建橋教育(01525.HK)：業績穩健增長，財務優化支持內外擴張，給予“買入”評級，目標價司 6.72~9.41 港元
機構：國信證券
評級：買入
目標價：6.72~9.41 港元
財報點評
業績穩健增長，財務優化支持內外擴張
收入穩健增長，盈利能力提升
2020H1 實現收入 2.79 億元（+9.8%），受疫情影響退還住宿費 0.33 億 元；毛利率 64.4%（+6.5%），創歷史新高；三費率保持穩定，合計 28.7% （+1.2%）；淨利潤 1.04 億元（+28.4%），加回 0.09 億元上市費用，經調整淨利潤 1.13 億元（+25.8%），經調整淨利率 40.5%（+5.1%），盈利能力持續提升。公司中期每股派息 10.00 港仙，股息支付率 36.5%。業績整體超出市場預期。
學生人數持續增長，量價提升空間大
2019FY 集團學生總數 1.99 萬人，三年 CAGR 達 9.4%，內生增長顯著。2020/2021 學年招生計劃同比增加 478 人，主要因專升本計劃增加 450 人所致。2020FY 學生總數預計突破 2.10 萬人。校園三期工程2020 年 9 月開工，2022 年 9 月投入使用，預計多容納學生 4000 人。學費調整方面，受疫情影響有所放緩。5 個專業學費+30.0%，3 個專業學費+41.0%。學費上漲的學生佔總招生計劃數的 20.0%。本科學費處 於上海民辦高校中最低水平。未來量價皆具備充足的提升空間。
財務結構持續優化，融資狀態良好
公司財務結構持續優化，有息資產負債率大幅下降至 36.7%（-6.1%）；計息負債中長期借款佔 80.0%，利息覆蓋倍數達 4.50。融資狀態良好，平均銀行貸款利率為 4.9%，與銀行已簽署未動用綜合授信及銀行貸款額度約 51.00 億元。良好的財務結構、優秀的融資能力和較低的融資成本，為公司內外生長提供有力支持。
首次覆蓋給予“買入”評級
預測 2021-2023 財年的收入分別為 5.48、7.09、8.11 億元。淨利潤分別為 1.82、2.49、2.91 億元。公司 8 月 27 日的收盤價 6.85 港元對應的 2021-2023 年預測 PE 分別為 13.92、10.16、8.69 倍。首次覆蓋給予“買入”評級，給予公司 6.72~9.41 港元的合理估值區間。
風險提示
擴張進度和質量不及預期；營利性高校轉設進度不及預期。
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