新东方公布2QFY26 业绩（以下简称Q2）：总收入11.91 亿美元，yoy+14.7%，增速超指引上限 机构：华泰证券 研究员：夏路路/詹博/郑裕佳 （12%）；调整后经营利润0.89 亿美元，对应OPM 为7.5%，同比提升4.7pct，大幅超过彭博一致预期 （yoy+2pct）。 公司指引3QFY26/FY26 全年美元口径总收入同比增长11~14%/8~12%（彭博一致预期12%/10%），反映 教学质量提升、需求回归和汇率顺风的影响。 我们认为公司核心K12 业务增长稳健，降本增效及多元化发展下集团利润率有望逐步改善，长期有望为 股东创造持续稳定的回报，维持"买入"。 K12 业务兑现秋季提速，经营利润率提升超预期分业务看，随着秋季K12 行业回归正价竞争，头部品牌 机构增长环比改善，教育属性新业务收入在Q2 同比增速加速至21.6%；大学生及成人教育收入同比增 长12.8%（Q1:14.4%），增速稳健；留学考培收入同比增长4.1%，留学咨询收入同比下降约3%，逆境 中展现较强韧性。得益于运营杠杆的优化、成本控制措施的逐步落地，以及东方甄选的盈利贡献，Q2 公司调整后经营利润率同比提升4.7pc ...

Investment Rating - The investment rating for the company is "Buy" [5][4]. Core Insights - The company reported a total revenue of $1.191 billion for Q2FY26, representing a year-over-year increase of 14.7%, exceeding the guidance upper limit of 12% [1]. - Adjusted operating profit for Q2 was $89 million, with an operating profit margin (OPM) of 7.5%, which is a year-over-year increase of 4.7 percentage points, significantly surpassing Bloomberg consensus expectations [1][2]. - The company expects total revenue growth of 11-14% for Q3FY26 and 8-12% for the full fiscal year, reflecting improvements in teaching quality, returning demand, and favorable exchange rates [1][2]. - The core K12 business is showing robust growth, and the company is expected to gradually improve profit margins through cost reduction and efficiency enhancements, aiming to provide stable returns to shareholders in the long term [1][4]. Summary by Sections Financial Performance - For Q2FY26, the company achieved a revenue of $1.191 billion, with a year-over-year growth of 14.7% [1]. - The adjusted operating profit margin increased to 7.5%, which is a 4.7 percentage point improvement from the previous year [2]. - The company has slightly raised its non-GAAP net profit forecasts for FY26, FY27, and FY28 to $578 million, $681 million, and $756 million, respectively [8][4]. Business Segments - The K12 segment is experiencing a return to normal pricing competition, with new business revenues growing by 21.6% year-over-year in Q2 [2]. - The revenue from university and adult education increased by 12.8%, while study abroad training revenue grew by 4.1% [2]. - The company plans to merge its study abroad consulting and training businesses by the end of FY26, which is expected to streamline operations and enhance efficiency [3]. Valuation and Price Target - The target price for the company is set at $65.43 per share, based on an 18x FY26 PE ratio, reflecting the stability of its core business and leading shareholder returns in the industry [4][8]. - The previous target price was $67.31, indicating a slight adjustment based on updated profit forecasts [4][8].

Core Viewpoint - Gaotu Education Technology Group (GOTU.US) has demonstrated strong financial performance and multi-business synergy in its Q3 FY2025 earnings report, reshaping market perceptions of high-quality development in the education and training industry [1][3]. Financial Performance - For Q3 FY2025, Gaotu reported total revenue of 1.58 billion yuan, a year-on-year increase of 30.7%, and cash revenue of 1.19 billion yuan, up 11.2% [4]. - In the first nine months, cumulative revenue reached 4.46 billion yuan, reflecting a significant year-on-year growth of 41% [4]. - Adjusted operating loss and net loss narrowed significantly by 64.6% and 69.9% respectively, with operating expenses as a percentage of revenue decreasing by 27.6 percentage points [4]. - Operating net cash outflow decreased by nearly 54.16 million yuan year-on-year, indicating a clear "efficiency-driven" growth trajectory [4]. Business Transformation - Gaotu is evolving from a single-subject tutoring company to a comprehensive education platform that addresses lifelong learning needs [4]. - The "Education + AI" strategy has led to a diversified business matrix, including K-12 quality education, high school learning planning, higher education, international exam consulting, and publishing [4]. - Key business segments have shown promising results: - Youth quality education: The online segment achieved profitability for the first time in a single quarter, with expectations for meaningful profit margins for the year [4]. - Higher education and adult education: Revenue grew nearly 50% year-on-year, with net profit showing high double-digit growth and improved customer satisfaction [4]. - Traditional high school learning: New student refund rates decreased significantly, with a 20% increase in employee efficiency and enhanced local course responsiveness [4]. Operational Strategy - The CFO emphasized a focus on the health of each business's unit economic model, indicating a shift towards refined operations [5]. - AI has been deeply integrated into teaching, service, and operational processes, resulting in a 20% increase in overall team efficiency and a 12.8% improvement in customer acquisition efficiency [5]. - The company has completed an $80 million stock repurchase plan ahead of schedule and initiated a new $100 million repurchase plan [5]. - As of November 25, the company has repurchased approximately 27.52 million American depositary shares, totaling nearly 620 million yuan [5]. - Cash and equivalents, along with short-term and long-term investments, exceeded 3.04 billion yuan, providing solid support for technology development, teacher training, and business expansion [5]. Future Outlook - Gaotu is proactively "slowing down" to pursue sustainable high-quality growth, projecting Q4 FY2025 revenue between 1.628 billion and 1.648 billion yuan, representing a year-on-year growth of 17.2% to 18.7% [5]. - The company has lowered its revenue growth forecast for FY2026 to approximately 15%, prioritizing "profit quality" over "growth speed" [5].