思考乐教育(1769.HK)：7.5港币授出2778.5万股购股权，彰显发展信心绑定核心高管，给予买入评级，目标价12港元
机构：天风证券
评级：买入
目标价：12港元
7.5 港币授出 2778.5 万股购股权， 9 月 24 日收盘价 7.5 港币。
9 月 25 日，公司公告，拟授出 2778.5 万股购股权（约占现有股本 5%） ，购 股权的有效期： 自 2019 年 9 月 25 日至 2024 年 3 月 31 日（包括首尾两日） ， 授予对象或包括公司杰出教师合伙人、城市校长、学科校长、学科产品带 头人等核心高管，后续公司或发布具体考核方式。
公司以较高行权价发出购股权，一方面体现管理层对于未来发展的坚定信 心，行权收益直接挂钩市场表现；另一方面将有效激励、绑定核心骨干， 巩固教培机构优质人力资源的核心优势，给予重要骨干与公司共成长的激 励体制。
作为广东省五大 K-12 课后教育服务提供商之一，按 2015-2018 年期间的收 益计，公司的复合年增长率最快。于过去 6 个月，公司的业务维持稳定增 长。公司学习中心的数目由 2018 年 12 月 31 日的 54 个增至 2019 年 6 月 30 日的 64 个。此外，18 个学习中心现处于筹备阶段并将于 2019 年的秋 冬季假期投入营运。
19H1 常规课程入读学生人次为 11.57 万，同比增长 25.2%。同时，于截至 2019 年 6 月 30 日止六个月，公司的辅导课时由去年同期的 305.911 万个 课时增长21.1%至370.3607万个课时。此外，公司平均每课时辅导费由18H1 的 77.2 元增长 3.4%至截至 19H1 的 79.8 元，提升公司盈利水平。
维持盈利预测，给予买入评级
K12 培训资产具备较大成长空间，思考乐坐享大湾区人口红利，管理团队 极富干劲，合伙人制激励到位，目前正处于快速成长阶段，增长红利快速 释放市值弹性较大，我们预计 FY19-21 年净利分别为 1.3/1.69/2.2 亿，PE 分别为 29x/23x/17x。
风险提示：开点速度不及预期，招生不及预期
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