Investment Rating - The report maintains a "Buy" rating for the company with a target price set at 68.65 HKD [5][10]. Core Insights - The company reported a significant revenue increase of 60% year-on-year for FY24Q3, reaching 1.2 billion USD, with operating profit (OP) growing by 71% to 110 million USD [1]. - Non-GAAP operating profit for FY24Q3 was 140 million USD, also reflecting a 60% increase [1]. - The company has shown strong growth in its overseas exam preparation and consulting services, with increases of approximately 52.6% and 25.7% respectively [1]. - The total number of schools and learning centers increased to 911 as of February 29, 2024, up from 843 in November 2023 [1]. Summary by Sections Financial Performance - For FY24Q1-3, the company achieved a revenue of 3.2 billion USD, a 49% increase year-on-year, with operating profit reaching 340 million USD, up 139% [1]. - The net profit attributable to shareholders for FY24Q1-3 was 280 million USD, marking a 91% increase [1]. - The company recorded a Non-GAAP operating profit margin (OPM) of 13.7% for FY24Q1-3, compared to 9.4% in the previous year [1]. Business Expansion - The company is expanding its teaching space in cities with growth potential and higher facility utilization rates, which is expected to enhance profitability [2]. - The new business segment in education saw a revenue increase of 72.7%, with non-academic tutoring reaching 355,000 enrollments in nearly 60 cities [1][2]. - The company is committed to improving teaching quality and enhancing student experiences, which has led to increased customer retention [1]. Future Outlook - The company anticipates a net revenue growth of 34%-37% in FY2024Q4, indicating continued positive momentum [3]. - Adjustments to earnings forecasts have been made, with projected revenues for FY24, FY25, and FY26 set at 4.5 billion USD, 5.7 billion USD, and 7.3 billion USD respectively [3]. - Non-GAAP net profits for FY24, FY25, and FY26 are expected to be 420 million USD, 610 million USD, and 880 million USD respectively [3].
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