《大行报告》中金升新东方在线(01797.HK)评级至「跑赢行业」及上望26元 指已完成转型
新东方在线(01797.HK)今早股价持续抽上,盘中曾高见26.25元一度弹高14.9%,最新报26.2元升近14.7%。中金发表报告表示,新东方在线近日公布了2022财年业绩,收入8.99亿人民币,其中持续经营业务贡献收入6.01亿人民币,同口径按年下降3.7%;调整后归母净亏损3.64亿人民币,其中持续性经营净利润1.1亿人民币,基本符合市场预期。该行认为公司已经完成转型调整,未来将围绕直播电商、大学业务、机构业务持续经营,并将直播电商业务作为主要增长动力。
该行指,新东方在线留存业务过往具有盈利能力,直播电商业务由于具有不采买流量、主播成本低于传统多频道(MCN)机构、自营产品具更高盈利能力的特征,该行认为公司盈利确定性提升,上调评级至「跑赢行业」,上调目标价至26元,
中金表示,引入新东方在线2023财年及2024财年收入预测各25.4亿人民币及32.8亿人民币,考虑到前期投入,预测2023财年及2024财年调整后归母净利润7.6亿人民币及9亿元人民币。基于中性情景假设,预计公司2023财年直播业务GMV为81亿人民币,GMV净利率为10%,给予直播业务预测市盈率25倍;大学与机构业务2023财年收入6.2亿人民币,净利率16%,给予大学与机构业务预测市盈率20倍。(wl/s)
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