升级学习机，教育软硬件持续发力

Investment Rating - The report maintains a "Buy" rating for TAL Education Group (好未来) with an expected price return of over 20% within the next six months [1][7]. Core Insights - TAL Education Group has launched the second-generation learning machine, xPad2 Pro, which features significant upgrades in content and functionality, aiming to redefine the learning experience through advanced AI capabilities and high-quality educational content [2]. - The company is focusing on non-academic training and has been actively transitioning towards quality education since Spring 2022, introducing smart educational aids and hardware products [3]. - The revenue projections for FY24-26 are adjusted to $1.45 billion, $1.87 billion, and $2.29 billion respectively, with Non-GAAP net profits expected to be $35 million, $136 million, and $253 million, leading to EPS estimates of $0.16, $0.64, and $1.19 per share [3]. Summary by Sections Product Development - The xPad2 Pro series incorporates a self-developed content system and advanced AI features, enhancing the learning experience for students [2]. - The learning machine's content is based on 20 years of expertise from TAL, validated by over 30 million students and refined by a dedicated team of over 3,000 educators [2]. Technology Integration - The MathGPT model, integrated into the learning machine, enables functionalities such as automatic problem-solving and personalized AI tutoring, significantly improving learning efficiency [2]. - The learning machine can provide instant answers to 80% of math questions for elementary and middle school students, with additional support available through human explanations and AI-generated video analyses [2]. Financial Outlook - The adjustments in revenue and profit forecasts reflect an optimistic view of operational efficiency improvements and a favorable competitive landscape [3]. - The projected net profit margins are expected to grow, with a notable increase in EPS over the forecast period [3].