思考樂教育(1769.HK)：收購深圳核心物業作師訓中心，教培新鋭加速發展，給予買入評級，目標價12 港元
機構：天風證券
評級：買入
目標價：12 港元
5800 萬收購深圳 3536.1 平方物業用作綜合培訓中心。
9 月 24 日，公司公告，為加強吸引、培養和挽留優秀人才，集團計劃建立 綜合培訓中心以向高級管理層、教師和其他工作人員提供培訓課程。
目前公司已找到一個合適建立有關培訓中心的場所，於近日以現金人民幣 5800 萬元收購位於廣東省深圳市羅湖區的綜合樓物業，該物業包括深圳市 羅湖 區友誼路與江背路交匯處雲峯花園景峯閣裙樓 4 層，該物業為綜合用 途物業，總建築面積約為 3536.07 平方米（約合 1.64 萬/平），該物業目前 為空置。
我們認為收購該物業具有一定的積極意義
經營角度，教師綜合培訓中心為教培機構核心組成與重要部分，自有物業 有利於提高使用穩定性，降低租期租約等不確定性，同時該物業具備課室， 宿舍，教研，人力、招募人才，是配合快速發展、人才培養的戰略儲備。
財務層面，租賃物業改為自有物業表觀支出由租賃費用改為折舊攤銷，伴 隨攤銷年限增長攤銷金額有所降低，財務層面有利於中遠期降低費用率， 提高淨利率。對於或降低 ROE 等擔憂，教培行業作為輕資產服務型行業， 教學網點基本採用租賃物業形式，上市公司目前自有物業僅總部及沙井學 校物業，該物業收購對整體資產包影響有限。
其他方面，該物業收購性價比較高，位於深圳羅湖區核心地段，將作為公 司重要物業儲備；教育公司天然預收款屬性造就較好現金流，在保證正常 運轉基礎上可有效提升師資教研等方面實力。
公司競爭力主要表現在①深度綁定，企業文化滲透力強。②重服務，關注 學生反饋。③大灣區 234 線城市快速放量，增長可期。
維持盈利預測，給予買入評級
K12 培訓資產具備較大成長空間，思考樂坐享大灣區人口紅利，管理團隊 極富幹勁，合夥人制激勵到位，目前正處於快速成長階段，增長紅利快速 釋放市值彈性較大，我們預計 FY19-21 年淨利分別為 1.3/1.69/2.2 億，PE 分別為 29x/23x/17x。
風險提示：開點速度不及預期，招生不及預期
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