中汇集团(0382.HK):香港强劲的有机增长,维持“跑赢大盘”评级,目标价6.78港元
机构:建银国际
评级:跑赢大盘
目标价:6.78港元
中汇集团于2020年7月16日公布2020财年首三季度运营更新,该行总结要点如下:(1)收入同比增长15.4%至6.09亿元人民币,(2)毛利率同比增长1.8个百分点至49.1%,以及(3)学生总入学同比增长8.0%至35,444,符合预期。由于新型肺炎期间学校停课,集团在2020财年首三季度向学生退还了约1,800万元人民币住宿费,但同时集团因学校停课而节省了超过3,000万元人民币的成本,因此预计对2020财年全年的业绩表现没有重大影响。
政府为加速推进独立学院的转设,对广东省独立学院招生计划进行统一调整,华商学院学士学位课程的入学名额调整至5,300。但该行认为,华商学院的专升本课程和专科课程学额的显著增加将完全弥补本科学位学额的下降,其中专升本课程学额有近双倍增长;该行预计集团的总学生人数将从2020财年的35,700名增加到2022财年的45,000名。另外,该行认为位于肇庆四会,江门新会的新校区将带来学生人数的显著提升,亦为学院成功转设创造有利条件。同时,近年来集团学费的稳步提升可令2020-2022财年的利润率不断提高。
该行基于2020财年盈利的15倍PE,将目标价从5.67港元上调至6.78港元,维持“跑赢大市”评级。
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