宇華教育(06169.HK)：收購湖南獵鷹餘下30%權益，給予“買入”評級，目標價9.4港元
機構：國信證券
評級：買入
目標價：9.4港元
宇華教育公告以 7.21 億元人民幣收購湖南獵鷹（主要資產為湖南涉外經濟學院）餘下 30%權益，收購完成後公司將實現對湖南獵鷹將 100%控股。是次收購對應整體估值金額較 2017 年首次併購高出約 17.7%，但若考慮到湖南涉外貢獻利潤增速驚人，本次併購對應PE 僅 8x 左右。湖南涉外經濟學院 2019/2020 學年在校生人數 3.3萬人，預計 2020 財年淨利潤約 3 億元人民幣，本次併購將增厚宇華教育 2020 財年利潤約 9000 萬人民幣；而 8 月份公司已經收購山東英才餘下 10%權益，實現 100%控股。我們上調 20 財年業績預測並上調目標價至 9.4HKD。
出手收購山東英才、湖南涉外少數股東權益，確定增厚利潤
宇華教育於 8 月收購了山東英才餘下 10%權益，作價 1.66 億元人民幣，總體估值 16.6 億元，與 2019 年首次併購 90%股權時總體估值一致。2020 財年，山東英才預計至少貢獻 2 億人民幣利潤。9 月 28 日，公司公告收購湖南獵鷹餘下 30%權益，作價 7.21 億元，總體對價 24 億元人民幣，較 2017 年首次併購總體對價 20.43 億元人民幣提升 17.7%，但併購後，湖南涉外經濟學院盈利增長情況超預期，淨利潤從併購時的 6300 萬人民幣逐年提升至 1.6 億/2.4 億元人民幣，預計 2020 財年湖南涉外貢獻的淨利潤達 3 億元人民幣。兩筆少數股東權益收購完成後，宇華教育將實現對湖南涉外經濟學院、山東英才學院100%控股。而這兩筆收購也將令宇華教育 2020 財年的利潤在原先預測的基礎上至少增加 1.1 億元人民幣。
2020/2021 學年新生學額增加 3000+，新生學費提升
集團旗下大學 2020/2021 學年招生學額增加 3000 餘人，其中鄭州工商學院增加 1200 個專升本招生名額；湖南涉外經濟學院增加 100 個本科招生名額及400 個專升本招生名額；山東英才增加 50 個本科招生名額、800 個專科招生名額及 900 個專升本招生名額。幾所大學學費也有所上漲：鄭州工商專科新生學費上漲 2000-3000 元人民幣（下同），湖南涉外經濟學院本科新生學費上漲 3000 元，專升本學費上漲 5000 元；山東英才本科新生學費上漲 3500 元，專科新生學費上漲 3200 元。
上調盈利預測及目標價
宇華教育最近兩次收購少數股東權益將明顯增厚未來業績，我們上調了盈利預測，目前股價對應 17.6x2021CY 市盈率。我們的目標價 9.4 對應 25x2021 財 年 PE。（注：按 1 元人民幣=1.12 元港幣兑換）
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