香江金融：中滙集團(0382.HK)上半年淨利潤強勁增長的勢頭料將持續 上調目標價至10.8港元 維持“買入”評級
香江金融發研報指，自2020年10月14日首予中滙集團(0382.HK)“買入”評級以來，該股股價上漲了49％，而同期恆生指數上漲了18％。基於最新預測和2020-23財年PEG指標(市盈率相對盈利增長比率)目標從0.9x上調至1.0x的高預期收益，該行維持其“買入”評級，並將目標價由9.67港元上調至10.8港元，對應16倍2022財年市盈率，較4月20日的8.63港元有25%的潛在升幅。
香江金融表示，受益於學生和學費的有機增長，以及新收購的幾所四川學院，中滙集團(0382.HK)於2021年上半年收益同比增長33％至2億元人民幣，收入同比增長33％至5.54億元人民幣，而淨利潤率則同比穩定在36％。報吿稱，由於學生入學率的提高以及新收購的幾所四川學院合併了20358名學生，中滙集團學生總數同比增長77％至62404人。在學費方面，華商學院和華商職業學院的每名學生的年均學費分別增長了10％和5％，寄宿費收入也同比增長20％至4300萬元人民幣。在學校質量方面，華商學院的新生入學率在FY21學年提高到96％(FY20：92％)，而華商職業學院在FY21學年新生入學率提高到86％ (FY20：83％)。此外，華商職業學院畢業後升入高等專科學校的學生比例在2021年也提高到21％。
香江金融認為，由於新收購的四川學院在2021財年上半年中僅貢獻了兩個月的收入和收益，因此該行預計2021年下半年的增長會因為新收購學校的貢獻而更加強勁。總體而言，香江金融維持公司營收預期不變，基於成本控制和利潤率好於預期，該行將2021 -23財年經常性收益分別提高至11%、11%和6%。該行還預計，公司利潤率將隨着學生人數的增長、學費增加以及私立學院轉型帶來的經營槓桿率增長而提高。 香江金融預計，剔除新併購後，中滙集團2020-23財年每股盈利的複合年增長率為30%。
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