投資概要
1H20 業績概況 公司上半年實現收入 4.19 億元人民幣（+16.7% yoy）；期內毛利為 3.09 億元人民幣 （+22.6% yoy）；淨利潤為 3.21 億元人民幣（+31% yoy）。公司上半年併購的哈爾濱 石油學院目前只實現淨利潤併表，並在其他收入中體現，因此公司期內淨利潤高於毛 利。若把哈爾濱學院收入模擬合併報表，公司上半年收入為 4.78 億元人民幣，毛利為 3.53 億元人民幣，對應毛利率為 73.8%。模擬合併報表後的毛利率遠高於我們此前預 期，充分彰顯出公司投後管理及資源整合的能力。此外，因受疫情影響，公司旗下廣 東理工學校及肇慶學校的住宿費退款總額為 2600 萬元人民幣，而哈爾濱石油學院的住 宿費退款為 610 萬人民幣。若除去住宿費退費的影響，公司上半年收入為 4.45 億元人 民幣（+23.8% yoy）。雖然住宿收入同比大降，但是公司在疫情停課期間行政開支費 用率同比下降了 2.8 百分點。 20/21 學年招生學額同比大幅增長，未來內生增長可期 公司 20/21 學年本科學額較去年上升 38%，達至 11,213 個，為廣東省第一。其中，受 惠於專升本擴招紅利，專升本學額為 3600 個，較去年 300 個增加 11 倍，最終錄取 3,792 人，較去年錄取的 83 人增加 45 倍。因專升本仍未有畢業學生，因此新錄取學 生人數為本科學生人數的淨增量。此外，受惠於高職專科擴招紅利，公司 20/21 學年 專科學額為 6,572 個，同比大幅增長 143%；成人教育招生學額按年穩步上升；中職在 校人數預計將按年上升 10%。至於學費方面，廣東理工學校及哈爾濱學校本科學費將 按年分別上升 12%及 10%；專科學費將按年提升 5%；校內成人教育及中職學費亦將按 年增長 10%。另一方面，公司今明兩年將分別擴增 5.2 萬及 6 萬床位，為未來擴招奠 定了一定的基礎。
哈石油學院舉辦者變更工作順利，公司未來將繼續外延併購 哈石油學院於中期業績已實現淨利潤併表，目前學校的舉辦者變更工作順利，預計將 於年底前可實現全面併表。另一方面，學院 3-6 月份的收入為 5,900 萬元人民幣，毛 利為 4,330 萬元人民幣，對應毛利率為 73.3%，明顯高於去年同期的約 70%，充分彰顯 出公司投後管理及資源整合的能力。但基於行業季節性的影響，我們預測哈石油學院 全年毛利率約為 59%，但仍高於去年同期的 55%。目前哈石油學院學費低於全省民辦高 校的平均水平，與哈石油學院全省領先的就業率及考研率並不匹配，我們認為哈石油 學院的學費未來仍有較大提升空間。展望未來，公司目前有約 8.6 億元人民幣的現金， 再加上與浦發銀行的 23 億元併購授信，公司未來將有足夠現金進行外延併購，公司預 計每年將落地 1-2 個併購項目。
Important Information
This report is prepared and/or distributed by Phillip Securities Research Pte Ltd ("Phillip Securities Research"), which is a holder of a financial adviser’s licence under the Financial Advisers Act, Chapter 110 in Singapore.
By receiving or reading this report, you agree to be bound by the terms and limitations set out below. Any failure to comply with these terms and limitations may constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately.
The information and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this report has been obtained from public sources which Phillip Securities Research believes to be reliable. However, Phillip Securities Research does not make any representation or warranty, express or implied that such information or Research is accurate, complete or appropriate or should be relied upon as such. Any such information or Research contained in this report is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith.
Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this report are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this report is not indicative of future results.
This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This report should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this report has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this report is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this report involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks.
Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this report should take into account existing public information, including any registered prospectus in respect of such product.
Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this report, and may have performed services for or solicited business from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this report.
Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment.
To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold an interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this report. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, which is not reflected in this report, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this report.
The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.
This report is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this report may not be suitable for all investors and a person receiving or reading this report should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products.
This report is not intended for distribution, publication to or use by any person in any jurisdiction outside of Singapore or any other jurisdiction as Phillip Securities Research may determine in its absolute discretion.
IMPORTANT DISCLOSURES FOR INCLUDED RESEARCH ANALYSES OR REPORTS OF FOREIGN RESEARCH HOUSE
Where the report contains research analyses or reports from a foreign research house, please note:
