華西證券：首次覆蓋新高教(2001.HK)給予買入評級，看高至7.51港元，潛在升幅達76.7%
格隆匯3月31日丨華西證券3月29日發研報首次覆蓋新高教集團(2001.HK)，給予買入評級，目標價7.51港元，較3月30日收盤價4.25港元有76.7%的潛在上升空間，説明極度看好。還值得一提的是，新高教集團(2001.HK)日前也獲得東英金融首次覆蓋給予買入評級，目標價7.2港元，潛在升幅高達69.41%。
華西證券的主要觀點如下：
公司概況：應用型民辦高教龍頭，從外延到注重內生
集團是應用型民辦高教龍頭，旗下7所大學(本科4+專科3)、在校學生約12.6萬人、位居港股高教板塊第三。公司在上市初期進行了快速併購，相較於同行併購成本較低；近年專注於併購後的質量提升、迴歸內生增長，近3年內生收入增速穩定在20%左右。
核心競爭力：集團化管理+高就業+税負計提充分
1）集團化管理：公司在集團化管理方面具備優勢，70%以上副校長來自自主培養；
2）高就業優勢：卡位“應用型大學”賽道，公司2020年平均就業率超過97%、明星就業率同比提升111%；
3）税負計提充分、實際所得税率在11%-12%，民促法落地影響小。
未來增長點：內生+外延+淨利潤改善
1）財務費率下降：2019年新CFO上任後，財務費率從16-18年10%以上下降至19-20年9%以下，未來仍有下降空間；
2）提價與擴建：2020年集團平均學費為11475元，遠低於行業平均，未來每年有望提升10%，通過優勢專業提價及擴大副業收入，同時未來旗下校有望拓展預留土地、為招生名額擴大提供容量支撐；
3）外延併購預期：公司現金儲備33億元左右。
盈利預測與投資建議
預計公司FY2021-23歸母淨利5.57/6.68/7.72億元、同比增速29%/20%/16%(未考慮潛在收購)。保守給予FY2021 18倍PE，對應FY2021合理市值100億元、目標價7.51港元，看好公司作為應用型民辦高教龍頭的內生增長及潛在併購預期、且當期市值對應FY21PE僅12倍，首次覆蓋，給予“買入”評級。
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