NEW ORIENTAL-营收持续超预期，FY24Q4收入延续较高指引

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company reported FY2024Q3 net revenue of $1.207 billion, a year-over-year increase of 60.1%, exceeding the previous quarter's guidance [1] - The education business showed strong performance during the peak season, with significant revenue growth driven by the rapid expansion of Dongfang Zhenxuan [1] - The company aims for a 30% year-over-year increase in teaching point capacity by the end of FY24 [1] - Non-GAAP operating profit for FY2024Q3 was$ 141 million, up 60.3% year-over-year, while Non-GAAP net profit was $105 million, up 9.8% year-over-year [1] - The company expects FY2024Q4 revenue to grow by 28% to 31%, reaching between$ 1.102 billion and $1.127 billion [2] Summary by Sections Financial Performance - For FY2024Q3, the company achieved a gross margin of 46.59%, with a Non-GAAP operating margin of 11.7% [2] - The company reported cash and cash equivalents of$ 2.014 billion, reflecting a year-over-year increase of 51.46% [2] - Deferred revenue stood at $1.522 billion, a year-over-year increase of 30.8% [2] Business Segments - Traditional education services, including study abroad consulting and adult education, saw year-over-year growth rates of 52.6%, 25.7%, and 53.2% respectively [1] - New business lines, particularly in live e-commerce and cultural tourism, contributed significantly to revenue growth, although profit margins were under pressure due to rapid expansion [1][2] Future Outlook - The company has adjusted its profit forecasts, expecting Non-GAAP net profits of$ 405 million, $543 million, and$ 688 million for FY2024, FY2025, and FY2026 respectively, representing year-over-year growth rates of 56.3%, 34.1%, and 26.8% [2]