You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
華夏視聽教育(01981.HK):兼具高成長性與強競爭力,多維增量有望釋放,給予“買入”評級
格隆匯 08-11 16:45

機構:廣發證券

評級:買入

核心觀點:

教學水平全國領先,保持高就業率。南京傳媒學院連續 5 年位列中國藝術類獨立學院排名之首,考生報名踴躍;專業兼具競爭力和市場需求,播音與主持藝術、廣播電視編導專業入選江蘇高校一流本科專業,2017-2019 年畢業生的初次就業率均在 85%以上。

藝術教育業務有望釋放多維增量空間。(1)本科教育收入量價齊升:2016-2020 年學校使用率均在 96%以上,2019 年啟動二期工程新建可容納 4000 名學生的宿舍;2020 年本科收費標準為 1.4-1.8 萬元/學年,低於其他民辦高校。(2)2018 年學校與留學服務中心達成戰略合作,目前已經與許多傳媒藝術領域的國際一流大學簽約。(3)2019 年學校獲得全日制自考助學辦學資質,憑藉南廣教育資源的稀缺性,繼續教育在讀學生從 2018/2019 學年的 36 人擴張至 2019/2020 學年的 301人。(4)依託華夏視聽的產業資源以及南京傳媒學院的教學能力,拓展藝人培訓、藝考培訓、少兒藝術培訓等藝術培訓業務。

精品劇產出能力,業務相對保持穩定。2000-2019 年公司製作/聯合制作 33 部電視劇,其中暢銷電視劇數量位居市場前列。公司深度綁定張紀中等資深製片人,儲備有《帝王三部曲》、金庸作品等頭部 IP 的影視改編權,通過與播放平台深度合作確保影視項目的投資回報率。

投資建議:預計 2020-2022 年歸母淨利潤為 2.94/4.18/5.01 億元,對應的 EPS 為 0.18/0.25/0.30 元,以 2020 年 8 月 10 日的收盤價,對應的 PE 為 27.10 X、19.06 X、15.90 X。採用相對估值法,綜合考慮公司的教育業務和影視製作業務,給予公司 2021 年 25 倍的 PE 估值,對應的每股合理價值為 7.03 港元/股,首次覆蓋給予“買入”評級。

風險提示。獨立學院轉設;民辦高校分類登記;招生人數不及預期;影視項目的製作進度不及預期;影視行業政策監管風險。(本報告除非特別説明,貨幣單位均為人民幣,港幣兑人民幣的匯率為 0.8956)

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account