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江头佬
2020-12-14
2020年11月9日,新东方二次登陆港交所,发行价高达1190港元,首日开盘上涨16%,总市值超2335亿港元,成为港交所史上“最贵新股”。早在2019年新东方的线上模块“新东方在线”已在港上市,成为港股在线教育第一股。公司上市后发力K12(学前教育至高中教育阶段)业务,估价仅半年实现翻倍,依靠“东方优播+远程小班+双师大班”的模式实现快速扩张。截止到2019财年,K12课外辅导课程参与人数为750万人,占总生源数近90%,营收占总收入约60%。2021财年Q1,K12业务收入同比增长8%,其中中学业务同比增长9%,少儿业务同比增长约4%,K12 课程培训的业务营收高达总营收的70%。由此可见,K12业务已经成为新东方营收增长的主要引擎。从细分业务来看,东方优播是K12业务的最主要收入增幅来源。国盛证券研究显示:“东方优播是新东方在线旗下增长最快的业务, 2019财年营收同比增长251%,付费学生人次同比增长316%。”截止到2021财年度,东方优播小班业务已进军100+城市,公司预计2021财年末将拓展到全国288个城市。除此之外,双师大班直播课也存在巨大潜力。中信证券认为,随着疫情期间免费直播课得到大力推广,体验用户虽然在短时间内无法被转化为付费用户,但企业借此积累了庞大的潜在用户数据,预计2021财年双师大班收入将大幅提高。然而值得注意的是,K12业务虽然发展势头良好,但由于营业成本过高一直处在亏损状态。研究显示,新东方K12业务的毛利率水平较低,其中东方优播约为6%,大班仅为5%左右,而 2016财年K12板块62.1%的毛利率更是急速下降为2020财年的-15.2%。新东方2021财年财报数据显示,集团营收同比下滑8%,净利润同比下滑16.4%。疫情的冲击与亏损的常态化使得企业压力陡增,那么K12业务能否成为新东方未来的增长引擎?行业竞争加剧,OMO差异化布局下沉
江头佬
2020-12-11
无对标龙头 看好
江头佬
2020-12-10
零售药房双寡头 万亿市场
江头佬
2020-12-09
这不会是阿里的转折点,阿里的价值不会湮灭
江头佬
2020-12-05
📈涨涨涨
江头佬
2020-12-25
【财华社讯】华润万象(01209-HK)公布,2020年11月25日的招股章程及2020年12月8日的配发结果公告所述的超额配股权已由联席全球协调人(代表国际承销商)于2020年12月23日悉数行使,涉及合共82,500,000股股份(超额配股股份),相当于超额配股权获行使前全球发售初始可供认购的发售股份总数15%。超额配股股份将由该公司按每股股份22.30港元(即全球发售的每股股份发售价,不包括 1.0%经纪佣金、0.0027%证监会交易征费及0.005%联交所交易费)配发及发行。超额配股股份将全数用以归还从华润置地有限公司借用于国际发售超额分配的82,500,000股股份。公司将按每股股份22.30港元(即国际发售的每股股份发售价,不包括1.0%经纪佣金、 0.0027%证监会交易征费及0.005%联交所交易费)发行及配发超额配股股份。公司已向联交所申请,且联交所已批准该公司豁免严格遵守上市规则第8.08(1)(a)条规定,接纳公众持股量低于该公司已发行股本总额的25%。
江头佬
2020-12-12
看涨看涨看涨
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