花旗:轻资产模式驱动K12及高等教育业务发展 上调睿见教育(6068.HK)目标价至5.3港元 评级“买入”
花旗发研报指,睿见教育(6068.HK)2021财年上半年核心净利润按年增长28%,主要由于期内收入增长17%,以及核心净利润率提升2.9个百分点至34.7%所推动。期内,在校学生人数同比增长23%至73931人(高中学生占22%),人均学费和住宿费增长了1%至1.1万元人民币,毛利率稳定在46.6%。
花旗还称,睿见教育的管理层预期未来三年收入年复合增长率可达逾15%,加上盈利能力持续改善,估计核心净利润年复合增长率超过20%。此外,睿见教育以轻资产模式发展K12及高等教育,公司将在在广东推出两所K12学校,学生名额分别为6880和4396名;并且正在四川巴中建设一所占地500亩、一期投资10亿元人民币及可容纳6000名学生的民办高等教育学院(预计将于2022年9月开始运营)。管理层还称,他们正在寻找针对高等教育学校的潜在并购交易。
花旗指出,睿见教育以轻资产模式发展K12及高等教育,学生人数增幅稳健,考虑到未来将透过收购拓展高等教育业务,将2021至2023年核心盈利预测上调2-3%,将目标价由5.1港元升至5.3港元,维持“买入”评级。
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