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第一上海:給予中彙集團(0382.HK)“買入”評級,目標價11.7港元
格隆匯 04-23 15:15

第一上海4月22日發佈研報稱,中彙集團(0382.HK)脱鈎轉設順利完成,首單併購圓滿落地,給予其“買入”評級,目標價11.7港元,較21日收盤價8.51港元有37.49%的潛在上升空間。

具體內容如下:

公司實現穩健內生增長,FY21H1業績符合預期

截至2021年2月28日止半年度,公司錄得收入5.54億元,同比增長32.5%;毛利2.77億元,同比增長35.8%;經調整淨利潤2.00億元,同比增長32.5%;經調整淨利率為36.1%;擬派中期股息每股5.50港仙,分紅比例為30%。

內生增長保持強勁,脱鈎轉設順利完成

截至2021年2月28日,公司在校生人數同增76.8%至6.24萬人,其中內生增長19.1%至4.2萬人,四川城市職業學院及城市技師學院併購帶來新增2萬人;學費方面,華商學院/華商職業學院平均學費分別同增9.6%/5.1%至2.67/1.64萬元,新生報到率增長至96%/86%,維持穩定增長勢頭。公司旗下本科學校廣東財經大學華商學院於2020年12月完成轉設,並正式更名為廣州華商學院,轉設後從21/22學年起向廣東財經大學支付的學籍管理費將逐年遞減,學校盈利水平得到極大提升,且脱鈎轉設後學校的招生計劃預期將大幅度回升及增長。

首單併購落子四川,質地優異前景廣闊

公司於2020年12月以7.5億人民幣價格併購四川城市職業學院及技師學院51%股權,並於2021年1月實現並表。截至FY21H1,四川城市職業學院/技師學院在校生分別1.42/0.61萬人,FY21H1平均學費1.34/0.99萬元。四川城市職業學院辦學質量優異,有望於“十四五”規劃期間升本。此外,四川省已於2020年放開民辦高校自主定價,每三年調整一次,最多可增加20%,公司20/21級新生學費已達16,800元,已與省內本科學校學費水平看齊。

目標價11.70港元,維持買入評級

華商學院四會校區一期已於20年9月投入使用,二期234畝土地已獲批使用,正在按計劃建設中,新會校區一期也正在積極建設中,預計將於2021年9月投入運營,公司土地儲備充足,有力支撐內生增長,並有望與四川兩所學校實現課程設置、學生就業、國際化教育等方面實現互補,調整目標價至11.70港元,較21日收市價有37.5%的上升空間,相當於21和22財年的16.1和12.7倍PE。

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