Investment Rating - The report maintains a "Buy" rating for New Oriental [5][11]. Core Views - New Oriental's revenue for the first quarter of FY25 is expected to reach USD 1.462 billion, representing a year-on-year increase of 32.9%, with a non-GAAP net profit of USD 277 million, up 46.4% year-on-year [4][7]. - The strong growth in the education business is driven by the rapid expansion of non-academic training, overseas study test preparation, and high school subject training [8][9]. - The company is expected to open over 50 new learning centers in FY25, increasing the total to over 1,075, a growth of approximately 35.6% year-on-year [9][11]. - The e-commerce segment is projected to contribute about USD 220 million in revenue for the first quarter, accounting for 15% of total revenue, which is a decrease from 19% in the previous quarter [10][11]. Financial Data and Profit Forecast - Revenue projections for New Oriental are as follows: - FY23: USD 2.998 billion - FY24: USD 4.314 billion - FY25: USD 5.438 billion - FY26: USD 6.916 billion - FY27: USD 8.844 billion - Non-GAAP net profit forecasts are: - FY25: USD 493 million - FY26: USD 672 million - FY27: USD 891 million [6][13]. - The report anticipates a non-GAAP operating profit margin of 24.3% for the education business in FY25, an increase of 2 percentage points year-on-year [11][12].
新东方-S:素养教培领跑,各项业务增长喜人