Investment Rating - The report maintains an "Overweight" rating for New Oriental (EDU N) [2] Core Views - New Oriental's FY25Q1 revenue reached $1 44 billion, a year-over-year increase of 30 5%, with Non-GAAP net income attributable to shareholders at $265 million, up 39 8% year-over-year [1] - The company's core education business operating margin improved to 23 7%, a 370bps increase year-over-year, while the Non-GAAP operating margin stood at 24 4%, up 220bps [2] - New Oriental's education new business revenue grew by 49 8% year-over-year, with non-academic class enrollments reaching 484,000, a 10 5% increase [3] - The company's overseas test preparation and study abroad consulting businesses saw revenue growth of 18 8% and 20 7% respectively, while adult and college domestic test preparation business revenue increased by 30 4% [3] Business Performance - New Oriental's total number of schools and learning centers increased to 1,089, with 64 new learning centers added in the quarter [2] - The company's active paying users for its intelligent learning system reached 323,000, a 78 5% year-over-year increase [2] - New Oriental's cash and cash equivalents balance stood at $1 15 billion, supporting the company's expansion in the education business [2] Financial Projections - The report forecasts adjusted net income attributable to shareholders for 2025-2027 at $502 million, $642 million, and $740 million, representing year-over-year growth rates of 31 8%, 27 9%, and 15 3% respectively [3] - Revenue projections for 2025-2027 are $5 33 billion, $6 49 billion, and $7 40 billion, with year-over-year growth rates of 23 6%, 21 7%, and 14 1% [4] - The company's PE ratios for 2025-2027 are projected at 20x, 16x, and 14x respectively [3] Industry Analysis - The education industry continues to show strong demand, particularly in the non-academic and test preparation segments [3] - New Oriental's multi-line strategy post the "Double Reduction" policy has entered a new growth cycle, with stable market share and continuous growth in new store openings [3]

24 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update New Oriental (EDU US) Soft consumption weighs on demand for highASP businesses; intact long-term outlook New Oriental announced 1QFY25 results on 23 Oct: net revenue grew by 30.5% YoY to US$1,435mn (or +33.5% YoY if excluding East Buy revenue), in line with our/consensus estimate of US$1,396mn/1,442mn; non-GAAP net income grew by 39.8% YoY to US$265mn, largely in line with our/consensus estimate of US$256/258mn, ...

New Oriental Education & Technology Group Inc. (NYSE:EDU) Q1 2025 Earnings Conference Call October 23, 2024 8:00 AM ET Company Participants Sisi Zhao - Investor Relations Stephen Yang - Executive President & Chief Financial Officer Conference Call Participants Felix Liu - UBS Alice Cai - Citi Yiwen Zhang - China Renaissance Lucy Yu - Bank of America Timothy Zhao - Goldman Sachs Charlotte Wei - HSBC DS Kim - JPMorgan Operator Good evening, and thank you for standing by for New Oriental's FY 2025 First Quarte ...

New Oriental (EDU, Financial) shares dropped by 1.87% in pre-market trading, priced at $74.36. Macquarie has revised its forecast for New Oriental's non-GAAP net profit for fiscal years 2025 to 2027, reducing it by 11.6% to 13.3%. This adjustment is based on a lowered revenue prediction and non-GAAP operating profit forecast for the company. The report highlights that while New Oriental's non-academic K-9 business remains robust, there is an anticipated slowdown in the growth of its overseas test preparatio ...

Shares of New Oriental (EDU, Financial) fell approximately 9.8% in pre-market trading to $71.77. This decline followed a report from Macquarie, which adjusted its forecast for New Oriental's non-GAAP net profit for fiscal years 2025 to 2027 downward by 11.6% to 13.3%. The revision is based on lowered revenue projections and operating surplus expectations under non-GAAP measures. Macquarie also revised its target price for New Oriental's H shares from HKD 71 to HKD 63.1, maintaining a projected price-to-earn ...

Shares of New Oriental Education & Technology Group Inc (EDU, Financial) surged 1.83% in mid-day trading on Oct 2. The stock reached an intraday high of $87.26, before settling at $78.60, up from its previous close of $77.19. This places EDU 19.96% below its 52-week high of $98.20 and 37.39% above its 52-week low of $57.21. Trading volume was 3,558,206 shares, 162.3% of the average daily volume of 2,192,581. Wall Street Analysts Forecast Based on the one-year price targets offered by 20 analysts, the averag ...

New Oriental Education (EDU) shares rallied 7.9% in the last trading session to close at $65. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 7.5% loss over the past four weeks. Shares of EDU are expected to have gained on the optimism induced by the release of a fiscal stimulus on Tuesday by the People's Bank of China. The stimulus encompasses interest rate cuts and additional funding opportunities, which ha ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 31, 2024. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EX ...

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证券研究报告 社会服务 证券分析师 朱芸 S1350524070001 zhuyun@huayuanstock.com 联系人 市场表现： 股票数据： 2024 年 8 月 22 日 | --- | --- | |-------------------------|-----------| | 收盘价（美元） | 68.38 | | 一年内最高/最低（美元） | 98.2/52.3 | 总市值（百万美元） 11300 市净率 PB 3.0 基础数据： 2024 年 5 月 31 日 总股本（百万股） 165 总资产（百万美元） 7532 净资产（百万美元） 4049 每股净资产（美元） 2.28 资料来源：公司公告，ifind 首次覆盖报告 2024 年 08 月 22 日 新东方 (EDU.N) 增持（首次覆盖） ——持续关注教育业务主线，等待利润率修复 投资要点： ➢ 事件：2024 财年，新东方凭借在教育行业中的龙头地位和品牌心智,增长动力持续在第四季度 保持增速，FY24Q4 营收达 11.4 亿美元，同比增长 32.1%。全年收入达 43.1 亿美元，同比 增长 43.9%。 ➢ 教育业务需求旺盛， ...