海外消费周报：新东方——留学高端业务增长放缓拖累收入增长，素养教培业增长依旧强劲

Investment Rating - The report maintains a "Buy" rating for the company, indicating confidence in its future performance despite challenges in the study abroad segment [4][15]. Core Insights - The company reported a revenue of $1.039 billion for Q2 FY25, representing a year-on-year growth of 19.4%, while the Non-GAAP net profit decreased by 29.1% to $36 million [2][13]. - The education business segment saw a significant increase, with revenues growing by 28% to $899 million, and new business revenues from non-academic training and learning devices increased by 43% to $301 million [3][14]. - The study abroad business, while still growing at 30.3% to $249 million, is expected to face a slowdown in Q3, with projected revenue growth dropping to 19.5% [4][15]. Summary by Sections Company Update - The company continues to expand its non-academic training offerings, with a projected total of 3.82 million training participants for the year, indicating a threefold increase compared to the pre-"double reduction" period [3][14]. - The number of teaching locations increased to 1,140, a 35.1% year-on-year growth, suggesting a robust demand for educational services [3][14]. Market Review - The education index has underperformed, declining by 1.5%, while the overall market sentiment remains cautious due to macroeconomic factors [12][13]. Financial Projections - The report forecasts adjusted net profits for the company at $493 million, $672 million, and $891 million for the years 2025, 2026, and 2027 respectively [4][15]. - The target price is set at $109.5 per share based on a sum-of-the-parts valuation [4][15]. Investment Analysis - The report suggests a continued focus on the education sector, particularly on institutions with a nationwide presence and those in higher education, anticipating a recovery in profit margins as capital expenditures stabilize [18].