華泰國際:中彙集團(0382.HK)職業教育特色鮮明 首次覆蓋推薦其“買入“評級及目標價8.79港元
華泰國際發研報稱,中彙集團成立於2003 年,主要從事應用型本科、專科與中職院校辦學。佈局優勢區域(廣東和四川),業務覆蓋範圍廣(學歷職業教育、非學歷職業教育,輕重資產並行);高質量教學促進收入增長,內生增長動力充足;產教融合特色賦能學生就業力,打造精品應用型教育。
該行預計公司受益於學校並表整合與既有業務擴容,預計FY22/FY23/FY24歸母淨利潤增加20.75/40.70/20.99% 至人民幣5.00/7.03/8.50億元,對應EPS為人民幣0.46/0.65/0.79元。考慮到公司紮實的辦學能力、在校生規模的擴張以及輕資產職業教育模式的擴張,該行給予目標價8.79港幣,對應FY22/FY23年PE為15.51/11.03倍,首次覆蓋給予公司“買入”評級。
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