大行评级｜海通国际：上调新东方目标价至52港元，建议投资者关注利润端增长表现

Core Viewpoint - New Oriental's total revenue for the second quarter of fiscal year 2026 increased by 15% year-on-year to $1.191 billion, exceeding market consensus by 3% and surpassing the company's previous guidance of 9% to 12% [1] Financial Performance - Non-GAAP operating profit surged by 223% year-on-year to $89 million, exceeding consensus expectations by 62%, with a corresponding Non-GAAP operating profit margin of 7.5%, which is 2.8 percentage points higher than the consensus estimate of 4.7% [1] Future Outlook - Looking ahead, the overall industry situation has not yet recovered, and the merger of the company's test preparation and study abroad consulting businesses is expected to lead to a decline in study abroad revenue [1] - Based on the upward revision of performance expectations, the target price has been raised from HKD 49 to HKD 52, with a rating of "outperform the market" [1] Operational Efficiency - The company has observed ongoing effectiveness in cost reduction and efficiency enhancement measures, with progress noted in teacher allocation optimization and product diversification across various dimensions, including OMO, 1V1, small class courses, and subject expansion [1] Business Sustainability - The company's K12 business shows sustainable growth potential, while the study abroad segment faces revenue pressure; however, the company is determined to improve the profitability of this segment [1] - Despite maintaining low double-digit revenue growth, investors are encouraged to focus more on profit growth, as the management has demonstrated a strong commitment to delivering returns to investors [1]