Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's core education business is stable, and capacity expansion provides long-term growth momentum [1] - For FY2024 Q4, the company achieved net revenue of $1.137 billion, a year-over-year increase of 32.1%, exceeding previous guidance [1] - The company aims for a year-over-year increase of 20-25% in teaching point capacity for FY2025 [1] - The new business lines, including live e-commerce and cultural tourism, are expected to contribute significantly to revenue growth [1][2] Financial Performance - FY2024 total net revenue reached $4.314 billion, a year-over-year increase of 43.9% [3] - Non-GAAP net profit for FY2024 was $378 million, up 47.2% year-over-year [1][3] - The company expects FY2025 Q1 revenue to increase by 31-34% to between $1.255 billion and $1.284 billion [2] Business Segments - Traditional education business segments such as study abroad exam preparation and adult education showed growth rates of 17.7%, 17.3%, and 16.4% respectively [1] - The new education business saw a revenue increase of 50.3%, with active paid users for smart learning systems reaching 188,000, a year-over-year increase of 89.9% [1] Financial Projections - The company projects Non-GAAP net profits of $534 million, $710 million, and $930 million for FY2025, FY2026, and FY2027 respectively, representing year-over-year growth rates of 40.1%, 33.0%, and 30.9% [2][3] - The report indicates a projected revenue growth rate of 24.8% for FY2025 [3] Market Position - The company operates 1,025 schools and learning centers as of May 31, 2024, reflecting a quarter-over-quarter increase of 12.51% and a year-over-year increase of 37.03% [1] - The total market capitalization is approximately HKD 78.45 billion [4]
新东方-S：教培主业经营稳定，产能扩张提供长期增长动能