國盛證券首次覆蓋新高教集團(02001.HK):目標價5.12港元,看好公司未來增長空間
2月24日,國盛證券發佈研報首次覆蓋新高教集團(02001.HK),給予新高教集團“買入”評級,目標價5.12港元,較2月25日的收盤價2.73港元有87.5%的顯著上升空間,説明看好新高教短期內會有明顯的估值回升。
新高教集團目前形成“7省區辦學+集團總部”的佈局,2019-2020學年在校生人數11.35萬人。國盛證券認為,新高教集團擁有強勁的內生增長力,旗下雲南和貴州學校2014-2017年收入CAGR增長達26%以上。其次,單校人數也呈現較快速增長,華中/河南學校在校生近3年CAGR高達57.1%/26.2%,雲南/貴州/廣西學校同樣呈現較快速增長。同時,2019年12月公司新疆學校收購案獲勝訴判決,預收款收回風險已解除,早期的減值撥備有望收回。
公司亮點方面,國盛證券認為:1)新高教擁有聚焦生源多、毛入學率低省份的區位優勢,旗下學校所處的河南等省高等教育毛入學率均低於全國平均水平;2)以市場為導向進行專業設置,且產教融合優勢大,合作企業超10000家;3)集團化管理能力高,可將成功的辦學模式複製到投資併購的新校。
國盛認為,民辦高教的發展方向和路徑逐漸清晰,行業前景向好。考慮到新高教集團內生增長穩健且併購學校並表增厚利潤,公司估值回升可期,給予首次“買入”評級,目標價5.12港元。
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