网点扩张再提速，教育业务营收高增确立

Investment Rating - The report maintains a "Buy" rating for New Oriental [1][2][3] Core Views - New Oriental's revenue for Q3 FY24 reached USD 1.207 billion, a year-on-year increase of 60.1%, driven primarily by the growth in non-academic after-school tutoring and overseas test preparation services [1][3] - The company is experiencing strong enrollment growth in non-academic AST, with a projected increase in revenue to USD 241 million for Q3 FY24, representing a 72.7% year-on-year growth [1][3] - The expansion of learning centers is accelerating, with the number of centers increasing to 911, a 27.9% year-on-year growth, and the company aims for a 30% annual growth rate in learning centers [1][3] - The overseas test preparation and consulting business is recovering rapidly, contributing an estimated USD 254 million in revenue for Q3 FY24, a 40.1% year-on-year increase [1][3] - The report projects significant growth potential for non-academic AST, estimating over 2 million enrollments in FY24, with a potential market share of only 6% even at a scale of 12 million enrollments [1][3] Financial Summary - Revenue projections for FY24, FY25, and FY26 are raised to USD 4.213 billion, USD 5.422 billion, and USD 7.044 billion respectively, compared to previous estimates of USD 4 billion, USD 5.22 billion, and USD 6.72 billion [2][3] - Non-GAAP net profit forecasts for FY24, FY25, and FY26 remain at USD 482 million, USD 664 million, and USD 869 million respectively [2][3] - The target price under SOTP valuation is set at USD 110.81, indicating a potential upside of 43.8% from the current price [1][3]