The Report is produced in Chinese only.
民辦K12教育增長可期,教育資訊化值得關注 港股上市教育公司主要涉及學歷教育和教育資訊化,我們認為該標的具有一定稀缺性。學歷教育公司包括K12階段的的宇華教育、楓葉教育、睿見教育、成實外教育,大學階段的民生教育、新高教集團、中教控股,教育資訊化企業以網龍為代表。 我們認為,K12民辦學校未來能夠持續穩定增長,主要通過新建學校、原有學校擴張、使用率提高,以增加在校生人數而實現收入增長;外延收購與並購。相較於民辦大學,其增長確定性更強。民辦大學學位數量受限於教育部規劃,收入主要受學費增長、收並購實現。 我們建議關注K12教育股楓葉教育(1314.HK)、睿見教育(6068.HK)。教育資訊化方面,未來有望保持穩定增長的動力在於,中國國內教育資訊化受益於國家政策,預計將保持2-3年的快速發展,政策規定財政獎每年投入GDP的4%資金用於教育支出,其中至少8%用於教育資訊化。 網龍(777.HK)從遊戲起家,通過收購與自身技術嫁接,已經成長為國內外智慧化教育硬體、軟體的龍頭,其產品已經在歐美市場具有一定佔有率,中國市場方面也在積極拓展,建議關注。 |
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