高教股:低估值硬资产发生了怎样的转变?

东吴证券
Sep 14

高教公司资产特点:低估值,恢复空间大。高校公司具有资产扎实,预收账款现金流好,行业竞争壁垒极高等主要特点。而目前高校公司2025年对应估值大体是3-6 倍PE,估值较低,恢复空间大。低估的主要原因,在于市场担心高校股分红存在一些障碍,但实际上高教公司通过VIE 等方式,过去若干年,实际上存在很强的实际分红。根据我们整理的相关高教公司的估值,分红等数据,可以看到中教控股,华夏控股,新高教集团,...

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