浙商证券发布研报称，K12暑期/三季度收入普遍保持20%-40%增长下个季度收入增速预计普遍有所放缓，盈利能力延续分化；考虑到教培板块的动态估值水平在消费板块中已较高，具备基本面的公司短期应关注产能扩张节奏与招生增长节奏的匹配性。此外，民办高教率先受益港股回暖，美联储降息周期开始+央行政策刺激，港股若出现整体反弹，近两年低估值的高教高股息板块历次行情演绎或较为靠前。Education stocks rose across the board. As of press release, China Education Holdings (00839) rose 5.65% to HK$5.05; Education Excellence Group (03978) rose 5.12% to HK$3.08; New Oriental-S (09901) rose 3.85% to HK$47.15; and China Oriental Education (00667) rose 3.33% to HK$3.1.
The Zhitong Finance App learned that education stocks were higher across the board. As of press release, China Education Holdings (00839) rose 5.65% to HK$5.05; Education Excellence Group (03978) rose 5.12% to HK$3.08; New Oriental-S (09901) rose 3.85% to HK$47.15; and China Oriental Education (00667) rose 3.33% to HK$3.1.
According to the news, on October 28, the General Office of the State Council issued “Certain Measures on Accelerating the Improvement of the Maternity Support Policy System and Promoting the Construction of a Fertility Friendly Society”. Regarding education, the document proposes to expand the supply of quality education resources and establish maternity allowances. Cinda Securities believes that the policy aims to improve the fertility support policy system and incentive mechanism to provide strong support for achieving a moderate level of fertility and promoting high-quality population development; the policy is expected to promote an increase in the birth rate, which in turn will drive an increase in the demand for education.
Zheshang Securities released a research report saying that K12 summer/third quarter revenue generally maintained a 20%-40% increase in revenue growth in the next quarter, and profitability is expected to continue to diverge; considering that the dynamic valuation level of the education and training sector is already high in the consumer sector, companies with fundamentals should pay attention to the compatibility between the pace of capacity expansion and the pace of enrollment growth in the short term. In addition, private higher education has taken the lead in benefiting from the recovery of Hong Kong stocks. The Federal Reserve's interest rate cut cycle has begun + central bank policy stimulus. If there is an overall rebound in Hong Kong stocks, the undervalued higher education dividend sector in the past two years may be relatively advanced.
