港股異動 | 華夏視聽教育午後一度升超7%，多家機構唱好
uSMART友信智投7月20日消息，週一港股，華夏視聽教育午後升幅擴大，一度升超7%，觸及5.44港元，再創上市以來新高，相較發行價(3.1港元），上市以來累計升超75%。
截至15:02分，華夏視聽教育升2.77%，報5.19港元。
影視傳媒+教育業務第一股
華夏視聽教育創立於2001年，運營影視製作和高等教育兩大支柱業務，並積極拓展藝術培訓業務。
高等教育業務運營南京傳媒學院，2019年營收同增12.5%至3.12億元，2019/2020學年本科+專升本在校生同增5.5%至1.43萬人。
影視製作業務2019年營收同增376.5%至4.36億元，大幅增長主要受收入確認規則影響。
藝術培訓業務方面，公司2019年起與英皇娛樂成立合營公司開展高端專業藝術培訓。
公司創始人蒲樹林持股72.29%，影視製作從業經驗超30年，股權結構明晰。
多家機構唱好
國盛證券發佈研報指出，公司作為影視傳媒+教育業務第一股，業務佈局具有一定短缺。南京傳媒學院辦學品質高，在校生人數和學費價格均存在明顯提升空間；藝術培訓業務作為公司上市後拓展重點，有望依靠公司品牌和資源實現快速增長；影視製作業務與教育業務保持緊密協同。預計2020-2022年歸母淨利潤2.98/4.24/5.66億元(同增68.0%/42.3%/33.4%)，公司發行價3.1港元，我們認為其合理價格為4.34港元（對應2020/2021年23/16倍PE），首次覆蓋給予“買入”評級。
天風證券指出，目前港股教育2020年平均PE約20xPE，華夏視聽教育中教育業務具有相對稀缺頭部的辦學品質、確定的成長節奏及較大發展空間，我們給予30%估值溢價對應2020約26xpe（目前板塊最高估值約30xPE），對應市值68億；電視劇業務發展規劃清晰，賬期短，今後保持平穩運營，我們給予10xpe，對應市值9億；綜上目標市值77億人民幣，對應86億港幣，本次發行完成後公司總股本16億股，約合5.4港幣/股。
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