业绩大增，中国东方教育（00667）股价却反跌，但之后两个交易日迅速修复趋势，该公司估值见顶了吗？ 直通财经APP了解到，近日中国东方教育发布业绩预告，预期2025年上半年纯利同比增长45%-50%。而公司盈利增长的原因主要期间的新生注册及新客户注 册数量增加约7%，从而导致收入增加约10%，另外高效的营运及成本控制，导致公司的整体成本在收入增长的情况下，仍能保持相对平稳。 此外，中国东方教育能够领涨同行最重要的原因之一为逼空行情下的多头反抽。从港美股市场看，今年以来出现了普遍性的逼空行情，导致部分小票个股疯 狂上涨，尤其是站上政策风口的板块个股。 在此背景下，该公司或被逼空主题多头资金看上，2025年1月，其申报的淡仓接近3000万股，每日沽空比例平均在10%以内，淡仓浮动表明空头强度，6月中 旬淡仓数量3414万股达今年最高记录，截止8月1日淡仓数量2304万股，当日沽空比例17.2%。借助于政策利好，以及公司龙头地位，多头强势抢注拉动，高 位下空头反而成了助攻，当然在多头资金中，不乏有长期看好的价值投资者。 今年以来，中国东方教育市值走势非常强势，截至目前累计涨幅超过了2.3倍，成为了职业教育板块"最靓 ...

Core Viewpoint - China Oriental Education (00667) has announced a significant profit increase forecast for the first half of 2025, expecting a year-on-year growth of 45%-50% in net profit, driven by a 7% increase in new student registrations and a 10% rise in revenue due to effective cost control and operational efficiency [1][2]. Financial Performance - The company has experienced a strong market performance this year, with a cumulative increase of over 2.3 times in market value, although its price-to-earnings (PE) ratio has reached 34 times, indicating a potential peak in valuation [1][3]. - For the fiscal year 2024, the company is projected to achieve a net profit of 513 million yuan, representing an 88% year-on-year increase, marking a five-year high [7]. Market Dynamics - The stock price of China Oriental Education has been influenced by two main drivers: policy support and a short squeeze phenomenon, leading to a bullish market sentiment [3][6]. - Recent favorable policies, such as the "Education Power Construction Plan (2024-2035)" and new vocational education standards, have positively impacted the vocational education sector, particularly benefiting companies like China Oriental Education [3][4]. Competitive Position - As the largest vocational skills education provider in China, the company has maintained a leading position in the market, with a 1.4 times increase in stock price over the past seven months [4][6]. - The company operates five training brands, each catering to different fields, with all brands maintaining a gross margin above 50% [7]. Industry Context - The vocational education sector has seen a general upward trend, with many institutions achieving double-digit growth in revenue and net profit, although China Oriental Education's performance is considered average compared to peers [8]. - The divergence in valuation between vocational training and academic institutions is expected to persist, with the former receiving more capital attention due to favorable market conditions and high unemployment rates driving demand for skill-based training [8][9]. Long-term Outlook - Despite reaching a potential peak in valuation, the company is expected to maintain a strong growth trajectory in the long term, supported by favorable policies and a solid operational foundation [2][9]. - Investors are encouraged to look for opportunities in high-performing stocks within the vocational education sector, particularly those that may be undervalued [9].