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露珠儿
2022-10-22
$第一高中教育(FHS)$
是不是要退市了?
露珠儿
2022-08-19
$第一高中教育(FHS)$
是要退市了吗?
露珠儿
2021-07-24
$MSCI印度ETF(NDIA.UK)$
这个交易时间和美股一样吗
露珠儿
2021-05-21
扯这么多为什么股价一跌到底毫无反弹?
天风证券:第一高中教育集团(FHS.US)四位一体构筑业绩增长良性循环 出色品质借助轻资产快速扩张
露珠儿
2021-05-21
$第一高中教育(FHS)$
第一高中是准备退市了吗?美股大涨他从来没涨过一次,一跌不回头
露珠儿
2021-05-06
$涂鸦智能(TUYA)$
为什么一直在暴跌
去老虎APP查看更多动态
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08:40","market":"hk","language":"zh","title":"天风证券:第一高中教育集团(FHS.US)四位一体构筑业绩增长良性循环 出色品质借助轻资产快速扩张","url":"https://stock-news.laohu8.com/highlight/detail?id=2135667637","media":"智通财经网","summary":"截至2020年底,集团民办高中学校规模居西部第一、全国第三。","content":"<html><body><div> <p><strong>第一高中,中国私立高中领导者</strong></p><p><a href=\"https://laohu8.com/S/FHS\">第一高中教育</a>集团(FHS.US)初创于2005年,办学及教育机构覆盖北京、上海、河北、云南、贵州、四川、重庆、内蒙古、陕西、山西等省区市。截至2020年底,集团民办高中学校规模居西部第一、全国第三。公司旗下拥有19所学校,共提供14个高中项目、7个初中项目与4个高考复读培训项目。截至2020年底,集团在校人数合计25867人,其中高中学生15689人、初中学生8637人、复读培训学生1541人。学生人数增长以及校园使用率提升带动公司营收快速增长,2017-2020年第一高中营收分别为2.06亿元、2.54亿元、3.37亿元、4.46亿元。</p><p><strong>四位一体,构筑业绩增长良性循环内容</strong></p><p>(一)品牌:优质教学占领西部高地,学生成绩优异助力学费溢价。截止2020年,集团高中和初中的平均学费分别为16399元和人民币11199元,云南省所有民办学校同期为12020元和10508元;高考补习学校每名学生的平均学费为22037元,云南省其他主要补习学校同期为20808元。</p><p>(二)模式:三方协同低成本办学,商业模式轻资产。集团通过政府委托管理、购买服务方式与各地政府合作办学,能以较低的前期成本开办新学校。目前集团19所学校中,15所学校和地方政府合作办学。</p><p>(三)师资:内培外引待遇丰厚,培训激励制度完善。公司集结优秀教师,内培外引,保障师资质量及规模;在激励制度上,为教师和校长提供成长平台和有竞争力的薪酬,提升忠诚度。</p><p>(四)管理:携手衡水共创标准化教学管理系统,迅速扩张学校网络。公司集团与中国的标杆中学河北衡水中学合作,在集团丰富经验的基础上开发了标准化教育体系,目前所有学校统一采用该体系。</p><p><strong>私立中学千亿市场,西部赛道潜力无穷</strong></p><p>从私立中学入读人数来看,2024年全国预计达1590万人,2014-2024CAGR8.10%;其中中国西部预计达317万人,CAGR10.90%,高于全国。从收入来看,入读人数快速增长带动收入增长,2024年收入预计可达4260亿,2014-2024CAGR为21.59%;西部1106亿,CAGR25.29%。</p><p>从市场需求和政策上来看,西部地区优质教育资源稀缺,亟需民办学校补充当地教育资源短缺;西部地区政府大力支持当地K12民办学校发展,出台政策为民办学校提供资金等方面支持;同时西部地区高人口基数+低录取率催化西部高考复读需求,政策禁止复读生进入公立高中,私立高考培训机构快速发展。</p><p><strong>盈利预测及估值</strong></p><p>我们预计公司2021-23年收入分别为7.65亿、12.08亿、17.81亿,其中高中收入分别为4.15亿、7.05亿、11.01亿,高补收入分别为1.53亿、3.08亿、5.00亿,初中收入分别为1.40亿、1.44亿、1.26亿,集团其他收入分别为0.57、0.51亿、0.53亿元。</p><p>我们对比美股目前相关民办私立中学教育公司估值,2021-22年板块平均PE分别为23x、18x。考虑到公司四位一体的办学优势,我们给予长水教育行业平均PE估值即对应2021年22.5xPE,对应目标市值约为45.9亿人民币,约为7.01亿美金,约合24.22美元/股。首次覆盖,给予买入评级。</p><p>风险提示:经营管理风险;政策及监管风险;市场风险</p><p><strong>本文选编自微信公众号“天风研究”,作者:刘章明团队;智通财经编辑:卢梭</strong></p> </div></body></html>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>天风证券:第一高中教育集团(FHS.US)四位一体构筑业绩增长良性循环 出色品质借助轻资产快速扩张</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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*/\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n天风证券:第一高中教育集团(FHS.US)四位一体构筑业绩增长良性循环 出色品质借助轻资产快速扩张\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-14 08:40 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/474922.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>第一高中,中国私立高中领导者第一高中教育集团(FHS.US)初创于2005年,办学及教育机构覆盖北京、上海、河北、云南、贵州、四川、重庆、内蒙古、陕西、山西等省区市。截至2020年底,集团民办高中学校规模居西部第一、全国第三。公司旗下拥有19所学校,共提供14个高中项目、7个初中项目与4个高考复读培训项目。截至2020年底,集团在校人数合计25867人,其中高中学生15689人、初中学生8637人...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/474922.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img.zhitongcaijing.com/image/20210514/20210514082812_46569.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","relate_stocks":{"601162":"天风证券","FHS":"第一高中教育"},"source_url":"http://www.zhitongcaijing.com/content/detail/474922.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2135667637","content_text":"第一高中,中国私立高中领导者第一高中教育集团(FHS.US)初创于2005年,办学及教育机构覆盖北京、上海、河北、云南、贵州、四川、重庆、内蒙古、陕西、山西等省区市。截至2020年底,集团民办高中学校规模居西部第一、全国第三。公司旗下拥有19所学校,共提供14个高中项目、7个初中项目与4个高考复读培训项目。截至2020年底,集团在校人数合计25867人,其中高中学生15689人、初中学生8637人、复读培训学生1541人。学生人数增长以及校园使用率提升带动公司营收快速增长,2017-2020年第一高中营收分别为2.06亿元、2.54亿元、3.37亿元、4.46亿元。四位一体,构筑业绩增长良性循环内容(一)品牌:优质教学占领西部高地,学生成绩优异助力学费溢价。截止2020年,集团高中和初中的平均学费分别为16399元和人民币11199元,云南省所有民办学校同期为12020元和10508元;高考补习学校每名学生的平均学费为22037元,云南省其他主要补习学校同期为20808元。(二)模式:三方协同低成本办学,商业模式轻资产。集团通过政府委托管理、购买服务方式与各地政府合作办学,能以较低的前期成本开办新学校。目前集团19所学校中,15所学校和地方政府合作办学。(三)师资:内培外引待遇丰厚,培训激励制度完善。公司集结优秀教师,内培外引,保障师资质量及规模;在激励制度上,为教师和校长提供成长平台和有竞争力的薪酬,提升忠诚度。(四)管理:携手衡水共创标准化教学管理系统,迅速扩张学校网络。公司集团与中国的标杆中学河北衡水中学合作,在集团丰富经验的基础上开发了标准化教育体系,目前所有学校统一采用该体系。私立中学千亿市场,西部赛道潜力无穷从私立中学入读人数来看,2024年全国预计达1590万人,2014-2024CAGR8.10%;其中中国西部预计达317万人,CAGR10.90%,高于全国。从收入来看,入读人数快速增长带动收入增长,2024年收入预计可达4260亿,2014-2024CAGR为21.59%;西部1106亿,CAGR25.29%。从市场需求和政策上来看,西部地区优质教育资源稀缺,亟需民办学校补充当地教育资源短缺;西部地区政府大力支持当地K12民办学校发展,出台政策为民办学校提供资金等方面支持;同时西部地区高人口基数+低录取率催化西部高考复读需求,政策禁止复读生进入公立高中,私立高考培训机构快速发展。盈利预测及估值我们预计公司2021-23年收入分别为7.65亿、12.08亿、17.81亿,其中高中收入分别为4.15亿、7.05亿、11.01亿,高补收入分别为1.53亿、3.08亿、5.00亿,初中收入分别为1.40亿、1.44亿、1.26亿,集团其他收入分别为0.57、0.51亿、0.53亿元。我们对比美股目前相关民办私立中学教育公司估值,2021-22年板块平均PE分别为23x、18x。考虑到公司四位一体的办学优势,我们给予长水教育行业平均PE估值即对应2021年22.5xPE,对应目标市值约为45.9亿人民币,约为7.01亿美金,约合24.22美元/股。首次覆盖,给予买入评级。风险提示:经营管理风险;政策及监管风险;市场风险本文选编自微信公众号“天风研究”,作者:刘章明团队;智通财经编辑:卢梭","news_type":1},"isVote":1,"tweetType":1,"viewCount":2082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":130774322,"gmtCreate":1621570716966,"gmtModify":1621570716966,"author":{"id":"3559279502906225","authorId":"3559279502906225","name":"露珠儿","avatar":"https://static.tigerbbs.com/9018adea47f613966e39f3c1e106c207","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559279502906225","authorIdStr":"3559279502906225"},"themes":[],"htmlText":"<a 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