《大行報告》中金升新東方在線(01797.HK)評級至「跑贏行業」及上望26元 指已完成轉型
新東方在線(01797.HK)今早股價持續抽上,盤中曾高見26.25元一度彈高14.9%,最新報26.2元升近14.7%。中金發表報告表示,新東方在線近日公布了2022財年業績,收入8.99億人民幣,其中持續經營業務貢獻收入6.01億人民幣,同口徑按年下降3.7%;調整後歸母淨虧損3.64億人民幣,其中持續性經營淨利潤1.1億人民幣,基本符合市場預期。該行認為公司已經完成轉型調整,未來將圍繞直播電商、大學業務、機構業務持續經營,並將直播電商業務作為主要增長動力。
該行指,新東方在線留存業務過往具有盈利能力,直播電商業務由於具有不採買流量、主播成本低於傳統多頻道(MCN)機構、自營產品具更高盈利能力的特徵,該行認為公司盈利確定性提升,上調評級至「跑贏行業」,上調目標價至26元,
中金表示,引入新東方在線2023財年及2024財年收入預測各25.4億人民幣及32.8億人民幣,考慮到前期投入,預測2023財年及2024財年調整後歸母淨利潤7.6億人民幣及9億元人民幣。基於中性情景假設,預計公司2023財年直播業務GMV為81億人民幣,GMV淨利率為10%,給予直播業務預測市盈率25倍;大學與機構業務2023財年收入6.2億人民幣,淨利率16%,給予大學與機構業務預測市盈率20倍。(wl/s)
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