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国信证券:维持新高教集团(2001.HK)“买入”评级
格隆汇 03-30 13:13

国信证券发研报指,新高教集团(2001.HK)全年业绩快速增长,利润超出预期。公司毛利率有所下降,主要受到河南、广西学校并表带来的短期影响。净利润超出该行预期,主要系内生潜力不断释放、管理和财务开支控制良好所致。该行认为,新高教办学规模继续扩大,目前共运营7所学校,在校生总数超过11.3万人。在把内生挖潜作为重点工作后,2019年公司学校毕业生就业率超过 97%。该行认为今后公司的学费、其他收入增长仍有比较明显空间。该行还称,公司的有息负债规模2019年下半年以来得到了有效控制,有息资产负债率24.8%,较2018年底下降2.9%。该行认为公司利润表和资产负债表已经见到确定性的上行拐点,并指出公司股价已经充分反映市场对此前利空的担忧,且基本面改善具备确定性,目前估值处于较低位置。维持对其“买入”评级和4.14~5.33港元的合理估值区间。

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