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中國東方教育(00667.HK):業務下半年逐漸恢復,繼續保持既定擴張步伐,給予“買入”評級,目標價21 港元
格隆匯 09-18 14:53

機構:國元證券

評級:買入

目標價:21 港元

投資要點

公司收入受疫情影響下滑:

公司上半年業績顯示實現收入15.17億元,同比減少16.80%,實現淨利潤2.43億元,同比減少22.39%,經調整淨利潤1.78億元,同比減少40.95%。公告顯示公司上半年收入減少主要是由於受疫情影響,公司線下實體學校的課程在疫情之後(2020年2月後)全面暫停,而今年中考又被推遲,因此公司今年上半年招收受到了極大的負面衝擊。

保持穩健擴張戰略:

公司擁有學校及中心數目為194所,較2019年淨增加17所。分業務來看,烹飪技術分部學校及中心數目為109所,信息技術及互聯網技術分部學校及中心數目為52所,萬通汽修學校及中心數目為32所,時尚美業學校1所。我們預計公司未來會繼續保持穩健的擴張速度,平均每年學校總數將淨加20所左右。

維持“買入”評級,目標價21港元:

由於疫情導致學校春季開學普遍延期,同時中考延後對今年招新有極大沖擊。但考慮到公司品牌有較高歷史價值,且在宏觀經濟下行背景下職業教育穩就業的主體作用更加凸顯,根據我們瞭解,最新一屆畢業生依然保持95%以上的就業率,因此公司核心競爭力並未改變,一旦疫情過去公司規模將繼續穩健成長,我們預計2020-2022年EPS分別為0.35/0.54/0.68元,給予公司2021年35倍目標PE,對應目標價為21港元,較現價有21%的上漲空間,維持“買入”評級。

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