海外消费周报：教培公司季报回顾——素质教培增长强劲，经营效率提升带动利润率扩张

Investment Rating - The report maintains an "Overweight" rating for the education industry, indicating a positive outlook for growth and profitability in the sector [6][7]. Core Insights - The report highlights strong growth in quality education training, with New Oriental's revenue increasing by 30.5% year-on-year to $1.435 billion and net profit rising by 39.8% to $265 million. Similarly, TAL Education's revenue grew by 50% to $620 million, with a profit increase of 26.4% to $74 million. Both companies attribute their growth to the quality education segment, which saw New Oriental's revenue from this segment rise by 50% and TAL's expected to exceed 50% [6][7]. - Operational efficiency has improved, with New Oriental's operating profit margin expanding by 2 percentage points to 24%. The time for new teaching centers to reach cash break-even has decreased from over 12 months to 6 months, indicating strong demand in the industry [6][7]. - The report notes a slight slowdown in revenue growth for other business segments, such as study abroad services and high school subject training, which grew by 20% and 21% respectively, down from previous quarters. Adjustments in product offerings are expected to enhance revenue growth in these areas [3][7]. Summary by Sections Overseas Strategy - The market is expected to remain volatile as it awaits the outcomes of key policy events in the U.S. and China, which will significantly impact risk appetite and macroeconomic expectations [4]. Education Sector Review - The education index fell by 2.2%, underperforming the Hang Seng Index by 5.4 percentage points. Year-to-date, the education index has declined by 7.7%, lagging behind the Hang Seng Index by 35.3 percentage points [5]. Company Performance - New Oriental and TAL Education are rapidly expanding their capacity to meet the demand for quality education, with New Oriental increasing its teaching locations by 37.3% to 1,089 and TAL planning to exceed 400 locations, up from approximately 250 last year [6][7]. - The report anticipates that the education business will continue to grow steadily, with New Oriental projecting a revenue growth rate of 25-28% for the next quarter, despite a slowdown from the current quarter's 33% growth [3][7]. Investment Recommendations - The report recommends continued investment in the education sector, particularly in institutions with a national presence like New Oriental and TAL, as well as regional companies such as Zhiwei Education and Xue Da Education. The higher education sector is also highlighted for its potential for stable dividends and valuation reassessment [9].