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中彙集團(0382.HK):香港強勁的有機增長,維持“跑贏大盤”評級,目標價6.78港元
格隆匯 07-20 20:21

機構:建銀國際

評級:跑贏大盤

目標價:6.78港元 

中彙集團於2020年7月16日公佈2020財年首三季度運營更新,該行總結要點如下:(1)收入同比增長15.4%至6.09億元人民幣,(2)毛利率同比增長1.8個百分點至49.1%,以及(3)學生總入學同比增長8.0%至35,444,符合預期。由於新型肺炎期間學校停課,集團在2020財年首三季度向學生退還了約1,800萬元人民幣住宿費,但同時集團因學校停課而節省了超過3,000萬元人民幣的成本,因此預計對2020財年全年的業績表現沒有重大影響。

政府為加速推進獨立學院的轉設,對廣東省獨立學院招生計劃進行統一調整,華商學院學士學位課程的入學名額調整至5,300。但該行認為,華商學院的專升本課程和專科課程學額的顯著增加將完全彌補本科學位學額的下降,其中專升本課程學額有近雙倍增長;該行預計集團的總學生人數將從2020財年的35,700名增加到2022財年的45,000名。另外,該行認為位於肇慶四會,江門新會的新校區將帶來學生人數的顯著提升,亦為學院成功轉設創造有利條件。同時,近年來集團學費的穩步提升可令2020-2022財年的利潤率不斷提高。

該行基於2020財年盈利的15倍PE,將目標價從5.67港元上調至6.78港元,維持“跑贏大市”評級。

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