Investment Rating - The report maintains a "Buy" rating for the overseas education sector, particularly highlighting New Oriental as a key player [10]. Core Insights - The overseas education sector is experiencing improved operational efficiency and accelerated profit margin expansion, with New Oriental expected to report a revenue of $1.165 billion for Q2 FY26, representing a year-on-year growth of 12.2% [5][10]. - The report anticipates a significant increase in non-GAAP net profit for New Oriental, projected at $63 million, which is a 77.8% increase year-on-year, with a non-GAAP net profit margin of 5.4%, expanding by 2 percentage points [5][10]. Summary by Sections 1. Overseas Education - Market Review: The education index rose by 2.8% in the week of December 19-25, outperforming the Hang Seng Index by 1.8 percentage points, with a year-to-date increase of 13.1% [4]. - Company Update: New Oriental's revenue is expected to reach $1.165 billion, with the education business (including cultural tourism) contributing $957 million, a growth of 11% year-on-year [5][10]. - Study Abroad Business: The revenue from study abroad exam training and consulting is projected to decline by 3% to $242 million, reflecting a slowdown in growth due to high base effects from the previous year [2][5]. - New Business Growth: New business segments, including K9 competency training and learning machine services, are expected to grow by 21% to $364 million, driven by differentiated offerings for primary and secondary education [3][6]. - Operating Profit Margin Improvement: Despite a slowdown in high-margin study abroad business, the increase in competency business margins is expected to offset this. The non-GAAP operating profit margin is projected to expand by approximately 2 percentage points to 4.7% [6][10]. 2. Overseas Pharmaceuticals - Market Review: The Hang Seng Healthcare Index saw a slight increase of 0.02%, underperforming the Hang Seng Index by 1.24 percentage points [12]. - Key Events: Notable transactions include Sanofi's $2.2 billion acquisition of vaccine company Dynavax, which has a marketed hepatitis B vaccine and a promising shingles vaccine candidate [14]. - Investment Recommendations: The report suggests focusing on innovative drug companies with active business development opportunities and clinical progress in key pipelines, including companies like BeiGene and Innovent Biologics [15]. 3. Overseas Social Services - Ctrip's Q3 Performance: Ctrip reported a 16% year-on-year revenue increase to $18.4 billion, with strong performance across various business segments, particularly in international OTA platforms [17]. - Tongcheng Travel's Q3 Performance: Tongcheng Travel's revenue grew by 10% to $5.5 billion, with a notable increase in accommodation and core OTA business revenues [18]. - Key Focus: The report highlights potential growth in the outbound travel sector and the importance of hotel management services as additional growth drivers [19].
海外消费周报（20251219-20251225）：海外教育：经营效率提升，利润率扩张提速——新东方2QFY26业绩前瞻-20251226