Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its future performance [5]. Core Views - The company has demonstrated strong revenue growth, with Q3 FY2024 revenue reaching $1.207 billion, a year-over-year increase of 60.1%, significantly exceeding previous guidance [4]. - The company is expanding its store network aggressively, raising its annual expansion target to 30%, with a total of 911 schools and learning centers as of February 29, 2024, representing a 28% year-over-year increase [4]. - Despite some short-term profit impacts from non-recurring items and increased investments in its new business, the overall trend remains positive, with strong performance in its core education and training segments [5]. Summary by Sections Financial Performance - For Q3 FY2024, the company reported a net income of $87 million, a 6.8% increase year-over-year, and an operating profit of $113 million, up 70.6% year-over-year [4]. - The company’s deferred revenue balance reached $1.52 billion, a 31% year-over-year increase, indicating robust future revenue potential [4]. Revenue Growth - The company’s revenue for FY2024 is projected to be $4.304 billion, reflecting a growth rate of 43.6% compared to FY2023 [6]. - The revenue growth is driven by various segments, including overseas examination training, which grew by 53%, and new educational services, which saw a 73% increase [4]. Profitability Metrics - The gross margin for Q3 FY2024 was 46.6%, a decrease of 4.4 percentage points year-over-year, while the operating profit margin was 9.4%, an increase of 0.6 percentage points year-over-year [4]. - The report notes that the Non-GAAP operating profit margin was 11.7%, slightly below market expectations [4]. Future Projections - The company’s revenue forecasts for FY2024-2026 have been revised upwards to $4.304 billion, $5.621 billion, and $6.894 billion, respectively [5]. - The projected Non-GAAP operating profits for the same period are $510 million, $720 million, and $938 million, reflecting a slight downward adjustment from previous estimates [5].
2024财年三季报点评：营收超预期，利润受多个短期因素扰动