【券商聚焦】国信证券维持天立国际控股(01773)优于大市评级 指民高学历学校中长期或持续受益行业供需缺口

金吾财讯
May 06, 2025

金吾财讯 | 国信证券发研指,天立国际控股(01773)FY2025H1实现收入18.8亿元/+14.0%,实现净利润3.90亿元/+36.3%。2025财年上半年度公司业绩维持亮眼表现,业绩增速略优于该行此前预测(+35%),公司聚焦于教育及校园服务相关的业务,新建项目校区爬坡利润释放确定性较强。该行指,集团校内将AI教育产品融入常态化教学,同时临近升学考试前重点推出AI冲刺营产品(此前试点学生平均提分36分,提分率86%,本科上线率97%)。集团外探索兼顾学生自主学习与成长生涯规划服务的线下AI互动场景,重点规划年内陆续试点运营十家校外场景门店。该行续指,公司维持一贯稳定派息政策,兼顾在AI教育等方面的投入及股东回报,按30%分红率派发中期股息,合计派息约1.2亿人民币。以4月29日收盘价3.7元(港币兑人民币0.94汇率换算)计算年化股息率约3.1%。2025上半财年公司核心教育及学生服务业务收入增速符合预期,受益于业务结构优化及规模效应,盈利能力也如期提升。基于此该行维持此前对公司2025-27财年的经调整归母净利预测,分别为7.8/10.6/14.8亿元,期间CAGR约37%,对应PE为10/8/6x,性价比凸显。民办高中学历学校预计中长期仍将受益于行业供需缺口,公司是该赛道目前港股通内唯一标的,兼顾稀缺性与良好质地,维持“优于大市”评级。后续若能凭借自有校禀赋加快AI教育产品落地,也有望进一步打开增长空间。

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