教育股反轉時機到來？政策東風下把握高教低估值機會
近日教育股連續反彈，新東方在線股價10日翻倍，思考樂教育3日翻倍，今日教育板塊再次爆發，思考樂、天立教育等多股大漲。
個股消息面上，思考樂近日宣佈，董事會會議將於2021年12月3日舉行，考慮建議宣派特別股息。新東方在線獲俞敏洪連續增持，高盛、景林等多家投資機構在第三季度加倉教育股。
中教控股昨日公佈穩健業績，收入36.82億元人民幣，同比增長37.5%，淨利潤同比增長107.2%，經調整歸母淨利潤同比增長57.1%，達人民幣15.5億元，末期股息每股普通股20.2港仙。
中信證券研報稱，展望2022年，在政策東風下應把握高教低估值機會。高教板塊依靠穩健的內生增長和併購&輕資產輸出所帶來的外延彈性，業績兼具高確定性和成長性，伴隨後續職教配套措施陸續出臺、營利性選擇的加速推進以及業績的逐步兌現，板塊投資信心及關注度有望提升，帶動整體估值修復。目前板塊估值處於歷史低位，建議積極把握當下高教板塊的配置機會，重點推薦希望教育、中教控股、東軟教育、民生教育以及中國新華教育，建議關注中國科培、中彙集團、建橋教育、華夏視聽教育、華立大學集團。
中教控股首席財務官莫貴標表示，自2017年以來，該公司在併購方面很“穩定”， 每年進行2-3宗收購。此外雙減政策對公司沒什麼影響，而最近宣佈的職業教育規定爲公司在高等教育和職業教育領域增長提供了一個非常好的平臺。
國盛證券表示，2021年教育行業重磅政策頻出，各細分板塊的政策導向逐步明晰。綜合考慮政策穩健性、板塊成長性、競爭格局與市場空間等多重維度，自上而下優選民辦高等教育及職業教育細分賽道龍頭標的。此外，K12課外培訓嚴格監管政策落地，建議關注培訓機構轉型進程以及素質教育培訓格局演進。
興業證券指出，高教公司未來增長可期，目前估值仍低。截至2021年11月1日港股高教2021財年動態PE爲10.2倍，估值仍低。教育作爲剛需行業受外部影響小，民辦高校作爲我國專升本、中職等承接主力，爲我國優質教育資源供應做出重要貢獻。政策鼓勵是對板塊情緒的強心針，展望來年，市場對板塊政策層面的擔憂或可消除，提振板塊關注度，持續推薦業績穩健且併購實力得到驗證的中教控股、宇華教育、希望教育、中國科培、東軟教育、新高教集團，此外推薦具有辦學特色的中國東方教育。
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