Investment Rating - The report maintains a "Buy" rating for New Oriental Education & Technology Group (09901) [1][3] Core Insights - The company reported a strong revenue growth of 30.5% year-on-year for Q1 FY25, reaching USD 1.435 billion, driven primarily by its non-academic training business [2][3] - Non-GAAP net profit for the same period was USD 265 million, reflecting a year-on-year increase of 39.8% [2][3] - The company’s new business segment, which includes non-academic training, saw a revenue increase of 50% year-on-year, contributing USD 350 million [2][3] - The number of users for learning machines grew by 78.5% year-on-year, reaching 323,000 [2][3] - The total number of teaching points increased by 37.3% year-on-year to 1,089, indicating a robust demand for training services [2][3] Financial Data and Profit Forecast - Revenue projections for FY25 are estimated at USD 5.438 billion, with a year-on-year growth rate of 43.89% [3][5] - Non-GAAP net profit is forecasted to be USD 493 million for FY25, with a growth rate of 47.20% [3][5] - The report anticipates continued growth in the non-academic training sector, with a projected training participant count of 3.82 million for FY25, compared to 12 million prior to the "double reduction" policy [2][3] - The target price is set at USD 109.5, indicating a potential upside of 63.1% from the current price [3][5] Key Performance Indicators - The report highlights a projected EPS of USD 2.98 for FY25, increasing to USD 5.38 by FY27 [3][8] - The net asset return rate is expected to rise from 6.17% in FY23 to 14.22% in FY27 [3][8] - The gross margin is projected to improve from 52.98% in FY25 to 57.29% in FY27 [3][8]
新东方-S：核心业务增长喜人，经营效率重回扩张趋势