智通财经APP获悉,教育股多数上扬,截至发稿,中国东方教育(00667)涨11.52%,报4.84港元;东软睿新集团(09616)涨5.23%,报3.22港元;思考乐教育(01769)涨2.59%,报4.75港元;卓越教育集团(06169)涨1.91%,报4.27港元;新东方-S(09901)涨1.64%,报37.2港元。
消息面上,中国东方教育昨日公布2024年年度业绩,收入41.16亿元,同比增长3.5%;毛利21.15亿元,同比增长10.8%;纯利5.13亿元,同比增长88%;经调整纯利为5.25亿元,同比增长86.6%;基本每股盈利23.53分。末期息22港仙。华鑫证券认为,目前行业整体处于需求刚性、供给出清、政策风险缓和状态,对在行业中具备较深积累、业务转型成功的头部企业是较好的困境反转机会,并已在去年起得到初步验证,当前时点教培机构业绩恢复仍具弹性空间;中小规模企业出清叠加行业准入门槛提升,竞争格局预计进一步向头部集中。
中信证券指出,教培自2024年下半年以来,伴随行业部分公司增速的放缓,市场对行业需求和竞争的担心加剧,行业多数公司股价/估值出现波动。但是该行认为:1)行业大部分公司估值已经跌至近两年低位,而实际的业绩增速依旧是消费中领先(参考Wind一致预期,各公司基本都可以保持20%以上的收入增速),估值大多低于1倍PEG的水平,估值伴随预期修复具备较大向上空间。2)近期出台的部分刺激政策有望提振板块信心,包括生育补贴相关,以及提振消费专项方案中提到的“鼓励有条件的地方结合实际探索设置中小学春秋假”等。
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