金吾财讯 | 中教控股(00839)股价走低，截至发稿，跌5.49%，报3.44港元，成交额1.11亿港元。消息面上，中教控股公布截至今年8月底止全年业绩营业额65.79亿元人民币(下同)，同比升17.1%。纯利4.18亿元，同比跌69.7%。
汇丰研究指，将中教控股评级由“买入”降至“持有”，目标价由6港元下调至4.5港元。该行指，该股目前以2025财年预测的市账率0.8倍交易，排除商誉和无形资产，并具有8%的股息收益率，未来的减值风险似乎已反映在股价上。不过，该行没有看到任何短期催化剂，收入放缓，毛利仍然受压。
招商证券指，纯利下跌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。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”。
麦格理发布研究报告称，重申中教控股“跑赢大市”评级，下调2025及2026财年的经调整净收入预测11.9%及16.9%，以反映较低的收入及净利润预测，又将目标价调降15%，由8.7港元降至7.4港元。
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