招商证券发表报告指，中教控股(00839.HK) 核心业务保持稳健，2024财年收入66亿元人民币(下同)，按年增长17%，符合预期。毛利率为55%，经调整净利润为20亿元，按年增长3%，符合预期。经调整净利润率从去年的34%收窄至今年的30%。报告净利润为4.18亿元人民币，按年下滑70%，主要因为公司计提约19亿元的商誉/无形资产减值，该笔减值源于对三所并购学校增长预期的下修。
招商证券下调对中教控股2025至2026财年的核心净利润预测7至8%，以反映公司增速放缓、去杠杆
和更高的税费。目标价从7.8港元下调至4.9港元，维持评级“增持”。(ha/k)(港股报价延迟最少十五分钟。沽空资料截至 2024-11-27 16:25。)
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