新股速递中国东方教育(0667.HK)
机构:致富证券
综合概述
集团从事职业技能教育,主要涵盖三个行业领域,包括烹饪技术、信息技术及互联网技术、汽车维修。集团透过五个学校品牌(新东方烹饪教育、欧米奇西点西餐教育、新华电脑教育、华信智原DT人才培训基地及万通汽车教育)经营上述三个行业领域教育服务。截至去年底,集团运营145所学校,学校网络覆盖中国内地29个省份及香港。截至2018年12月31日止年度的平均培训人次为123,957人次。
根据弗若斯特沙利文报告,按截至2017年12月31日止年度的平均培训人次及产生的收入计,集团为中国最大的职业技能教育提供商,拥有约1.7%及2.5%的市场份额。
风险因素
集团开办的145所学校中只有26所学校提供中等职业教育。中等职业教育是中国学历教育的一部分,可获中国政府部门认可的文凭和学位,而非学历教育仅颁发学生参加培训与学习课程的结业证书。根据弗若斯特沙利文报告,近年随着对学历的日益重视,学历教育学校的学生数量不断增加,对职业技能教育的招生构成威胁。若集团不能有效竞争,其经营业绩可能会受到不利影响。

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