Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of $1.21 billion for FY24Q3, exceeding previous guidance of $1.07 to $1.09 billion, representing a year-on-year growth of 60.1%. The net profit attributable to shareholders was $90 million, up 6.8% year-on-year, while the adjusted net profit was $100 million, reflecting a 9.8% increase [2][3] - The company experienced strong growth in new business segments, particularly in non-academic tutoring and smart learning systems, with a year-on-year increase of 72.7% in educational new business [2][3] - The company expanded its offline presence, with a total of 911 schools and learning centers as of February 2024, an increase of 68 centers since November 2023 [2] Summary by Sections Revenue Performance - FY24Q3 revenue reached $1.21 billion, exceeding guidance and showing a 60.1% year-on-year increase. Key growth drivers included overseas exam training and consultation, which grew by 52.6% and 25.7% respectively, and domestic exam training for adults and college students, which increased by 53.2% [2] Business Expansion - The company has expanded its offline network to 911 locations, with significant growth in non-academic tutoring, which saw a 62.8% increase in enrollment in FY24Q3 [2] - The active paid user count for smart learning systems reached 188,000, a 74.1% year-on-year increase [2] Profitability and Costs - The gross margin for FY24Q3 was 46.6%, down 4.4 percentage points year-on-year, primarily due to the impact of the Dongfang Zhenxuan business. However, the new education business showed significant gross margin growth [2] - Management expenses decreased, with a sales expense ratio of 13.4% and a management expense ratio of 23.8%, reflecting a year-on-year decline of 0.3 and 4.7 percentage points respectively [2] Investment Recommendations - The report suggests that traditional business is growing rapidly, and the demand for non-academic tutoring is strong. The company is expected to benefit from increased market concentration following supply-side adjustments in the education sector [3]
收入超指引，非学科辅导增长强劲