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國信證券:維持新高教集團(2001.HK)“買入”評級
格隆匯 03-30 13:13

國信證券發研報指,新高教集團(2001.HK)全年業績快速增長,利潤超出預期。公司毛利率有所下降,主要受到河南、廣西學校並錶帶來的短期影響。淨利潤超出該行預期,主要系內生潛力不斷釋放、管理和財務開支控制良好所致。該行認為,新高教辦學規模繼續擴大,目前共運營7所學校,在校生總數超過11.3萬人。在把內生挖潛作為重點工作後,2019年公司學校畢業生就業率超過 97%。該行認為今後公司的學費、其他收入增長仍有比較明顯空間。該行還稱,公司的有息負債規模2019年下半年以來得到了有效控制,有息資產負債率24.8%,較2018年底下降2.9%。該行認為公司利潤表和資產負債表已經見到確定性的上行拐點,並指出公司股價已經充分反映市場對此前利空的擔憂,且基本面改善具備確定性,目前估值處於較低位置。維持對其“買入”評級和4.14~5.33港元的合理估值區間。

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