中信証券:「東方甄選」成功轉型 料多數同業轉型漸有起色
新東方在線(01797.HK)旗下「東方甄選」近日粉絲人數急增,中資教育股股價今日持續抽升。中信証券近日發表報告表示,從近期「東方甄選」的爆發,讓該行看到了教育培訓(教培)公司一次成功的轉型,背後體現的是教培公司長期積累的內容和組織能力的復用,多數教培公司轉型效果也在逐漸體現,料未來亦有望貢獻良好的表現。
該行指,內地其他教培公司的轉型也紛紛在進行中:好未來(TAL.US)基於其原有的教研和技術優勢,在學習服務以外,向技術和內容服務商領域探索;有道(DAO.US)在智能硬件、成人培訓和素質領域均發展迅速,業務已經形成一定體量;高途(GOTU.US)在成人和素養領域探索也漸有成效。伴隨競爭回歸理性,各公司盈利模型也在不斷優化, 有望逐步迎來常態化盈利
展望後續行情,中信証券建議圍繞三大板塊佈局,第一是業績確定性高,低估值、高股息的港股高教板塊,重點推薦中教控股(00839.HK)、希望教育(01765.HK)、民生教育(01569.HK)、東軟教育(09616.HK)及中國新華教育(02779.HK),建議關注中國科培(01890.HK)、新高教集團(02001.HK)、中匯集團(00382.HK)、建橋教育(01525.HK)。
第二是邊際復甦的職業培訓板塊,重點推薦中國東方教育(00667.HK)、傳智教育(003032.SZ);第三是轉型漸有起色,現金價值突顯的教培轉型公司,重點推薦有道(DAO.US),建議重點關注新東方-S(09901.HK)、新東方在線。
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