研報掘金丨天風證券:思考樂教育市場份額有望持續提升,目標價4.28-5.71港元
天風證券研報指出,思考樂教育(1769.HK)作為華南地區教育服務領跑者,積極響應政策號召,全面推進素質教育課程,伴隨業務逐步調整、運營成熟,網點逐步擴張,市場份額有望持續提升。參考可比均值,給予公司24年合理15-20xPE,首次覆蓋,給予“買入”評級,對應目標價4.28-5.71港元。該行認為,經過3年雙減落地,未來企業發展具備相對穩定的外部環境;同時頭部企業優勢顯著,經歷疫情影響以及在當前政策監管之下,資質略差的中小機構或逐步出清,頭部品牌信任背書及資源支持下有利於獲取更大市佔。
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