Investment Rating - The report assigns an "Accumulate" rating for New Oriental-S (9901) [2][5]. Core Views - Short-term profit margins are impacted by increased compensation expenses, investments in cultural tourism, and the ramp-up of new stores. However, it is expected that FY25Q1 will stabilize expectations, with a focus on the recovery of the education segment's profit margins [5]. - The company has adjusted its FY2025-2026 and added FY2027 Non-GAAP net profit estimates to $537 million (-9%), $741 million (-5%), and $1,007 million, respectively, with EPS projected at $0.27, $0.39, and $0.54 [5]. - For FY24, the company achieved revenue of $4.314 billion (+44%), gross profit of $2.263 billion (+42%), and a gross margin of 52.45% (-1 percentage point) [5]. - The report highlights that the decline in profit margins is primarily due to accelerated store openings, increased cultural tourism investments, and rising employee compensation [5]. Financial Summary - FY24 revenue was $4.314 billion, with a year-on-year growth of 44%. The gross profit was $2.263 billion, with a gross margin of 52.45% [7]. - FY24Q4 revenue reached $1.137 billion (+32%), aligning with Bloomberg consensus expectations, while gross profit was $594 million (+27%) [5]. - The company’s operating profit for FY24 was $350 million (+84%), with a margin of 8% (+2 percentage points) [5]. - Non-GAAP net profit for FY24 was $381 million (+47%), with a margin of 8.84% [5].
新东方-SFY2024Q4业绩点评报告：短期薪酬开支加大，主业利润率相对稳定