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研報掘金丨華西證券:中國春來立足中部,學費和利潤率提升均具備空間,首次覆蓋給予買入評級
華西證券發佈研報稱,鑑於低估值,學費及淨利率提升空間大,首次覆蓋中國春來(1969.HK),給予“買入”評級。華西證券指出:中國春來具備三大優勢:1)區位與品牌優勢:卡位生源大省,區域內強品牌口碑;2)教學與就業優勢:集團具備龐大穩定的師資與生源供給,及全面豐富的課程質量,集團旗下學校具備出色的就業率,且兩所院校碩士學位獲批,證明教學水平;3)承接獨立學院轉設:推動被承接院校招生及業績改善。中國春來具備三大成長驅動——人數+提價+淨利率提升:1)人數增長:受益新校區落地、轉設學院在校生快速增長,安陽學院原陽校區、荊州學院於21 年開始進行招生,預計未來在校生有望從目前10萬人提升至15萬人。26年在校生增量主要來自於健康學院、荊州學院、安陽學院原陽校區、天平學院,預計在校生分別由FY23 的3699/13718/8118/- 增長至FY26的12000/26133/17466/14300人,這四所院校容量在12000/30000/25000/25000人左右,且公司在持續拿地擴建,有望帶動招生規模持續提升。2)學費提升:目前公司生均收費僅為1.3-1.5萬元,相較同業所在省份學校仍有較大提升空間。3)未來公司通過債務置換,財務費用率有下降空間。
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