Investment Rating - Maintain "Buy" rating for TAL [5][6] Core Views - TAL's FY2025Q1 revenue reached $414 million, up 50.4% YoY, exceeding Bloomberg consensus by 5% [1] - Non-GAAP operating profit turned positive at $0.876 million with a 0.2% margin, better than Bloomberg's -7% expectation [1] - The company is expected to increase investments in Q2 FY2025, which may temporarily pressure margins but is aimed at future growth [4] Business Segments Learning Services - Offline quality education revenue grew by high double digits YoY in FY2025Q1, with over 400 outlets compared to 200 in FY2024Q1 [2] - Online school business saw strong performance in customer acquisition, with high double-digit sales growth on Douyin from January to July [2] - Deferred revenue increased to $640 million in FY2025Q1, up 66% YoY [2] Content Solutions - Launched the "Xueersi Learning Machine Classic Edition 2024" in May 2024, with estimated sales of 100,000 units in Q1 FY2025 [3] - The company is leveraging AI and technology to enhance product differentiation, such as the new math search and Q&A tool "Jiuzhang Suishiwen" [3] Financial Forecasts - Revenue for FY2025-FY2027 is projected to be $2.064 billion, $2.603 billion, and $2.951 billion, with YoY growth of 38%, 26%, and 13% respectively [5] - Net income attributable to shareholders is expected to be $17 million, $111 million, and $183 million for FY2025-FY2027 [5] - Non-GAAP net income is forecasted at $104 million, $196 million, and $266 million for the same period [5] Historical Context - TAL achieved a 46% CAGR in revenue from FY2010 to FY2021, driven by high-quality education services and standardized teaching systems [4] - Current store count of 400+ represents 36% of pre-"Double Reduction" levels, indicating significant growth potential [4]

海外公司报告 | 公司动态研究 静待盈利改善 FY25Q1 收入 4 亿美元同增 50%，归母净利润 0.1 亿美元扭亏 公司发布新一季财报 FY25Q1（24/3/1-5/31）收入 4.1 亿美元同增 50%，约 30 亿人民币；经营亏损 0.2 亿美元同比减亏 70%，Non-GAAP 经营利润 88 万美元扭亏；归母净利 0.1 亿美元扭亏；Non-GAAP 归母净利 0.3 亿美元扭 亏，约合 2 亿人民币。 截至 5 月末，公司递延收入 6.4 亿美元，同比增长 66%，约合 46 亿人民币。 FY25Q1 公司毛利率 51.7%同增 2.4pct；销售及营销费率 29.6%同减 6pct， 管理费率 26.5%同减 12pct，其中 Q1 经营相关股权激励费用合计 0.2 亿美 元，同减 29%。 素养课程保持快速增长，学习机聚焦自学场景 学习服务业务 FY25Q1 保持增长势头，伴随多条产品线发展，该板块收入 实现同比增长，其中最大收入贡献仍然是培优小班素养课程，Q1 公司继续 扩张学习中心网络以满足暑期旺季的需求，带动报名学生数量增长，留存 率、利用率等指标环比表现较为平稳。线上学习业务方面 ...

4 好未来（TAL） 更新报告 业绩维持高增长，加大投入或致利润短期承压。 业绩概览：公司 25 财年 1 季度（24 年 2 月-24 年 5 月）收入为 4.14 亿美元，同比增长 50.4%（美元计，下同），GAAP 归母净利润为 1140 万美元，去年同期为-4504 万美元；Non-GAAP 归母净利润 2961 万美 元，去年同期为-1952 万美元，同比扭亏。季度末公司现金+短期投资 为 33 亿美元，无银行负债。此外，公司递延收入为 6.4 亿，同比增 长 50%。 线下网点加速扩张，新业务高速增长：我们估算 25 财年 Q1 公司业务 结构:（1）教育培训业务占比约 75%，整体增长超 50%。其中素质教 育培训业务占比约 50%，同比增长约 80%，高中教培业务占比约 15%， 实现稳定增长。海外教培及其他业务总体占比较小。预估其线下教学 点增加超 400 间，对比 24 财年末 300-350 间，教学点扩张速度超预 期，为暑假旺季做储备。（2）内容解决方案占比约 25%，包含智能硬 件、实物出版、数字内容等，估算同比增长 50%+，主要受到学习机销 售收入驱动,预估学习机销售量达到 1 ...

Investment Rating - The report does not provide a specific investment rating for TAL Education Group (TAL N) [3] Core Views - TAL Education Group reported better-than-expected Q1 FY2025 results with net revenue of $414 million, a 50 4% YoY increase, surpassing market expectations of $396 million [2] - Non-GAAP operating profit turned positive at $0 88 million, compared to a market expectation of a $27 7 million loss [2] - Deferred revenue grew by 66% YoY to $642 million, indicating strong business momentum [2] - The company's offline small-class literacy business remains the primary revenue driver, with stable retention and utilization rates [2] - TAL Education Group is expanding its offline teaching centers, with 50-100 new centers opened in Q1 FY2025, bringing the total to over 400, a near 100% YoY increase [2] - The company continues to upgrade its learning machine product line, with the launch of the "Xueersi Learning Machine Classic Edition 2024" in May 2024 [2] Financial Performance - Q1 FY2025 net income was $414 million, a 50 4% YoY increase [2] - Operating loss narrowed by 70% YoY to $17 33 million [2] - Non-GAAP operating profit was $0 88 million, turning positive from a loss in the previous year [2] - Net income attributable to shareholders was $11 4 million, turning positive from a loss in the previous year [2] - Non-GAAP net income attributable to shareholders was $29 61 million, turning positive from a loss in the previous year [2] - Gross margin improved by 2 4 percentage points YoY to 51 7% [2] - Sales expenses increased by 25 4% YoY to $122 million, but the sales expense ratio decreased by 5 9 percentage points to 29 6% [2] - Management expenses increased by 4 5% YoY to $110 million, with the management expense ratio decreasing by 11 6 percentage points to 26 5% [2] - Share-based compensation expenses decreased by 28 6% YoY to $18 21 million, accounting for 4 4% of revenue, down 4 9 percentage points YoY [2] Business Expansion and Product Development - TAL Education Group is actively expanding its offline teaching centers, with 50-100 new centers opened in Q1 FY2025, bringing the total to over 400, a near 100% YoY increase [2] - The company continues to upgrade its learning machine product line, with the launch of the "Xueersi Learning Machine Classic Edition 2024" in May 2024 [2] - The learning machine product line now includes two series and four models, covering different price points and customer needs [2] Industry Outlook - The domestic education and training industry is benefiting from clearer and more stable policies, which are favorable for the long-term healthy development of compliant companies [2] - The industry is experiencing rapid growth in both revenue and capacity, with a positive outlook for the sector [2] - TAL Education Group, as a leader in K12 education and training, has shown effective transformation towards quality education and technology post the "Double Reduction" policy, with core education and training business recovering and growing under the drive of quality education [2] Valuation and Earnings Forecast - TAL Education Group's EPS for FY2025E is forecasted at $0 23, with a PE ratio of 37x [3] - For FY2026E, the EPS is forecasted at $0 47, with a PE ratio of 18x [3]

交银国际研究 公司更新 教育 2024 年 8 月 2 日 收盘价 目标价 潜在涨幅 美元 9.08 美元 13.80↓ +52.0% 好未来教育 (TAL US) 2025 财年 1 季度业绩好于预期，下季度加大投入将拖累利润率 2025 财年 1 季度业绩超预期：收入 4.1 亿美元，同比增 50%，高于我们/彭 博一致预期增速 42%/44%，受益于强劲的素质教育培训需求及学习机销 售。调整后运营利润 88 万美元，对比我们/彭博一致预期亏损 2,700 万 /2,800 万美元。调整后运营利润率 0.2%，同比优化 12 个点，主要受益于 调整后销售/管理费用率收窄 4.3/8.7 个百分点。 业绩亮点：1）学习服务：素质教育收入同比增 50%+，占总收入超 45%， 主要受益于培优线下高双位数增长，线下教学点超过 400，对比 2024 财年 4 季度末 300-350，扩张速度快于我们此前预期；网校收入维持双位数同 比增长。高中收入维持双位数增长，收入占比约15%。2）内容解决方案： 学习机销售收入占比持续提升，且保持高增速，1 季度销量近 10 万台，其 中单价较高的 xPad2 占比一半以上。 ...

F熄证券 社会服务/教育 Q1 超预期，Q2 或增加投入，期待科技教育兴国 好未来（TAL.N） 2024 年 08 月 04 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/08/02 | | 当前股价 ( 美元 ) | 8.47 | | 一年最高最低 ( 美元 ) | 15.52/6.24 | | 总市值 ( 亿美元 ) | 51 | | 流通市值 ( 亿美元 ) | 39 | | 总股本 ( 亿股 ) | 2.01 | | 流通美股 ( 亿股 ) | 1.52 | | 近 3 个月换手率 (%) | 82.84 | | 数据来源： Wind | | 股价走势图 0% 50% 100% 150% 200% 纳斯达克指数 好未来 | --- | --- | |---------------------------|---------------------------| | | | | 初敏（分析师） | 李睿娴（联系人） | | chumin@kysec.cn | lir ...

TAL Education Group (NYSE:TAL) Q1 2025 Earnings Conference Call August 1, 2024 8:00 AM ET Company Participants Alex Peng - President and CFO Jackson Ding - Deputy Chief Financial Officer Conference Call Participants Felix Liu - UBS Yiwen Zhang - China Renaissance Timothy Zhao - Goldman Sachs Xiaodan Zhang - CICC Alice Cai - Citi Operator Ladies and gentlemen, good day, and thank you for standing by. Welcome to TAL Education Group's Fiscal 2025 First Quarter Earnings Conference Call. At this time, all partic ...

BEIJING, Aug. 1, 2024 /PRNewswire/ -- TAL Education Group (NYSE: TAL) ("TAL" or the "Company"), a smart learning solutions provider in China, today announced its unaudited financial results for the first quarter of fiscal year 2025 ended May 31, 2024. Highlights for the First Quarter of Fiscal Year 2025 Net revenues were US$414.2 million, compared to net revenues of US$275.4 million in the same period of the prior year. Loss from operations was US$17.3 million, compared to loss from operations of US$57.8 m ...

交银国际研究 公司更新 好未来教育 (TAL US) 1 年股价表现 7/23 11/23 3/24 -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% TAL US MSCI中国指数 资料来源: FactSet 教学点扩张布局暑期拉新,学习机新品发售,硬件收入保持高增长 教育 2024 年 7 月 9 日 收盘价 目标价 潜在涨幅 美元 10.52 美元 15.50 +47.3% 股份资料 | | | |--------------------|----------| | 52周高位 (美元) | 15.24 | | 52周低位 (美元) | 6.00 | | 市值 (百万美元) | 4,805.22 | | 日均成交量 (百万) | 1.75 | | 年初至今变化 (%) | (16.71) | | 200天平均价 (美元) | 12.06 | 资料来源: FactSet 估值:我们维持公司2025财年收入增速37%以及调整后净利润增速67%的 | | | |-------------------------------------------------------- ...

交银国际研究 公司更新 好未来教育 (TAL US) 1 年股价表现 7/23 11/23 3/24 -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% TAL US MSCI中国指数 资料来源: FactSet 教学点扩张布局暑期拉新,学习机新品发售,硬件收入保持高增长 教育 2024 年 7 月 9 日 收盘价 目标价 潜在涨幅 美元 10.52 美元 15.50 +47.3% 股份资料 | | | |--------------------|----------| | 52周高位 (美元) | 15.24 | | 52周低位 (美元) | 6.00 | | 市值 (百万美元) | 4,805.22 | | 日均成交量 (百万) | 1.75 | | 年初至今变化 (%) | (16.71) | | 200天平均价 (美元) | 12.06 | 资料来源: FactSet 估值:我们维持公司2025财年收入增速37%以及调整后净利润增速67%的 | | | |-------------------------------------------------------- ...