Investment Rating - The report maintains a "Buy" rating for New Oriental with a target price of $111.2 [1][2] Core Views - The company has shown strong revenue growth, with FY24Q3 revenue increasing by 60.1% year-over-year to $1.207 billion, surpassing previous guidance [1] - New Oriental is successfully expanding its new business segments, with a projected 30% increase in teaching area by the end of the fiscal year [1][2] - The company is expected to see a revenue increase of approximately 28% to 31% in FY24Q4, with deferred revenue growing by 30.8% [2] Financial Performance Summary - FY24Q3 operating net profit reached $113 million, up 70.6% year-over-year, while Non-GAAP operating profit was $141 million, also up 60.3% [1] - The gross margin for FY24Q3 was 46.9%, a decrease of 4.4 percentage points year-over-year, influenced by various factors including losses from equity investments [2] - The company reported a deferred revenue balance of $1.52 billion, aligning with revenue growth expectations for Q4 [2] Business Growth and Expansion - As of FY24Q2, the number of schools and learning centers increased to 911, with a net addition of 68 centers [1] - The overseas exam preparation business grew by 52.6% year-over-year, while the study abroad consulting business increased by 25.7% [1] - Non-academic tutoring business saw a 72.7% revenue growth in Q3, with enrollment in non-subject tutoring reaching 355,000, a 62.8% increase [1] Market Position and Future Outlook - The report expresses optimism about the long-term prospects of the education industry, particularly after the "double reduction" policy, which has reduced the supply of quality educational services [2] - New Oriental is positioned as one of the fastest and most successful companies in adapting to changes in the education sector, with strong cash reserves totaling $4.76 billion [2]
收入持续超预期，多因素影响利润率