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國金證券:維持中國科培(1890.HK)“買入”評級 目標價4.5港元
格隆匯 09-25 16:28

國金證券發佈報告稱,9月22日,中國科培(01890.HK)公佈,2019/2020學年總在校生人數為5.8萬人,同比增加28.4%。截止2019年9月20日,廣東理工學院/肇慶學校總在校人數分別為5.0/0.8萬人,同比+36.5%/-7.9%。2019/2020年廣東理工學院新入校學生本科/大專的平均學費分別為2.4/1.8萬元,同比+6.7%/+9.2%,其他課程的平均學費維持穩定;肇慶學校2019/2020學年的新入校學生平均學費為0.8萬元,同比+15.5%。

該行稱,該公司本科2014/2015學年開始第一屆招生,招生計劃逐年增加,預計三年後本科在校生約3萬人,增長確定性強。該行預測在校生人數將由2018/2019學年的4.5萬人增加到2021/2022學年的6.3萬人。中國科培2016-2018年毛利率/淨利率平均水平約為67%/59%,高於上市學校類公司平均水平52%/38%約15pct/21pct,盈利能力強。

該行表示,該公司19-21年歸母淨利潤分別為4.4/5.3/6.3億元,對應P/E分別為16/13/11x,維持“買入”評級,目標價4.5港元。

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