中国东方教育(0667.HK)：利润阶段性承压新招稳步恢复

国泰君安03-31

本报告导读：2023 年报业绩低于预期，职工薪酬与营销投放前置，费用率阶段性承压；新招逐步恢复，收入驱动利润修复值得期待。摘要：业绩低于预期，“增持”评级。考虑到新招恢复逐步体现，营销及教职工储备前置利润端短期仍有一定压力，预计2024-2026 年EPS 预测为0.18/0.22/0.24 元，给予2024 年15x PE 估值，目标价2.70 元/2.93 港元。长期看公司依托品牌，行业竞争...

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中国东方教育(0667.HK)：利润阶段性承压 新招稳步恢复

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中国东方教育(0667.HK)：利润阶段性承压新招稳步恢复