Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 59.20 [6][10] Core Insights - The company reported revenue of USD 1.137 billion for FY24Q4, representing a year-over-year increase of 32.1%. Non-GAAP operating profit was USD 36.32 million, down 53.8% year-over-year [3] - Revenue growth is driven by a stable regulatory environment in the education sector, benefiting leading compliant institutions. Key business segments such as overseas exams, consulting, domestic test preparation, and new educational services grew by 17.7%, 17.3%, 16.4%, and 50.3% respectively [3] - The company expanded its number of schools and learning centers to 1,025, a 37% year-over-year increase, with expectations for continued growth in FY25 [3] - Non-GAAP operating profit margin for FY24Q4 was 3.2%, down 5.9 percentage points year-over-year, primarily due to accelerated expansion and high investments in cultural tourism [3] - The company projects net revenue for FY25Q1 to be between USD 1.25 billion and USD 1.28 billion, reflecting a year-over-year growth of 31% to 34% [3] Financial Forecast and Valuation - The revenue forecast for FY24-26 has been adjusted to USD 4.31 billion, USD 5.32 billion, and USD 6.26 billion respectively, with adjusted net profit estimates of USD 381 million, USD 561 million, and USD 719 million [4][10] - The valuation for the group business is based on a comparable company valuation method, assigning a PE ratio of 22x for FY25, leading to a market capitalization estimate of HKD 91.59 billion [4][10]
新东方-S：新东方24FYQ4财报点评：收入延续较快增长，后续预计聚焦教育主线