中国东方教育(0667.HK)预计FY19H1调后净利+93%9月入通建议积极关注给予“买入”评级
机构：天风证券
评级：买入
公司预计调后净利约在4.17亿元以上，同比增长不低于93%
7月22日，公司发布盈利预告，公司预计19H1（2019.1.1-2019.6.30）来自持续经营业务的税后纯利净利较18H1的2.16亿元同比增长不低于40%，即3.0亿；该业绩已考虑①股份支付开支7500万；②非经常性上市开支2000万③采纳自2019年1月1日起生效的香港财务报告准则第16号—租赁，导致使用权资产摊销及确认租赁负债利息，并于期内作出约2000万元调整费用。
若剔除以上影响，东方19H1来自持续经营业务的税后纯利净利约在4.17亿元以上，同比增长不低于93%；我们维持全年9亿+的调后净利预期。入选港股通迎新一轮南下资金，本轮港股通调整预计8月中公告，9月9日生效，东方教育大概率入选，届时将迎新一轮南下资金，对市值或形成正面催化；目前实施条例尚未落地，对学历制资产估值或构成一定压制，东方作为非学历培训资产，迎合政策引导方向，获资金青睐。
竞争优势：高就业率打造优质口碑，统一化流程赋能校网扩张。新一轮开校保证业绩增长，未来三年新开51所新学校+6所体验中心，其中烹饪19家，欧米奇15家，新华电脑8家，万通汽修9家，美味学院6家。此外为开拓国际职业教育市场及提升东方的品牌知名度，东方计划在美国加州建立职业学校以扩大海外网络。同时，持续丰富及创新课程，以应对行业趋势和市场需求。课程设置紧贴市场需求，就业服务相结合奠定毕业生高就业率；创新工作仿真教学模式提升毕业生技能水平，就业服务和校企合作相结合为毕业生就业保驾护航。流程统一化赋能高度复制的发展模式；募资约46亿港币，主要投向五大区域中心建设及校区升级。针对课程，目前公司已经建立起一个三层的研发体系，在总部公司研究院配备一支由行业专家组成的专职研发团队，其高度关注创新并热衷于将理论研究转化为实用的技术技能和教材。
维持盈利预测，给予买入评级
公司在1988年由吴俊保先生及吴伟先生创办，目前在中国提供职业技能教育培训。通过新东方烹饪、欧米奇西点西餐、新华计算机、华信智原及万通汽车教育五大知名品牌经营业务及设立学校。公司烹饪起家，逐步扩展至汽修和计算机培训，五大品牌和美味学院构成完整品牌体系，课程紧贴市场需求。目前职教政策引导方向明确。我们预计东方19-20年净利分别9.5亿、12.5亿，PE分别为27x、22x。
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