华福证券 培训教育 2024年05月16日 公 司 新东方 （ ） -S 09901.HK 买入（首次评级） 研 究 新东方为何是本轮教培行情的龙头？ 当前价格： 69.80港元 目标价格： 99.84港元 投资要点：详细解答教培龙头涅槃重生以来市场关注的全方位问题。 基本数据  行业政策和监管执行有何变化？2021年7月双减政策发布以来，减轻 总股本/流通股本(百万股) 1,655.12/1,655.12 学生负担的理念不变。执行层面逐渐规范，涉及资金管制、培训内容备案 流通市值(百万港元) 115,527.68 每股净资产(港元) 18.32 与监督、广告宣传、营业时间、价格指导及资金监管等多个方面的管制。 资产负债率(%) 42.28 从政策落地以来执行层面的跟踪和观察看，针对违规机构的处罚与合规牌 一年内最高/最低价(港元) 77.05/28.25 照的新增并存，进一步印证双减不是禁止而是引导行业走向规范化发展。 一年内股价相对走势  双减后的创新模式如何支撑业绩复苏？1）素质教育教学内容附加应用 公 场景，需求端看，由于注重“授人以渔”的底层能力培养，对校内成绩有 司 促进作用；供给端看，优质课 ...

新东方（EDU/9901） 更新报告 买入 2024年5月2日 收入持续超预期，多因素影响利润率 但玉翠  业绩概览：截止 24 年 2 月 29 日,公司 FY24Q3 同比+60.1%至 12.07 亿 +852-25321539 美 元，高于此前公司业绩指引（10.71-10.94 亿美元）。经营净利润 Tracy.dan@firstshanghai.com.hk 1.13 亿美元，同比+70.6%；Non-GAAP 经营利润 1.41 亿美元，同比 +60.3%；归母利润0.87亿美元，同比+6.8%。Non-GAAP净利润为1.05亿 主要资料 美元，同比+9.8%。 行业 教育  新业务持续快速增长，教学面积扩容提速：截至 FY24Q2 末，公司学校 股价 78.4美元/62.6港元 及 学习中心数 911 间，环比增加 68 间，其中学校数量为 81 间，预计至 目标价 111.2美元/87.1港元 财年末，公司教学面积扩容将达到 30%。FY24Q1 海外备考业务同比增长 52.6%（美元计，下同），留学咨询业务同比增长 25.7%；大学生及成人 (+36.8%/+33.7%) 考试业务同 ...

证券研究报告·海外公司点评·支援服务(HS) 新东方-S（09901.HK） FY2024Q3 财报点评：维持盈利预测，快速扩 2024 年 04月 29日 张带来长期增长弹性 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 FY 2022A FY20 23A FY202 4E FY2025 E FY2026E zhanglw@dwzq.com.cn 证券分析师 周良玖 营业总收入（百万美元） 3,105 2,998 4,307 5,455 6,495 执业证书：S0600517110002 同比(%) (27.39) (3.46) 43.67 26.65 19.07 021-60199793 归母净利润（百万美元） (1,187.72) 177.34 334.04 471.58 576.54 zhoulj@dwzq.com.cn 同比(%) (455.16) 114.93 88.36 41.17 22.26 研究助理 张文雨 Non-GAAP净利润（百万美元） (1,046.24) 259.91 412. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price set at 68.65 HKD [5][10]. Core Insights - The company reported a significant revenue increase of 60% year-on-year for FY24Q3, reaching 1.2 billion USD, with operating profit (OP) growing by 71% to 110 million USD [1]. - Non-GAAP operating profit for FY24Q3 was 140 million USD, also reflecting a 60% increase [1]. - The company has shown strong growth in its overseas exam preparation and consulting services, with increases of approximately 52.6% and 25.7% respectively [1]. - The total number of schools and learning centers increased to 911 as of February 29, 2024, up from 843 in November 2023 [1]. Summary by Sections Financial Performance - For FY24Q1-3, the company achieved a revenue of 3.2 billion USD, a 49% increase year-on-year, with operating profit reaching 340 million USD, up 139% [1]. - The net profit attributable to shareholders for FY24Q1-3 was 280 million USD, marking a 91% increase [1]. - The company recorded a Non-GAAP operating profit margin (OPM) of 13.7% for FY24Q1-3, compared to 9.4% in the previous year [1]. Business Expansion - The company is expanding its teaching space in cities with growth potential and higher facility utilization rates, which is expected to enhance profitability [2]. - The new business segment in education saw a revenue increase of 72.7%, with non-academic tutoring reaching 355,000 enrollments in nearly 60 cities [1][2]. - The company is committed to improving teaching quality and enhancing student experiences, which has led to increased customer retention [1]. Future Outlook - The company anticipates a net revenue growth of 34%-37% in FY2024Q4, indicating continued positive momentum [3]. - Adjustments to earnings forecasts have been made, with projected revenues for FY24, FY25, and FY26 set at 4.5 billion USD, 5.7 billion USD, and 7.3 billion USD respectively [3]. - Non-GAAP net profits for FY24, FY25, and FY26 are expected to be 420 million USD, 610 million USD, and 880 million USD respectively [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The report indicates that revenue exceeded expectations primarily due to accelerated expansion of educational outlets and the launch of the "With Huizhong" initiative, while profit margins fell short of expectations mainly due to increased selection subsidies. However, the profitability of the core education business continues to improve [4] - The company has adjusted its FY2024-2026 Non-GAAP net profit estimates to $415 million (-20%), $591 million (-15%), and $783 million (-8%) respectively, with EPS projected at $0.19, $0.29, and $0.40 [4] - For FY24Q3, the company achieved revenue of $1.207 billion (+60%), surpassing consensus expectations of $1.098 billion, with a gross profit of $563 million (+46%) and a gross margin of 46.59%, down 4 percentage points year-on-year [4] Revenue Summary - The revenue growth was driven by significant increases in overseas examination preparation and consulting services, which grew by 52.6% and 25.7% year-on-year respectively. Domestic exam preparation business grew by 53.2%, and new business revenue increased by 72.7% [4] - The number of educational outlets increased from 843 to 911, with a year-on-year growth rate rising from 19% to 28% [4] - The "With Huizhong" platform has significantly boosted GMV, contributing to revenue growth [4] Profitability Summary - The gross profit for the quarter was $563 million (+46%), with a gross margin of 46.59% (-4 percentage points). Marketing and management expense ratios were 13% and 24% respectively, showing a decrease of 0.25 and 4.73 percentage points year-on-year [4] - The overall profit margin was impacted by a slight loss from the "Dongfang Zhenxuan" initiative, increased discount subsidies, and higher tax expenses from the acquisition of "Dongfang Zhenxuan" [4] - Excluding the impact of "Dongfang Zhenxuan," the profitability of the core education business improved by 3 percentage points year-on-year, indicating effective cost management despite rapid expansion [4]

新东方-S（9901.HK）2024财年三季报点评 营收超预期，利润受多个短期因素扰动 2024年04月26日 事件：4月24日晚间，新东方发布2024财年三季报。2023年12月-2024年2月实现 推荐 维持评级 净收入12.07亿美元/yoy+60.1%，归母净利润0.87亿美元/yoy+6.8%；经营利润1.13 当前价格： 62.20港元 亿美元/yoy+70.6%，Non-GAAP 经营利润（加回股权激励费用）1.41 亿美元 /yoy+60.3%。 ➢ Q3 营收超过此前指引，Q4 营收预计同增 28-31%，高基数下增长仍然强劲。 [Table_Author] FY2024Q3 公司营收12.07 亿美金，同比增长 60%，远超此前指引（10.7-10.9 亿美金 /yoy+42~45%）。分业务看，出国考培/出国咨询/成人及大学生/教育新业务营收分别同 比增长 53%/26%/53%/73%。教育新业务中，非学科辅导报名人次 35.5 万，同比增长 63%，智能学习系统活跃付费人数18.8万，同比增长74%。截至2024年2月底，公司 递延收入余额15.2亿美元，同比增长31%，保持较快增长 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company reported FY2024Q3 net revenue of $1.207 billion, a year-over-year increase of 60.1%, exceeding the previous quarter's guidance [1] - The education business showed strong performance during the peak season, with significant revenue growth driven by the rapid expansion of Dongfang Zhenxuan [1] - The company aims for a 30% year-over-year increase in teaching point capacity by the end of FY24 [1] - Non-GAAP operating profit for FY2024Q3 was $141 million, up 60.3% year-over-year, while Non-GAAP net profit was $105 million, up 9.8% year-over-year [1] - The company expects FY2024Q4 revenue to grow by 28% to 31%, reaching between $1.102 billion and $1.127 billion [2] Summary by Sections Financial Performance - For FY2024Q3, the company achieved a gross margin of 46.59%, with a Non-GAAP operating margin of 11.7% [2] - The company reported cash and cash equivalents of $2.014 billion, reflecting a year-over-year increase of 51.46% [2] - Deferred revenue stood at $1.522 billion, a year-over-year increase of 30.8% [2] Business Segments - Traditional education services, including study abroad consulting and adult education, saw year-over-year growth rates of 52.6%, 25.7%, and 53.2% respectively [1] - New business lines, particularly in live e-commerce and cultural tourism, contributed significantly to revenue growth, although profit margins were under pressure due to rapid expansion [1][2] Future Outlook - The company has adjusted its profit forecasts, expecting Non-GAAP net profits of $405 million, $543 million, and $688 million for FY2024, FY2025, and FY2026 respectively, representing year-over-year growth rates of 56.3%, 34.1%, and 26.8% [2]

[Table_Title] 证券研究报告 收入超指引，非学科辅导增长强劲 公司研究 [Table_ReportDate] 2024年4月25日 [Table_ReportType] 公司点评 [T事ab件le：_公Su司mm发ar布y]三 季度业绩报告，FY24Q3，公司实现收入12.1亿美元、同 [T新ab东le方_S(to9c9k0A1n.dHRKan)k ] 增60.1%，实现归母净利润0.9 亿美元、同增6.8%，实现经调整归母净利 润1.0亿美元、同增9.8%。 投资评级 无评级 点评： 上次评级 无评级 ➢ 收入端超指引，新业务增长亮眼。三季度为传统旺季，收入实现高增， [T范ab欣le悦_A u t h o教r]育 人服行业首席分析师 FY24Q3 公司实现收入 12.1 亿美元，超出此前指引（10.7~10.9 亿美 执业编号：S1500521080001 元），同增 60.1%。其中出国考试培训、出国咨询业务分别同比增长 邮 箱：fanxinyue@cindasc.com 52.6%、25.7%；成人及大学生国内考试培训业务同比增长53.2%。教 育属性新业务同比增长72.7%，主要受益于非 ...

交银国际研究 公司更新 教育 收盘价 目标价 潜在涨幅 2024年4月25日 港元70.90 港元89.00↓ +25.5% 新东方教育科技 (9901 HK) 2024 财年 3 季度：东方甄选投入加大，教育业务运营利润率持续改善  2024财年3季度业绩：收入12亿美元，同比增60%，对比我们/彭博一致 个股评级 预期增速44%/47%，主要受教育新业务及东方甄选自营增长拉动。调整后 买入 运营利润 1.4 亿美元，运营利润率 12%，同比持平；调整后归母净利润 1.05亿美元，低于我们和彭博一致预期的1.2亿美元，净利率8.7%，对比 1年股价表现 去年同期13%，主要受东方甄选扩张、供应链建设及自营品打折拖累。 9901 HK  业绩亮点：1）传统业务：留学备考/咨询收入同比增 53%/26%，需求强 140% MSCI中国指数 120% 劲，合计贡献收入22%；成人及大学生收入增53%，贡献收入约3%。2） 100% 80% 新业务：受寒假旺季拉动，收入增速73%，收入贡献约20%，较去年同期 60% 40% 提升3个百分点。非学科培训季度招生同比增63%至35.5万人次，占比新 20% 0% ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 新 東 方 教 育 科 技（ 集 團 ）有 限 公 司 * （於開曼群島存續的有限公司） （股份代號：9901） 截 至 2024 年 2 月 29 日 止 第 三 季 度 的 未 經 審 核 財 務 業 績 我們謹此公佈截至2024年2月29日止第三財政季度的未經審核業績（「財務業績」）。財務 業績在香港聯交所網站(www.hkexnews.hk )及我們的網站(http://investor.neworiental.org/ )可供 查閱。 承董事會命 New Oriental Education & Technology Group Inc. 新東方教育科技（集團）有限公司* 主席 俞敏洪先生 中國北京，2024年4月24日 ...