宇華教育(06169.HK)FY2020年報點評：業績略超預期，納入滬港通，維持“增持”評級
機構：華西證券
評級：增持
事件概述：業績略超預期
公司發佈年度業績，截至 2020 年 8 月 31 日的 12 個月年度營收 24.09 億元、同比增長 40.5%，經調整歸母淨利 10.41 億元、同比增長 31.3%，業績略超預期。
分析判斷：大學分部高增長、高盈利，未來有外延併購空間
大學分部貢獻核心增長：FY2020 集團營收同比增長 40.5%至 24.09 億元,受 COVID-19 的影響，集團已將9620 萬元學宿費退還學生，其中幼兒園/K-12/大學分部收入分別同比增長-31%/3%/65%至 4.0/6.1/17.6 億元，大學收入顯著增長得益於原有學校量價齊升及新增山東英才學院和斯坦福國際大學的並表貢獻。
集團經調整淨利率略降但大學分部淨利率仍升：公司毛利率提升 2.63PCTs 至 60.95%，主要得益於學生學費上漲；行政費率下降 1.73PCTs 至 9.93%，規模效益逐步顯現；銷售/財務（淨）費率分別上升 0.65/2.72PCTs至 1.96%/4.20%,銷售費率上升主要由於斯坦福國際招生費用較高且學校擴招；財務費用增加來自可轉債非付現利息費以及提前償貸等費用，因此集團經調整歸母淨利率下降 3.03PCTs 至 43.19%。但大學分部毛利率/淨利率分別提升 2.77/1.31PCTs 至 64.32%/52.98%，盈利能力持續改善。
原有學校擴建+新標的潛在收購機會：FY2020 集團投資近 2.5 億用於新建鄭州工商學院二期校園，花費1.66 億收購山東英才學院剩餘 10%股權，2020.9（FY2021）花費 7.21 億收購湖南涉外經濟學院剩餘 30%股權，此外集團繼續尋求潛在大學學校的收購標的。
投資建議： 2020 年 9 月 7 日公司的滬港通資格正式生效，未來公司看點在於：（1）鄭州工商學院開設二期校園的模式可複製、專升本名額增多，且公司旗下學校排名靠前、教學質量高，未來招生增長潛力大；（2）公司整合能力強，未來隨着管理水平的加強，被收購標的將獲得進一步增長；（3）公司將繼續潛在併購，力爭進一步增加股東價值。考慮集團增持收購標的持股比例及高效的整合，上調 FY21-22 年營收從 25.1/26.7 億至 27.8/30.6億、經調整淨利從 12.4/12.9 億到 12.8/14.6 億，新增 FY23 年營收 32.7 億、經調整淨利 16.2 億，維持“增持”評級。
風險提示
疫情影響下的不確定性、擴張節奏低於預期、招生情況低於預期、現有業務質量管控風險、系統性風險。
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