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《大行报告》麦格理上调中国新华教育(02779.HK)目标价至4元 评级「跑赢大市」
阿思达克 04-09 10:40
麦格理发表研究报告指,中国新华教育(02779.HK)去年度收入按年升9.4%,纯利升20.2%,虽然收入较预测低1.2%,但盈利则较预测高出10.5%,加上收生人数及学费水平趋升,维持「跑赢大市」评级。

报告指出,截至去年底止集团在校生人数4.64万人,其中全日制在校生人数达4.25万人,校区扩建预期於2021年9月前完成,2021至2022学年总收生人数预期维持按年增长9%至10%,2021财年底学生人数料增长至约5万人。

麦格理表示,去年度教师薪金下跌,令毛利率提升至65%,预期今年度疫情影响消褪,毛利率将回落至约60%水平。该行将2021至2022财年盈测上调5.4%及1.3%,目标价由3.5元升至4元。

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