交1684万港元,总市值49亿港元。新高教集团本周一公布上半年业绩,总收入为人民币5.65亿元,同比增长73.1%;毛利润为人民币2.69亿元,同比增长92.0%;EBITDA为人民币3.42亿元,同比增长58.5%;净利润为人民币2.26亿元,同比增长50.5%;归母净利润为人民币2.01亿元,同比增长34%。花旗发表的研究报告指,新高教集团上半年盈利稍高于该行预期,认为盈利增长主要受惠公司自然增长稳健以及河南、东北及广西学校的整合,该行将公司2019-21年盈利预测分别上调7%、3%及8%,但目标价则由5.5港元降至4.2港元,维持“买入”评级。国金证券则预计公司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。国金证券指出,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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