Investment Rating - The report maintains a "Buy" rating for New Oriental-S (09901.HK) [1] Core Insights - The company reported FY24Q3 revenue of $1.21 billion, a year-over-year increase of 60.1%, exceeding previous guidance [11] - All business lines showed growth, with significant expansion in the number of outlets and teaching spaces [3] - The company expects FY24Q4 revenue to be between $1.10 billion and $1.13 billion, representing a year-over-year growth of 28% to 31% [11] Revenue Growth - FY24Q3 revenue breakdown includes: - Overseas exam preparation revenue up 52.6% - Overseas consulting revenue up 25.7% - Domestic exam preparation revenue up 53.2% - New educational business revenue up 72.7% [11] - Deferred revenue as of February 29, 2024, increased by 30.8% to $1.52 billion [11] Outlet Expansion and Profit Growth - As of February 29, 2024, the total number of schools and learning centers reached 911, an increase of 199 year-over-year [3] - FY24Q3 operating profit grew by 70.6% to $110 million, with Non-GAAP operating profit up 60.3% to $140 million [3][19] - Non-GAAP operating profit margin remained stable at 11.7% [19] New Business Growth - New educational business revenue grew by 73% in FY24Q3, with non-subject tutoring enrollment up 62.8% to 355,000 [22] - The company benefits from clearer policies regarding non-subject training, allowing for greater market opportunities [22] Financial Forecast and Investment Rating - Revenue forecasts for FY2024-2026 have been revised upward to $4.3 billion, $5.5 billion, and $6.5 billion respectively [31] - Non-GAAP net profit estimates for FY2024-2026 are maintained at $410 million, $520 million, and $630 million respectively [31] - Current stock price corresponds to P/E ratios of 35, 28, and 23 for FY2024, FY2025, and FY2026 respectively [31]
FY2024Q3财报点评：维持盈利预测，快速扩张带来长期增长弹性