金吾财讯 | 天风证券发研报指，卓越教育集团(03978)董事会宣布，其已批准2024-2026年三个财政年度的派息计划，根据三年派息计划，公司计划在未来三年逐步将派息比率提高至上一个财政年度归属于公司所有者净利润的50%、60%及70%，并通过末期及中期股息分两次派付。三年派息计划是为了响应市场的诉求，通过提高回报来保护投资者合法权益，同时保留公司的良好财务状况以支持其可持续发展需求。董事会认为实施三年派息计划符合卓越及股东的整体最佳利益。该行认为，一方面在于正面验证分红路径及达成能力，消除海外投资人担心；另一方面由于板块估值持续低位，股息率具备较强吸引力；教培不是稳健品种而是持续成长赛道，高股息+高成长有望相互共振。该行预计公司2024-26年全年收入分别为8亿人民币、15.3亿人民币、18.3亿人民币；调后净利分别为1.8亿人民币、2.8亿人民币、3.4亿人民币；EPS分别为0.21元人民币/股、0.33元人民币/股、0.40元人民币/股；PE分别为17x、11x、9x。维持“买入”评级。
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