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大摩:首予中滙集團(0382.HK)增持評級 目標價10.1港元
格隆匯 06-17 11:32
格隆匯6月17日丨大摩昨日(6月16日)發研報指,在教育領域更偏好本科及高質素專科,而非K12等,該行給予中滙集團(0382.HK)“增持”評級,目標價10.1港元,較6月15日收盤價有31%的潛在升幅。大摩稱其研究表明,受毛入學率改善較小的影響,2020-25年高等教育註冊學生數量增長放緩(與2015-20年相比)。該行預計,在未來五年內,高考考生將難以滿足專科院校的招生需求,這意味着專科院校之間的招生競爭將會加劇,而本科專業仍然供不應求。不過,大摩指出職業教育是中國政府“十四五”規劃的一部分,包括職業教育產教融合等,國家大力支持職教,職業教育的長期機遇可以在一定程度上彌補對專科收生的挑戰。此外,本科學額增長稍慢下來,但學費增加可減低影響,而學費能否提升的先決條件在於辦學的質素。而中滙集團擁有優秀的辦學質素、優越的地理位置以及良好的增長勢頭,獲大摩看好。 中滙集團所屬業務均為國家大力支持的高教和職教,且均為高增速增長,2021財年中報顯示集團總收入為約人民幣5.54億元(其中包含約2,000萬元的職業教育業務收入,1,600萬為廣東學校,400萬為四川學校)(注:四川學校自2021年1月開始並表,2021財年中報僅納入2個月數據)。廣東學校高教業務收入增速預計每年15-18%;職教收入增速預計不低於每年50%,未來目標做到總收入佔比20%;四川學校高教業務收入增速預計每年20%;職教收入增速預計每年8-10%,目前已做到佔總收入佔比20%,未來目標30%。
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