研報掘金|招商證券:下調中教控股目標價至4.9港元 核心業務保持穩健
招商證券發表報吿指,中教控股核心業務保持穩健,2024財年收入66億元,按年增長17%,符合預期。毛利率為55%,經調整淨利潤為20億元,按年增長3%,符合預期。經調整淨利潤率從去年的34%收窄至今年的30%。報吿淨利潤為4.18億元,按年下滑70%,主要因為公司計提約19億元的商譽/無形資產減值,該筆減值源於對三所併購學校增長預期的下修。
招商證券下調對中教控股2025至2026財年的核心淨利潤預測7至8%,以反映公司增速放緩、去槓桿和更高的税費。該行將其目標價從7.8港元下調至4.9港元,維持“增持”評級。
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