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新东方-S:FY2025Q1季报点评:核心业务收入符合预期,看好利润率长期改善空间

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's core business revenue meets expectations, and there is optimism regarding long-term profit margin improvement [1][4] - The company has achieved revenue targets for nine consecutive quarters, with strong growth in new educational businesses and rapid growth in cultural tourism [2][16] - Profit margins are under temporary pressure, but there is confidence in gradual improvement as new outlets become more profitable [3][24] Revenue Performance - For FY2025Q1, total revenue increased by 30.5% year-on-year to 1.44billion,withcorebusinessrevenueexcludingcertainsegmentsgrowingby33.51.44 billion, with core business revenue excluding certain segments growing by 33.5% to 1.28 billion, aligning with performance guidance [12][13] - The company expects FY25Q2 revenue to be between 850millionand850 million and 870 million, representing a year-on-year growth of 25% to 28% [12][13] - Specific business segments showed notable growth: overseas exam preparation and consulting grew by 18.8% and 20.7% respectively, while new educational business revenue surged by 49.8% [16] Profitability Analysis - FY2025Q1 gross margin decreased by 1 percentage point to 59%, and Non-GAAP operating margin also fell by 1 percentage point to 21%, primarily due to investments in cultural tourism and the impact of new business segments [3][24] - The company anticipates that profit margins will improve as the utilization rate of new outlets increases [3][24] Financial Forecasts - The report adjusts the company's FY2025-2026 Non-GAAP net profit estimates from 500millionand500 million and 610 million to 490millionand490 million and 600 million respectively, while maintaining the FY2027 estimate at 720million[4][27]CurrentstockpricecorrespondstoFY20252027P/Eratiosof22,17,and15basedonNonGAAPnetprofit[4][27]ShareholderReturnsThecompanyemphasizesshareholderreturns,havinginitiatedastockbuybackprogramwithanincreasedtotalvalueofupto720 million [4][27] - Current stock price corresponds to FY2025-2027 P/E ratios of 22, 17, and 15 based on Non-GAAP net profit [4][27] Shareholder Returns - The company emphasizes shareholder returns, having initiated a stock buyback program with an increased total value of up to 700 million, with approximately $457.9 million already spent on repurchasing shares [27]