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中彙集團(0382.HK):廣東財經大學華商學院調研紀要
格隆匯 12-12 17:51

機構:國泰君安

摘要

廣東財經大學華商學院(以下簡稱“華商學院”)是2006年經教育部批准設立的獨立學院,目前為中彙集團(382.HK)旗下的唯一本科學校,是一所財經特色鮮明的以本科生為主的全日制高水平應用型高等學校。學校位於廣州市增城區,現有在校學生近23,000人。我們於2019年12月6日前往學校進行實地調研,調研亮點如下:1)華商學院整體硬件設施非常完備,創意感突出。校園整體硬件環境突出,圖書館、美術館以及茶藝室等非常具有特色,使得在校學生在學習過程中可以使用到最優質的設施,也非常有利於招生。

2)經管學科跨專業仿真綜合實習平台凸顯學校財經特色。該平台是華商學院的一個教學特色,有利於學生對知識的把握以及適應未來的職業發展,也非常契合職業教育的國家導向,相信對於許多潛在就讀學生具有很大的吸引力。

3)校園的開發程度非常高,已經基本處於滿員狀態。當前主校區佔地1000多畝,根據實地調研發現,除了即將落成的國際會議中心,幾乎所以的校區土地都已經開發完成,學校內學生密度也是相對較高,尤其是下課期間,因此四會校區的建設是非常必要的,也展現了學校強勁的招生能力和辦學能力。4)國際學院特色鮮明,軟硬件實力均強勁。作為華商學院的辦學特色,國際化對於吸納生源以及學生自身發展都是非常有利的。公司未來會在已有的海外辦學和合作辦學的基礎上,繼續擴展海外版圖,使得自身的國際化辦學更加具有吸引力。

估值:中彙集團(382.HK)12月10日收市價報4.33港元,目前市場平均目標價為6.04元,潛在上升空間約40%。20/21年市場預期市盈率13.6/11.1倍。

風險:行業政策風險。

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