Investment Rating - The report maintains a "Buy" rating for New Oriental [5][13][14] Core Views - New Oriental's revenue for Q4 FY24 was $1.14 billion, a year-on-year increase of 32.1%, while Non-GAAP net profit attributable to the parent company was $37 million, a decrease of 40.5% year-on-year [9][12] - The full-year revenue for FY24 reached $4.31 billion, up 43.9% year-on-year, driven by strong growth in non-academic training and overseas study businesses [5][9] - The company is experiencing robust growth in non-academic training, with Q4 revenue from new business reaching $232 million, a 50% increase year-on-year [10][11] - The number of learning centers increased to 1,025 in Q4, representing a 37% year-on-year growth, indicating strong demand in the market [11][12] - The overseas test preparation and consulting business contributed $284 million in revenue for Q4, a 17.4% increase year-on-year, reflecting the recovery of the overseas study market [12][14] Summary by Sections Financial Performance - Q4 FY24 revenue was $1.14 billion, with a 32.1% year-on-year growth; full-year revenue was $4.31 billion, up 43.9% [5][9] - Non-GAAP net profit for FY24 was $381 million, a 47.2% increase year-on-year [5][9] Business Segments - Non-academic training showed strong growth, with Q4 revenue of $232 million, a 50% increase year-on-year; enrollment in non-academic training reached 875,000, up 39.1% [10][11] - The overseas study business generated $284 million in Q4, a 17.4% increase year-on-year, with annual revenue of $993 million, up 35% [12][14] Expansion and Market Position - The number of learning centers increased to 1,025, a 37% year-on-year growth, with expectations of continued expansion at 20-25% in FY25 [11][12] - The company is well-positioned to capture market share in the non-academic training sector due to its brand and operational experience [10][11]
新东方-S：扩张提速为长期增长铺垫，短期利润率收缩不足为患