4 好未来（TAL） 更新报告 买入 2024年5月22日 FY24Q4 业绩超预期，新业务保持高速增长。 但玉翠  24 财年 4 季度业绩概览：公司 24 财年 4 季度（23 年 12 月-24 年 2 +852-25321539 月）收入为 4.3 亿美元，同比增长 59.7%（美元计，下同），GAAP Tracy.dan@firstshanghai.com.hk 归母净利润为 0.28 亿美元，去年同期为-0.39 亿美元；Non-GAAP 归 母净利润 0.48 亿美元，去年同期为-0.13 亿美元，同比扭亏。季度 主要数据 末公司现金+短期投资为 34.7 亿美元，无银行负债。此外，公司递 延收入为4.3亿，同比增长80%。 行业 教育  线下网点持续扩张，新业务高速增长：我们估算 24 财年 Q4 公司业 股价 12.6美元 务结构:（1）教育培训业务占比约 2/3，其中素质教育培训业务占比 目标价 16.0美元 超 40%，同比增长超 50%，高中教培业务占比约 20%，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至 （+29.7%） 300-350 间。（2）内 ...

Group 1: Company Overview - Think Academy is a leading education solution provider owned by TAL Education Group, recognized for its innovative approach to mathematical education [1][5] - The company serves K-9 students across various countries, including the United States, Singapore, Australia, and the United Kingdom, offering both in-person and online educational opportunities [5] Group 2: Sponsorship of the International Mathematical Olympiad - Think Academy has announced its sponsorship of the International Mathematical Olympiad (IMO) from 2024 to 2028, aiming to support the preparation and development of the competition [1][2] - The sponsorship includes providing specialized training programs, resources, and mentorship opportunities for students, particularly those from countries facing financial difficulties [1][2] Group 3: Educational Philosophy and Impact - The company emphasizes not only mathematical proficiency but also the development of critical thinking, problem-solving skills, and a deep understanding of mathematical concepts [3][4] - Think Academy's teaching model has led to notable academic achievements, with several students selected to represent their national teams in the 2024 IMO, showcasing the effectiveness of its educational approach [4]

社会服务/教育 公 司 研 好未来（TAL.N） 科技教育领军者，政策常态化迎教培新纪元 究 2024年05月07日 ——公司首次覆盖报告 投资评级：买入（首次） 初敏（分析师） 李睿娴（联系人） chumin@kysec.cn liruixian@kysec.cn 日期 2024/5/7 证 书编号：S0790522080008 证书编号：S0790122120005  好未来乘风再启航，素养教育+ 学习机双轮驱动，归来仍是王者 当前股价(美元) 13.14 2021 年 9 月公司全面转型素养教育，目前业务分为学习服务解决方案以及学习 公 一年最高最低(美元) 15.52/5.09 内容方案两大板块。政策明晰下公司线下业务提速扩张，同时以学习机为主的内 司 首 总市值(亿美元) 84 容解决方案收入比重持续提升，预计FY2024两项业务实现收入10.7/4.2亿美元， 占收入的72%/28%。2023年9月以来好未来学习机线上销售额始终保持品类第 次 流通市值(亿美元) 64 覆 一，同时推出大模型 MathGPT 有望推动商业模式再进阶。我们预计 盖 总股本(亿股) 2.12 FY2025-FY202 ...

Investment Rating - The report maintains a "Buy" rating for TAL Education Group (TAL US) with a target price of $15.50, indicating a potential upside of 16.1% from the current price of $13.35 [1][2]. Core Insights - TAL Education Group reported better-than-expected performance for Q4 FY2024, with revenues of $430 million, a year-on-year increase of 60%, surpassing both internal and Bloomberg consensus estimates of 45% and 44% respectively [1][5]. - The strong revenue growth was driven by robust demand for quality education training and excellent sales performance of new learning devices, with a gross margin of 53% remaining stable year-on-year [1][5]. - Adjusted operating profit reached $9 million, with an operating margin of 2.2%, significantly improving from expected losses of $18 million [1][5]. Revenue Breakdown - Learning services revenue grew over 50% year-on-year, accounting for more than 40% of total revenue, primarily due to strong offline tutoring growth and rapid expansion of teaching centers, which reached 300-350 locations [1][5]. - Content solutions revenue more than doubled, driven by sales of learning devices, with approximately 100,000 units sold in Q4, exceeding the previous expectation of 80,000 units [1][5]. - The average selling price of new devices increased by 40%, contributing significantly to revenue growth [1][5]. Future Outlook - For Q1 FY2025, revenue is expected to grow by 42% year-on-year to $391 million, with tutoring services projected to increase by over 60% and content solutions by 85% [1][5]. - The company anticipates a narrowing of adjusted operating losses by 5 percentage points year-on-year to -7% due to improved R&D and marketing efficiency [1][5]. - For FY2025, total revenue is projected to grow by over 60%, driven by a 30%+ expansion in tutoring centers and an 80%+ increase in learning device-related revenue, leading to an overall revenue forecast of $2 billion [1][6]. Valuation Metrics - The current price corresponds to a P/E ratio of 24x for FY2025/26, which is in line with the industry average [1][6]. - The report suggests a target price based on a 20x P/E for education services and a 1x P/S for learning device business, maintaining the target price of $15.50 [1][6].

Investment Rating - The report assigns a "Recommended" rating for TAL.N, indicating a positive outlook for the company's stock performance in the next 12 months [1]. Core Insights - TAL.N reported better-than-expected revenue and profit for Q4 FY2024, with a revenue of $1.149 billion, representing a year-over-year increase of 60% [1]. - The company's net income showed a significant improvement, with a year-over-year growth of 44%, driven by an increase in offline teaching points and student enrollment [1]. - The report highlights the company's focus on enhancing both online and offline educational products and services, with continued investment in AI technology to optimize learning experiences [1]. Summary by Sections Financial Performance - TAL.N's Q4 FY2024 operating profit turned positive, with a significant reduction in net losses, achieving a Non-GAAP profit margin of 29.3% [1]. - The company's deferred revenue balance increased year-over-year, indicating strong future revenue potential [1]. Business Trends - The learning services segment remains the primary revenue driver, benefiting from the expansion of teaching points and a stable increase in student enrollment [1]. - The report notes that the average weekly usage time of learning devices among users has remained stable, contributing to the growth of content-related business [1]. Strategic Focus - The company aims to continue improving its online and offline learning offerings, with a mature offline product matrix and a commitment to providing high-quality educational resources [1]. - TAL.N plans to invest in AI to enhance response speed and accuracy, further integrating technology into its educational services [1].

[Table_Title] 证券研究报告 收入高增长，盈利能力提升 公司研究 [Table_ReportDate] 2024年4月26日 [Table_ReportType] 公司点评 [T事ab件le：_S公um司ma发ry布] 未经审计年报，FY24，公司实现收入 14.9 亿美元、同增 [T好ab未le来_S(toTcAkLA.nNd)R ank] 46.2%，实现归母净亏损 357.3 万美元、同比减亏 1.3 亿美元，实现 Non- GAAP归母净利润0.9亿美元、上年同期为-0.3亿美元。 投资评级 无评级 FY24Q4，公司实现收入4.3亿美元、同增59.7%，实现归母净利润0.3亿 上次评级 无评级 美元、同比减亏 0.7 亿美元，实现 Non-GAAP 归母净利润 0.5 亿美元、上 [T范ab欣le悦_A u t h o教r]育 人服行业首席分析师 年同期为-0.1亿美元。 执业编号：S1500521080001 点评： 邮 箱：fanxinyue@cindasc.com ➢ 收入高增长。FY24Q4实现收入4.3亿美元、同增59.7%，主要是学习 服务业务和内容解决方案业务共同驱动。 ➢ ...

TAL Education Group (NYSE:TAL) Q4 2024 Earnings Conference Call April 25, 2024 8:00 AM ET Company Participants Jackson Ding - IR Director Alex Peng - President and CFO Conference Call Participants Candis Chan - Daiwa Linda Huang - Macquarie Felix Liu - UBS Timothy Zhao - Goldman Sachs Caini Wang - CICC Operator Ladies and gentlemen, good day, and thank you for standing by. Welcome to TAL Education Group's Fourth Quarter and Fiscal Year 2024 Earnings Conference Call. At this time, all participants are in a l ...

Core Insights - TAL Education Group reported significant financial improvements in both the fourth quarter and the fiscal year ended February 29, 2024, with net revenues increasing substantially compared to the previous year [2][3]. Financial Highlights for the Fourth Quarter of Fiscal Year 2024 - Net revenues reached US$429.6 million, a 59.7% increase from US$269.0 million in the same period last year [2][5]. - Loss from operations decreased to US$11.1 million from US$44.4 million year-over-year, indicating improved operational efficiency [2][5]. - Non-GAAP income from operations was US$9.4 million, a significant turnaround from a non-GAAP loss of US$18.1 million in the prior year [2][5]. - Net income attributable to TAL was US$27.5 million, compared to a net loss of US$39.4 million in the same period last year [2][5]. - Non-GAAP net income attributable to TAL was US$48.0 million, a substantial increase from a non-GAAP net loss of US$13.1 million [2][5]. - Basic net income per American Depositary Share (ADS) was US$0.05, and diluted net income per ADS was US$0.04 [2][5]. Financial Highlights for the Fiscal Year Ended February 29, 2024 - Total net revenues for the fiscal year were US$1,490.4 million, a 46.2% increase from US$1,019.8 million in the previous year [3][21]. - Loss from operations improved to US$69.2 million from US$90.7 million year-over-year [3][25]. - Non-GAAP income from operations was US$19.7 million, up from US$17.8 million in the prior year [3][25]. - Net loss attributable to TAL was reduced to US$3.6 million from US$135.6 million in the previous year [3][28]. - Non-GAAP net income attributable to TAL was US$85.3 million, compared to a non-GAAP net loss of US$27.0 million in the prior year [3][28]. - Basic and diluted net loss per ADS were both US$0.01, a significant improvement from US$0.21 in the previous year [3][30]. Cash and Investments - As of February 29, 2024, cash, cash equivalents, and short-term investments totaled US$3,303.3 million, up from US$3,171.5 million a year earlier [2][19]. - The deferred revenue balance increased to US$428.3 million from US$237.4 million year-over-year, indicating strong future revenue potential [2][20]. Share Repurchase Program - The Company extended its share repurchase program, authorizing up to approximately US$503.8 million for repurchases through April 30, 2025, following an aggregate repurchase of approximately US$233.6 million since April 2023 [31].

Investment Rating - The report maintains a "Buy" rating for TAL Education Group (好未来) with an expected price return of over 20% within the next six months [1][7]. Core Insights - TAL Education Group has launched the second-generation learning machine, xPad2 Pro, which features significant upgrades in content and functionality, aiming to redefine the learning experience through advanced AI capabilities and high-quality educational content [2]. - The company is focusing on non-academic training and has been actively transitioning towards quality education since Spring 2022, introducing smart educational aids and hardware products [3]. - The revenue projections for FY24-26 are adjusted to $1.45 billion, $1.87 billion, and $2.29 billion respectively, with Non-GAAP net profits expected to be $35 million, $136 million, and $253 million, leading to EPS estimates of $0.16, $0.64, and $1.19 per share [3]. Summary by Sections Product Development - The xPad2 Pro series incorporates a self-developed content system and advanced AI features, enhancing the learning experience for students [2]. - The learning machine's content is based on 20 years of expertise from TAL, validated by over 30 million students and refined by a dedicated team of over 3,000 educators [2]. Technology Integration - The MathGPT model, integrated into the learning machine, enables functionalities such as automatic problem-solving and personalized AI tutoring, significantly improving learning efficiency [2]. - The learning machine can provide instant answers to 80% of math questions for elementary and middle school students, with additional support available through human explanations and AI-generated video analyses [2]. Financial Outlook - The adjustments in revenue and profit forecasts reflect an optimistic view of operational efficiency improvements and a favorable competitive landscape [3]. - The projected net profit margins are expected to grow, with a notable increase in EPS over the forecast period [3].

BEIJING , March 29, 2024 /PRNewswire/ -- TAL Education Group ("TAL" or the "Company") (NYSE: TAL), a smart learning solutions provider in China, today announced that it will release its unaudited financial results for the fourth quarter and fiscal year 2024 ended February 29, 2024, before the market opens on Thursday, April 25, 2024.The Company will host a corresponding conference call and live webcast at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing Time) on Thursday, April 25, 2024.Please note that you w ...