Investment Rating - The report maintains a "Buy" rating for New Oriental-S (9901.HK) [2][3] Core Views - The report highlights short-term profit disturbances but remains optimistic about the healthy development of the education and training business [2] - For FY2024 Q4, the company achieved a net revenue of $1.137 billion, a year-on-year increase of 32%, while the net profit attributable to the parent company was $27 million, a decrease of 7% [2] - The report anticipates a revenue guidance for FY2025 Q1 in the range of $1.255 to $1.284 billion, representing a year-on-year growth of 31-34% [2] - The company is expected to maintain a robust growth trajectory in its education and training business, with a projected revenue growth rate of 22% over the next three years [2] Financial Summary - FY2024 net revenue was $4.314 billion, with a year-on-year growth of 44% and a Non-GAAP net profit of $381 million, reflecting a 47% increase [2][3] - The company plans to expand its offline teaching points by 20-25% in FY2025, with a total of 1,025 teaching points as of May 31, 2024, a 37% increase year-on-year [2] - The report projects FY2025-2027 revenues of $5.302 billion, $6.560 billion, and $7.864 billion, respectively, with a compound annual growth rate of 22% [2][3] - Non-GAAP net profits for FY2025, FY2026, and FY2027 are expected to be $577 million, $754 million, and $948 million, respectively, with a compound annual growth rate of 36% [2][3]
新东方-S：2024财年四季报点评：利润端短期扰动，看好教培业务健康发展