金吾财讯 | 国盛证券发研指，21世纪教育(01598)于2024H1实现营业收入2.41亿元/同比+25.6%，实现归母净利润0.31亿元/同比-7.8%。该行指，公司营收分板块来看，1）职业教育板块：实现收入1.73亿元/同比+38.80%。报告期末学生人数达20252名/同比+5.7%，生均收入达6302元/同比+32.3%，其中由于住宿环境优化，生均住宿费859元/同比+49.14%，就业率达96.8%，保持较高水平；2）非职业教育板块：实现收入0.69亿元/同比+1.37%。其中①普通高中：生均收入为9830元/同比+7.6%，学生数分别达2417名/同比+2.4%，普通高中业务整体维持较好增长；②幼儿园：生均收入达10168元/同比-4.3%，学生人数达1770名/同比-6.6%，幼儿园业务表现承压。该行表示，公司以新职业教育为发展主线，多元化综合服务，内生外延并重。2023年9月高邑新校区投入使用，后续随新校区学生逐渐满员，有望持续带来业绩增量。预计公司2024-2026年实现营业收入为5.31/6.04/6.56亿元，归母净利润分别0.46/0.67/0.83亿元，EPS分别为0.04、0.06、0.07元/股，维持“增持”评级。
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