中國東方教育(00667.HK):集團辦學管理能力強大,歷史品牌深入人心,給予“買入”評級,目標價19.00港元
機構:國元證券
評級:買入
目標價:19.00港元
投資要點
品牌效應為長期穩定增長奠定堅實基礎:
受益於多年公司榮譽沉澱,東方教育品牌知名度不斷提升,已經成為細分領域的絕對龍頭培訓機構。口碑推薦及電視營銷雙管齊下,有效提高品牌在全中國範圍內的認知度,強大的品牌效應為公司未來長期穩定增長奠定堅實基礎。
半封閉式校園管理模式鑄造技能英才:
由於品牌是職業教育第一核心競爭力,因此公司在辦學管理上非常嚴格。半封閉的校園管理將一批學習能力較弱、紀律性較差的青年培養成才。隨着近幾年就業環境不斷嚴峻,通過公司培養的具備高技能素質的學生在就業市場上具備較強競爭力,市場對公司的教育服務需求持續存在。
業務逐漸夯實,淨利潤迴歸正常水平:
公司未來收入整體增長主要來自平均培訓人次和學費增長、新學校利用率水平提升。特別是隨着次新校區利用率水平不斷提升,公司2019年整體淨利潤將得到釋放,我們預計未來三年公司淨利潤年複合增長率為33%,淨利潤將從2019年7.0億增長至2021年12.4億水平。
首次覆蓋給予買入評級,目標價19.00港元:
我們預計公司2019-2021年EPS分別為0.32/0.44/0.57元,當前股價對應PE為41.2/30.1/23.3倍。公司優質課程設計和嚴格校園管理成功培育了大量實用性人才,考慮到公司作為中國職業技能教育龍頭企業,在市場上存在一定稀缺性,結合公司未來利潤增速,因此給予公司2020年53倍目標PE,對應目標價為19.00港元,較現價有29%的上漲空間,首次覆蓋給予“買入”評級。
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