TAL(US:TAL) KAIYUAN SECURITIES·2025-01-26 04:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant revenue increase of 62.4% year-over-year for FY2025Q3, reaching $606.4 million, surpassing the expected growth of 44.5% [5] - Non-GAAP net profit for the same period was $38.58 million, with a net profit margin of 6.36%, reflecting a year-over-year increase of 6.88 percentage points [5] - The company has adjusted its profit forecasts for FY2025-2027, now expecting Non-GAAP net profits of $192 million, $301 million, and $394 million respectively, with corresponding EPS of $0.30, $0.47, and $0.62 [5] Summary by Sections Financial Performance - For FY2025Q3, the company achieved a revenue of $606.4 million, a 62.4% increase year-over-year, and a significant improvement in Non-GAAP operating profit, which was a loss of $1.92 million, narrowing from previous losses [5] - Deferred revenue as of November 30, 2024, was $826 million, up 62.6% year-over-year [5] - The company’s revenue projections for FY2025-2027 have been revised upwards due to better-than-expected performance [5] Learning Services - The company is expanding its offline learning centers, with a net increase of 52 centers in FY2025Q2, totaling 436 centers by the end of January 2025 [6] - The integration of high-tech interactive technologies into classrooms is enhancing product capabilities [6] Smart Hardware - The launch of the new learning device, Xbook, priced under 4000 yuan, has received positive feedback from parents, contributing to a 74% year-over-year increase in online sales [7] - The company showcased its innovative learning device at the CES 2025, winning the "TWICE Picks" award, highlighting its recognition in the AI+education sector [7]