Investment Rating - The report maintains a **Buy** rating for New Oriental Education & Technology Group (9901 HK) with a target price of **HKD 80.00**, implying a potential upside of **25.2%** [2][4] Core Views - New Oriental continues to maintain its leading position in international education, with steady expansion in its education business [2] - The company's education business is expected to achieve a **24% CAGR** in revenue from FY2024 to FY2027, driven by ongoing margin optimization [2] - The offline teaching center expansion is progressing well, with a **6% QoQ increase** in Q1 FY2025, adding **60+ new centers**, primarily in Tier 1 and New Tier 1 cities [2][5] - The education business is valued at **20x P/E** for the 12 months ending February 2026, excluding contributions from Dongfang Zhenxuan [2] Financial Performance and Forecasts Q1 FY2025 Preview - Total revenue is expected to grow **33% YoY** to **USD 1.46 billion**, in line with the company's guidance of **31-34%** [3] - Non-Dongfang Zhenxuan revenue is projected to increase **33% YoY** to **USD 1.247 billion** [3] - Adjusted operating profit is estimated at **USD 320 million**, with an operating margin of **21.9%**, driven by a **2 percentage point improvement** in non-Dongfang Zhenxuan business margins [3] - Adjusted net profit is forecasted at **USD 259 million**, with a net margin of **17.7%** [3] Segment Performance - Overseas test preparation revenue is expected to grow **21% YoY**, high school revenue **27%**, university/adult education **26%**, and new businesses **52%** [3] - Gross margin is projected to improve to **58%**, up **2.5 percentage points** from the previous forecast [4] Long-Term Forecasts - Revenue is expected to grow from **USD 4.314 billion** in FY2024 to **USD 7.646 billion** in FY2027, with a **24% CAGR** [6] - Adjusted operating profit is forecasted to increase from **USD 473 million** in FY2024 to **USD 1.196 billion** in FY2027 [6] - Adjusted net profit is projected to rise from **USD 381 million** in FY2024 to **USD 1.043 billion** in FY2027 [6] Industry and Peer Comparison - The report covers multiple companies in the internet and education sectors, with **Buy** ratings for peers like TAL Education (TAL US) and Gaotu Techedu (GOTU US) [8] - New Oriental's valuation and growth prospects are highlighted as favorable compared to its peers in the education sector [8]

Financial Performance and Results - New Oriental Education & Technology Group Inc. reported its audited annual results for the fiscal year ending May 31, 2024[1] - Net revenue for FY2024 reached $4,313.586 million, with net service revenue at $3,500.998 million and net product revenue at $812.588 million[33] - Operating profit for FY2024 was $350.425 million, compared to a loss of $982.513 million in FY2022[33] - Net profit for FY2024 was $325.218 million, a significant improvement from a net loss of $1,220.276 million in FY2022[33] - Total operating costs and expenses for FY2024 were $3,963.161 million, with revenue costs at $2,050.960 million and sales and marketing expenses at $660.586 million[33] - Interest income for FY2024 was $153.589 million, while interest expenses were only $0.298 million[33] - The company's effective tax rate for FY2024 was approximately 25.2%, with current tax provisions at $130.927 million and deferred tax provisions at $21.237 million[33] - Basic earnings per share for FY2024 were $0.19, compared to a loss of $0.70 per share in FY2022[33] - Weighted average shares outstanding for basic EPS calculation in FY2024 were 1,653,597,432[33] - The company's intangible assets and goodwill impairment losses were zero in FY2024, compared to $31.794 million in FY2021[33] - Total share-based compensation expenses for FY2024 were $122.458 million, with general and administrative expenses accounting for $76.439 million of that total[33] - Cash and cash equivalents increased from $915.057 million in 2020 to $1,662.982 million in 2023, but decreased to $1,389.359 million in 2024[35] - Total assets grew from $6,556.885 million in 2021 to $7,531.673 million in 2024[35] - Total liabilities increased from $3,687.074 million in 2020 to $3,482.659 million in 2024[35] - Total equity rose from $2,869.811 million in 2020 to $4,049.014 million in 2024[35] - Third-party net revenue for 2024 was $4,313.586 million, up from $2,997.760 million in 2023[36][37] - Operating costs and expenses totaled $3,963.161 million in 2024, compared to $2,807.714 million in 2023[36][37] - Net profit for 2024 was $325.218 million, a significant improvement from a net loss of $1,220.276 million in 2022[36][37] - Other net income increased to $143.416 million in 2024 from $118.485 million in 2023[36][37] - Income tax provision for 2024 was $109.690 million, up from $66.066 million in 2023[36][37] - Cash and cash equivalents for consolidated affiliated entities in 2024 were $1,389.359 million[38] - Total assets increased to $7,531,673K in 2024 from $6,392,458K in 2023, reflecting a growth of 17.8%[39][40] - Total liabilities rose to $3,482,659K in 2024 from $2,577,670K in 2023, marking a 35.1% increase[39][40] - Total equity grew to $4,049,014K in 2024 from $3,814,788K in 2023, showing a 6.1% increase[39][40] - Net cash generated from operating activities was $1,122,643K in 2024, compared to $971,008K in 2023, a 15.6% increase[41][42] - Net cash used in investing activities was $1,153,922K in 2024, compared to $37,411K in 2023, indicating a significant increase in investment outflows[41][42] - Net cash used in financing activities was $160,438K in 2024, compared to $246,867K in 2023, showing a 35% decrease in financing outflows[41][42] - Deferred revenue increased to $1,780,063K in 2024 from $1,337,630K in 2023, reflecting a 33.1% growth[39][40] - Property and equipment net value increased to $507,981K in 2024 from $359,760K in 2023, a 41.2% increase[39][40] - Other non-current assets grew to $1,634,814K in 2024 from $1,618,811K in 2023, a slight increase of 1%[39][40] - Total current assets increased to $5,388,878K in 2024 from $4,413,887K in 2023, showing a 22.1% growth[39][40] - Net cash used in financing activities for the year ended May 31, 2023 was $246.867 million, compared to $230.858 million for the previous year[43] - Net cash generated from operating activities for the year ended May 31, 2022 was negative $1.280 billion[43] - Net cash generated from investing activities for the year ended May 31, 2022 was $1.169 billion[43] - Long-term investment fair value changes resulted in a loss of $0.9 million for the fiscal year ending May 31, 2023, and a gain of $19.0 million for the fiscal year ending May 31, 2024[77] Regulatory and Compliance Risks - The company has submitted a report on the effectiveness of internal control over financial reporting as required by Section 404(b) of the Sarbanes-Oxley Act[6] - The company faces risks related to competition in live-streaming e-commerce and the development of new educational products and services[13] - The company anticipates changes in revenue, costs, and expenses, influenced by market trends and regulatory policies in China[13] - The company's VIEs, including Beijing Xuncheng and New Oriental China, are consolidated into financial statements despite no direct equity ownership[9] - The company's forward-looking statements are based on expectations of future events, financial trends, and regulatory impacts in China[13] - The company operates in China through a series of contractual arrangements with variable interest entities (VIEs), including equity pledge agreements, exclusive option agreements, and service agreements[15][16][17] - The company's contractual arrangements for controlling variable interest entities (VIEs) are less effective than direct ownership, posing risks of conflicts and legal uncertainties[20] - Potential changes in Chinese laws and regulations could impact the enforceability of the company's contractual arrangements with VIEs, leading to severe penalties or loss of business interests[21] - The company faces risks related to regulatory approvals, antitrust actions, education industry regulations, and cybersecurity, which could affect its operations and stock value[21] - Chinese government oversight and control over overseas listings and investments could severely limit the company's ability to issue securities, potentially causing a significant drop in their value[22] - The company's Chinese subsidiaries and consolidated affiliated entities have obtained necessary licenses and permits, including private school operation permits, ICP licenses, EDI licenses, food business licenses, publication business licenses, performance business licenses, travel agency business licenses, and healthcare licenses[23] - The company is not currently required to obtain permits or complete filings with the China Securities Regulatory Commission (CSRC) or the Cyberspace Administration of China (CAC) for past securities issuances to foreign investors[24] - The company believes it is not subject to cybersecurity review by the CAC for maintaining its listing status on the NYSE under current Chinese laws and regulations[24] - The "Overseas Listing Trial Measures" require Chinese companies seeking overseas securities issuance to file with the CSRC, but companies listed before March 31, 2023, are not required to file immediately[24] - Future overseas securities issuances by the company may require filing with the CSRC, including follow-on offerings, convertible bond issuances, and relistings after privatization[24] - The Chinese government has expressed intentions to increase supervision and control over overseas issuances and foreign investments, creating regulatory uncertainty for the company[25] - Failure to obtain necessary approvals or changes in laws and regulations could result in penalties, including fines, suspension of operations, or revocation of licenses, severely impacting the company's ability to issue securities[25] - The company faces risks related to data privacy, protection, and cybersecurity regulations, which could lead to penalties, reputational damage, and adverse effects on its business operations[23] - The company may need to obtain additional licenses, permits, or approvals in the future due to potential changes in the interpretation and enforcement of laws and regulations[23] - Regulatory uncertainties and potential government oversight could significantly impact the company's operations and the value of its securities[25] - The company may be identified as a Commission-Identified Issuer under the HFCAA if PCAOB determines it cannot fully inspect or investigate accounting firms in China and Hong Kong, potentially leading to a trading ban in the U.S. if identified for two consecutive years[26] - The company's ability to pay dividends and repay debt depends on dividends from its Chinese subsidiaries and service fees from variable interest entities, which are subject to regulatory restrictions and Chinese accounting standards[27] - Chinese subsidiaries and variable interest entities face restrictions on transferring assets or dividends overseas, including foreign exchange controls and mandatory reserve allocations[28] - The company received loan repayments of $282.1 million, $290.0 million, and $1.5 million from indirect holding companies and subsidiaries in fiscal years 2022, 2023, and 2024, respectively[28] - The company provided loans of $330.4 million, $50.0 million, and $0 to indirect holding companies and subsidiaries in fiscal years 2022, 2023, and 2024, respectively[28] - The company has no formal dividend policy or cash management policy governing fund transfers between entities, relying instead on applicable Chinese laws and regulations[30] - Under a hypothetical tax scenario, the company's net distributable profit after a 25% corporate tax rate and 10% withholding tax would be 67.5% of pre-tax profit[31] - If variable interest entities' cumulative profits exceed fees paid to Chinese subsidiaries, non-deductible transfers may occur, reducing the company's after-tax income[31] - The company's operations in China are subject to Chinese laws and regulations, which can change rapidly with little notice, potentially impacting legal protections and compliance decisions[49] - The Chinese government's significant oversight and discretionary power over the company's operations could lead to major adverse changes in its operations and the value of its American Depositary Shares (ADS)[49] - Offshore offerings by the company may require approval or filing with the China Securities Regulatory Commission (CSRC) or other Chinese government agencies, with uncertain timelines and outcomes[50] - PCAOB's inability to inspect auditors in China could lead to the delisting of the company's ADS from U.S. exchanges under the HFCAA, significantly impacting investor value[50] - The company's ADS and ordinary shares have experienced and may continue to experience significant price volatility, potentially causing substantial losses for shareholders[51] - Negative reports by securities or industry analysts could lead to a decline in the price and trading volume of the company's ordinary shares and ADS[51] - Termination of K-9 academic tutoring services in China due to regulatory changes has had and may continue to have a significant adverse impact on the company's business, financial condition, and prospects[52] - The company closed 644 schools and learning centers, reducing the total number from 1,669 as of May 31, 2021, to 1,025 as of May 31, 2024, as part of its business restructuring[52] - The company's smart learning systems and devices may be classified as subject-based after-school tutoring activities, potentially requiring compliance with the "Double Reduction" policy and other regulations[58] - The company's revenue and profitability may decline if it fails to attract students without significantly reducing course fees[59] - The company faces risks of fines, operational suspensions, or other penalties if it fails to comply with the "Double Reduction" policy and related regulations[58] - The company may need to adjust its business operations further if new rules or regulations are introduced in China[58] - The company's ongoing license applications and existing permits could be negatively affected by regulatory non-compliance[58] - The company faces risks related to recent regulatory changes in the after-school tutoring services market[63] - The company's past financial performance may not be indicative of future results due to uncertainties in new business development and acquisitions[63] - The company has been involved in intellectual property infringement claims, including a 2001 case resulting in a RMB 6.5 million damages payment[65] - The company collaborates with international education content providers such as Cambridge University Press and Oxford University Press[65] - The company faces challenges in maintaining consistent teaching quality across its school network[62] - The company must provide competitive compensation to attract and retain qualified teachers in China[62] - The company's growth may be impacted by a limited pool of experienced teachers in China[62] - The company's operations are subject to Chinese laws requiring teachers to obtain necessary qualifications[62] - The company's acquisitions may not yield expected benefits and could negatively impact business management[64] - The company faces potential legal claims and disputes related to copyright infringement and unauthorized use of third-party names, which could lead to increased expenses, revenue loss, and reputational damage[66] - The company has invested over 20 years in building the "New Oriental" brand, emphasizing quality and consistency, but faces challenges in preventing unauthorized use of its trademarks and names by third parties[67] - The company operates in a highly competitive education industry in China, with competitors potentially having more resources and faster adaptability to market changes, which could impact student enrollment and profitability[67] - The company faces competition from online education providers using advanced technologies like live streaming, which may force the company to lower course fees or increase spending to remain competitive[67] - The company's profitability may be affected by intense competition from other live-streaming e-commerce participants with stronger financial and marketing resources[68] - The company's business operations could be significantly disrupted by infectious disease outbreaks, such as COVID-19, leading to temporary closures of schools and learning centers, impacting revenue and liquidity[70] - The company experienced a decline in gross and net profit margins due to regulatory developments in the after-school tutoring sector, with operating profit margins turning positive in FY2023 and improving in FY2024[71] - New investments and acquisitions may lead to a temporary decline in profit margins until the acquired businesses are fully integrated and synergies are realized[71] - The company's total revenue and operating performance are subject to seasonal fluctuations, with the highest revenue typically recorded in the first fiscal quarter (June 1 to August 31) due to increased student enrollment during summer[72] - The COVID-19 pandemic negatively impacted the company's financial and operating performance in the third and fourth fiscal quarters of 2020[72] - The company's American Depositary Shares (ADS) and ordinary shares experienced significant price declines following the release of the "Double Reduction" policy in July 2021[73] - The company's ADS and ordinary shares also saw a sharp decline after announcing the departure of a key figure and the sale of a subsidiary in July 2024[73] - The company faces risks from changes in exam materials, admission standards, and regulations, which could reduce the attractiveness of its courses and services[74] - The company may be required to take corrective measures or suspend training materials if it fails to comply with new curriculum and training material requirements[74] - A potential reduction in reliance on admission and assessment exams by higher education institutions could decrease demand for the company's services and products[75] - The company's deferred revenue, which represents prepaid tuition, may not reflect actual future revenue due to potential changes in customer preferences or service delivery[76] - Failure to fulfill obligations related to deferred revenue could adversely affect the company's operating performance and liquidity[76] - The company's new e-commerce platform under the "Oriental Selection" brand, launched in 2022, has shown significant progress in proprietary product sales and live-streaming e-commerce during the 2023 and 2024 fiscal years[78] - The "Yu Hui Tong Xing" live-streaming account, associated with star host Dong Yuhui, gained significant popularity since its launch in January 2024, leading to a broader consumer base[80] - In August 2024, "Yu Hui Tong Xing" ceased to be a consolidated affiliate of Oriental Selection, and its financial results were no longer included in Oriental Selection's consolidated financial statements[80] - The company's total net revenue for the fiscal year ending May 31, 2024, was largely derived from operations in Beijing, Hangzhou, Guangzhou, and Nanjing[80] - The company's OMO (Online-Merge-Offline) standardized digital classroom teaching system, developed in 2014, integrates offline schools and learning centers with online education systems to enhance operational efficiency[81] - The company faces risks in maintaining and expanding its market share due to rapid technological changes and unpredictable user preferences in the online education market[81] - The company relies heavily on star hosts for its live-streaming e-commerce business, and a decline in their popularity or inability to retain them could significantly impact gross merchandise value[80] - The company's ability to adapt to evolving student needs, technological advancements, and internet operations is critical for maintaining competitiveness in the online education market[81] - The company's reliance on unobservable inputs for fair value assessments of long-term investments introduces inherent uncertainty and subjectivity, which could significantly impact valuations[77] - The company maintains effective internal controls over financial reporting as of May 31, 2024, but cannot guarantee future effectiveness[82] - Lack of liability or business interruption insurance for some teaching facilities may expose the company to financial and reputational risks[83] - The company's online course infrastructure relies on elastic cloud computing to handle increasing student demand[83] - Multiple cloud data centers are used to ensure service continuity in case of damage to on-site computer centers[83] - The company has experienced multiple cyberattacks in the past, though none caused significant operational impact[84] - Data security measures are in place

Investment Rating - The investment rating for the company is "Outperform the Market" [4]. Core Views - The company has successfully adapted to the new regulatory environment post "Double Reduction" policy, showing significant transformation results. In FY2024, the company achieved revenue of $4.314 billion, a 44% increase, and a Non-GAAP net profit of $381 million, a 47% increase, indicating a recovery to 98% of FY2021 levels [1][11]. - The company is transitioning from K9 academic training to new educational business models, including competency training and smart learning systems, while maintaining its high school and adult education services [1][2]. - The education industry is experiencing a supply clearance with strong demand resilience, leading to a concentration trend among leading institutions [1][2]. Summary by Sections Company Overview - Founded in 1993 by Yu Minhong, the company is a leading education and training institution in China, listed in the US in 2006 and in Hong Kong in 2020. It has diversified its business to include K12 education, study abroad consulting, and adult education [1][11]. Transformation Strategy - The company has ceased K9 academic training and is exploring new business avenues such as competency training, e-commerce, and cultural tourism, leveraging its brand and traffic for diversified monetization [1][2][15]. Industry Analysis - The education sector has seen a significant reduction in supply post "Double Reduction" policy, with a 96% decrease in K9 training institutions. The market is expected to recover to pre-policy levels by 2025, with leading institutions gaining market share [1][2][15]. Growth Outlook - New educational businesses are projected to generate $890 million in FY2024, with expected growth rates of 55%, 22%, and 20% from 2025 to 2027. Traditional education services are expected to grow at a stable rate of 15-20% over the next three years [2][5]. - E-commerce and cultural tourism are also anticipated to contribute to growth, with the e-commerce segment expected to recover profitability as operations normalize [2][15]. Financial Projections - Revenue forecasts for FY2025-2027 are $5.113 billion, $6.414 billion, and $7.893 billion, with Non-GAAP net profits projected at $528 million, $796 million, and $1.096 billion, respectively [5][2]. - The company is expected to maintain a PE valuation of 25-28x for FY2025, translating to a target market capitalization of $132-148 billion [2][5].

Investment Rating - Buy (Maintained) [4] Core Views - The company is expected to achieve a more balanced expansion and store efficiency from H2 2024, leading to better-than-expected revenue, profit scale, and margin improvement [1] - Market share is expected to continue optimizing, with K9 non-academic and high school stage revenues projected to exceed $2.2 billion and $1.8 billion respectively by FY27, with a CAGR of 35% and 19% from FY24 to FY27 [2] - Profit margins have ample room for optimization, with gross margins expected to improve by 4-5 percentage points due to increased utilization rates, OMO-driven store efficiency, and optimized rental costs [2] - The company is currently in an adjustment observation period, with short-term catalysts expected from summer and autumn enrollment growth outpacing store expansion [2] Market Share Optimization - The company's market share is expected to significantly improve compared to pre-double reduction levels, with K12 student enrollment share projected to reach 2.7% by FY27, matching FY2021 levels [2] - Market share growth is driven by: - Strict entry barriers for quality-oriented literacy courses [2] - Stronger financial capabilities for expansion compared to smaller institutions [2] - Standardized and high-quality teaching research providing cost-effective services [2] - National brand recognition post-2021 [2] Profit Margin Optimization - Gross margins are expected to improve by 4-5 percentage points due to increased utilization rates (from 66% to 80%), OMO-driven store efficiency, and optimized rental costs [2] - Management expense ratios are expected to improve by at least 2 percentage points over the next three years, driven by more balanced KPI settings and faster revenue growth [2] - The company's rapid store expansion in FY24Q4, with 114 new stores added, is seen as a temporary factor affecting margins, not a sign of intensified competition [2] Financial Projections and Valuation - Adjusted net profits for FY25-FY27 are projected at $541 million, $726 million, and $928 million, respectively, with PE ratios of 21.3x, 15.9x, and 12.4x based on the closing price on August 16, 2024 [3] - The company's FY25 PS ratio of 2.3x is below the industry average of 2.7x, and its FY25 PE ratio is lower than peers like TAL Education (42.8x) and Xueda Education (28.1x) [3] - A target market cap of $16.2 billion is set for FY25, implying a 41% upside from the August 16, 2024 closing price [3] Store Expansion and Efficiency - FY24 saw a 37% increase in learning centers, with 1,025 centers by FY24Q4, exceeding the 30% growth guidance [35] - Store expansion slowed in July 2024, signaling a shift towards balancing enrollment growth and store efficiency [35] - The company plans to increase capacity by 20%-25% in FY25, focusing on cities with better revenue and profit performance [35] Business Performance - FY24Q4 revenue grew 32% YoY to $1.14 billion, slightly above guidance, but non-GAAP operating profit and net profit were below Bloomberg consensus estimates due to factors like store expansion costs and management incentives [10] - Education-related new businesses grew rapidly, with FY24Q4 revenue up 50.3% YoY, and non-academic course enrollments increased by 39% YoY to 875,000 [12] - The company expects FY25Q1 revenue (excluding Dongfang Zhenxuan) to grow 31%-34% YoY, with education business operating margins improving by 2 percentage points [13]

2024 年 08 月 08 日 公司研究 评级：买入(维持) 研究所： | --- | --- | |--------------|----------------------| | 证券分析师： | 姚蕾S0350521080006 | | | yaol02@ghzq.com.cn | | 证券分析师： | 谭瑞峤S0350521120004 | | | tanrq@ghzq.com.cn | [Table_Title] 网点扩张业绩阶段承压，收入有望高增 ——新东方-S（09901）公司动态研究 事件: ①公司 2024 年 7 月 31 日公告 FY2024Q4 业绩，FY2024Q4 实现营业收 入 11.37 亿美元，yoy+32%，Non-GAAP 归母净利润 3693 万美元， yoy-40.5%。 ②公司 8 月 6 日公告，将 7 月股份回购计划中的回购总值由 4 亿美元增 至 7 亿美元，截至 2024 年 8 月 6 日，已回购 3.3 亿美元。 投资要点: FY2024Q4 营收符合预期，东方甄选业务增长及网点扩张成本增加 致利润不及预期 （1）收入端，公司 FY2024Q4 实现营 ...

Investment Rating - The report maintains a "Buy" rating for New Oriental with a target price of $90.0, representing a potential upside of 50.4% from the current price of $59.9 [1]. Core Insights - The education business continues to grow despite short-term profit margin fluctuations, with a significant increase in the number of schools and learning centers, reaching 1,025, up by 114 from the previous quarter [1]. - The company expects net revenue for FY25Q1 to be between $1.25 billion and $1.28 billion, reflecting a year-over-year growth of 31% to 34% [1]. - The deferred revenue balance stands at $1.78 billion, up 33.1% quarter-over-quarter, aligning with revenue growth expectations [1]. Financial Overview - For FY24Q4, total revenue was $113.7 million, a year-over-year increase of 32.1%, slightly above the company's guidance [1]. - Non-GAAP operating profit for FY24Q4 was $36.32 million, a year-over-year increase of 53.8% [1]. - The company reported a gross margin of 52.3%, down 2.2 percentage points year-over-year, primarily due to increased investments in expansion and employee compensation [1][2]. Business Expansion - The overseas exam preparation and study abroad consulting businesses grew by 17.7% and 17.3% year-over-year, respectively [1]. - Non-academic tutoring business registrations increased by 39.1% year-over-year, contributing to an overall revenue growth of 50.3% in new business segments for Q4 [1]. Future Projections - Revenue projections for the next fiscal years indicate continued growth, with expected revenues of $5.02 billion in 2025 and $5.84 billion in 2026, reflecting year-over-year growth rates of 16.3% and 16.5%, respectively [2][3]. - The company anticipates maintaining a strong cash position with total cash, short-term investments, and deposits amounting to $4.94 billion [1].

港股公司报告 | 公司点评 新东方-S（ 09901 ) 拨开短期杂音，加速成长 FY24Q4 收入同增 32%，Non-GAAP 归母净利受短期因豪影响同减 41% 公司发布新一期财报，FY24Q4（2024/3/1-2024/5/31）收入 11.4 亿美元同 增 32.1%，其中出国备考同增 17.7%，出国咨询同增 17.3%，成人及大学生 备考业务同增 16.4%；教育新业务保持强劲增长，同增 50.3%，其中非学科 类教培报名人次 88 万，智能学习系统季度内活跃付 费用户达 18.8 万 。 FY24Q4 公司 Non-GAAP 经营利润 0.4 亿美元同减 53.8%, Non-GAAP OPM3.2% 同减 5.9pct；归母净利 0.3 亿美元同减 6.9%，Non-GAAP 归母净利 0.4 亿美 元同减 40.5%，Non-GAAP 归母净利率 3.2%同减 4pct。 FY24 全年公司收入 43.1 亿美元同增 43.9%； Non-GAAP OPM 为 11%同增 1.6pct；归母净利润 3.1 亿美元同增 74.6%，Non-GAAP 归母净利 3.8 亿美元 同增 47.2 ...

新东方-S（09901.HK） 教培主业经营稳定，产能扩张提供长期增长动能 事件：公司发布 FY2024 财报。公司 FY2024Q4（2024 年 3 月 1 日-2024 年 5 月 31 日）实现净营收 11.37 亿美元（yoy+32.1%），超过上一季度业绩指引 （11.02~11.27 亿美元），Non-GAAP 经营利润 0.36 亿美元（yoy-53.8%）， Non-GAAP 归母净利润 0.37 亿美元（yoy-40.5%）。FY2024 全年净营收 43.14 亿美元（yoy+43.9%），Non-GAAP 经营利润 4.73 亿美元（yoy+69.0%）， Non-GAAP 归母净利润 3.81 亿美元（yoy+47.2%）。 聚焦教育主业，产能持续扩张。截至 2024 年 5 月 31 日，公司学校及学习中心 总计 1025 家（QoQ+12.51%，YoY+37.03%），超过全年教学点容量同比增幅 目标，公司将持续提升教学网点数量与网点利用率，目标 FY25 教学点容量同比 增幅在 20-25%左右。分业务看，FY2024Q4 传统教育业务中留学考培/留学咨 询/成人及大学生考试 ...

证券研究报告·海外公司点评·支援服务(HS) 新东方-S（09901.HK） FY24Q4 季报点评：教育业务增长强劲，与 辉同行出表影响有限 2024 年 08 月 04 日 买入（维持） | --- | --- | --- | --- | --- | --- | |-----------------------------|---------|---------|---------|---------|---------| | [Table_EPS] 盈利预测与估值 | FY2023A | FY2024A | FY2025E | FY2026E | FY2027E | | 营业总收入（百万美元） | 2998 | 4314 | 5271 | 6458 | 7444 | | 同比(%) | (3.46) | 43.89 | 22.20 | 22.51 | 15.27 | | 归母净利润（百万美元） | 177.34 | 309.59 | 436.64 | 539.96 | 644.13 | | 同比(%) | 114.93 | 74.57 | 41.04 | 23.66 | 19.29 | | Non-GA ...

利润端短期扰动，看好教培业务健康发展 2024 年 08 月 04 日 事件：7 月 31 日晚间，新东方发布 FY2024Q4 及全年业绩。2024 年 3-5 月实 现净收入 11.37 亿美元/yoy+32%，归母净利润 0.27 亿美元/yoy-7%；NonGAAP 经营利润 0.36 亿美元/yoy-54%，Non-GAAP 归母净利润 0.37 亿美元 /yoy-41%。2024 财年全年净收入 43.14 亿美元/yoy+44%，Non-GAAP 归母 净利润 3.81 亿美元/yoy+47%。 ➢ FY2024Q4 收入略超指引，利润不及预期，但利润端扰动偏短期。FY2024Q4 营收 11.37 亿美元，yoy+32%，略超此前指引（yoy+28~31%），去年高基数下 仍保持较快增长。Non-GAAP 经营利润 0.36 亿美元，yoy-54%，低于市场预期 （0.69 亿美元）。FY2024Q4 利润下滑较多受到多因素影响：1）加速扩展教学 点带来费用增长，以及文旅业务投入、提升管理层和员工薪酬奖励；2）东方甄 选投入，以及出售与辉同行带来的费用。我们认为当前环境下加快教培业务布局 具备 ...