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東軟教育(09616.HK):中國領先的民辦IT高等教育服務提供商,給予“買入”評級,目標價8.76港元
格隆匯 10-23 09:43

機構:國信證券

評級:買入

目標價:8.76港元

東軟教育是一間民辦IT教育服務提供商,收入主要源自三大業務:全日制學歷高等教育、繼續教育服務、教育資源及數字工場,旗下運營三間大學,分別是:大連東軟信息學院、成都東軟學院、廣東東軟學院。公司已經建立起以全日制學歷高等教育服務為基本業務,以繼續教育服務及教育資源&數字工場為兩大戰略業務的教育服務生態體系。我們首次覆蓋,給予“買入”評級,目標價8.76元港幣,對應20x2021年預測PE。

IT專業特色濃厚的全日制高等教育提供商

東軟教育旗下三所學院在專業設置方面以IT專業為主,涵蓋對IT人才有高需求的眾多行業領域,如計算機科學、電子信息、數字媒體、信息管理服務及健康醫療科技等。據弗若斯特沙利文的報告,就2019/2020學年中國民辦高等教育機構提供的IT專業數量及報讀IT專業的學生人數而言,東軟教育於中國所有民辦高等教育機構中分別名列第一和第二。19/20學年,東軟教育全日制高等學歷教育課程學生36066人,約45%就讀IT專業。

收購天津睿道後壯大繼續教育服務業務

東軟教育的繼續教育服務主要包含三項業務:1)依託三所大學開展的高等學歷繼續教育和非學歷繼續教育(自學考試準備服務);2)2B委託短期培訓,現有機構客户70餘家,覆蓋教育、人社、工信等各級政府部門,及金融、建築、能源等行業企業;3)2C就業技能培訓業務,面向個體學員開展IT就業技能培訓業務,東軟教育於2020年3月收購了天津睿道(旗下有7所培訓學校,位於中國7個不同城市)。加上東軟教育本身已有的東軟培訓學校,集團目前運營8所培訓學校,2019年培訓學員數4000餘人。

教育資源與數字工場業務增速是亮點

採用“3+N”輕資產模式賦能更多高校,主要合作形式為:專業共建與產業學院;開發智慧教育系統及優質資源助力高校客户提高辦學運營效益;提供實驗實訓室解決方案,為高校客户建立和運營線下或線上實驗室。過去三年,教育資源與數字工場業務收入高速增長,從2017年佔收入比重8%提升至2019年的16%,收入規模從5600萬人民幣增長至1.48億人民幣。未來將繼續成為增長的主要動力。

估值與投資建議

我們預計2020-2022年,公司收入增速分別為12.1%/24.5%/14%;經調整每股淨利潤增速分別為10.3%/24.9%/22.3%。最新收盤價6.09元港幣,對應17.4x2020年預測PE,我們給予買入評級,目標價8.76hkd,對應20x2021年預測PE。

(注:按1元人民幣=1.14元港幣兑換)

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