Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for FY2024Q4 reached $1.137 billion, a year-over-year increase of 32%, aligning with market expectations [2] - The company has increased its share repurchase plan from $400 million to $700 million, with $330 million repurchased as of August 6, 2024 [2] - Despite revenue growth, profit margins were impacted by increased costs associated with business expansion and the Oriental Selection segment [2][6] Revenue Summary - For FY2024, the company achieved total revenue of $4.314 billion, a 44% year-over-year increase, returning to pre-regulatory reduction levels [6] - The revenue breakdown shows significant growth in various segments, including a 50% increase in new educational services [2][6] Profitability Summary - The gross profit for FY2024 was $2.263 billion, with a gross margin of 52%, slightly down from the previous year [6] - Operating profit for FY2024 was $350 million, reflecting an 84.4% year-over-year increase, while Non-GAAP operating profit was $473 million, up 69% [6][9] Expense Summary - Sales expenses for FY2024 totaled $661 million, a 49% increase year-over-year, with a sales expense ratio of 15% [6] - Management expenses reached $1.252 billion, a 31% increase year-over-year, with a management expense ratio of 29% [6] Future Outlook - The company expects FY2025Q1 revenue (excluding Oriental Selection self-operated products and live commerce) to be between $1.255 billion and $1.284 billion, representing a year-over-year growth of 31% to 34% [5] - The company anticipates FY2025 education business revenue of $4.134 billion, a 30% year-over-year increase, with Non-GAAP operating profit projected at $843 million [7][8] Market Performance - As of August 7, 2024, the company's stock price was HKD 55.80, with a 52-week range of HKD 38.85 to HKD 77.05 [4] - The company has shown a 24.6% increase over the past 12 months, outperforming the Hang Seng Index, which declined by 13.6% [4]
新东方-S：公司动态研究：网点扩张业绩阶段承压，收入有望高增