特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 查看完整报告 事件： 好未来FY26Q3实现收入7.702亿美元，同比+27.0%；实现归母净利润1.306亿美元，同比+466.1%；实现 Non-GAAP归母净利润1.414亿美元，同比+266.6%。 点击注册小程序 报告摘要 学习服务及其他：FY26Q3学习服务业务（含线下小班课和线上业务）收入同比增长 FY26Q3线下小班课收入同比增长，主要系招生人数增加（客单价基本稳定），叠加市场对高质量素养课 程的需求及公司标准化教学、优质服务的支撑，学习中心网络审慎扩张与业务增速匹配。FY26Q3线上素 养课程收入同比增长，主要系市场对高质量线上素养课程需求持续释放，叠加公司以技术驱动创新，推出 沉浸式课堂、融入游戏化机制并新增科技主题课程，优化学习体验与成效，获用 ...

2026 年 1 月 30 日 公司研究 收入增长稳健，控费带动利润超预期 ——好未来（TAL.N）FY26Q3 业绩点评 要点 事件：好未来 FY26Q3 实现收入 7.702 亿美元，同比+27.0%；实现归母净利润 1.306 亿美元，同比+466.1%；实现 Non-GAAP 归母净利润 1.414 亿美元，同比 +266.6%。 学习服务及其他：FY26Q3 学习服务业务（含线下小班课和线上业务）收入同比 增长。FY26Q3 线下小班课收入同比增长，主要系招生人数增加（客单价基本稳 定），叠加市场对高质量素养课程的需求及公司标准化教学、优质服务的支撑， 学习中心网络审慎扩张与业务增速匹配。FY26Q3 线上素养课程收入同比增长， 主要系市场对高质量线上素养课程需求持续释放，叠加公司以技术驱动创新，推 出沉浸式课堂、融入游戏化机制并新增科技主题课程，优化学习体验与成效，获 用户认可。 内容解决方案：FY26Q3 学习设备业务收入与销量均实现同比增长。单季度收入 增速环比放缓主要系产品发布周期差异导致 FY26Q3 销量高基数，以及业务逐步 从快速扩张阶段扩张至稳健增长阶段。该业务"双十一"大促市场份额 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [4] Core Insights - The company reported strong business growth with revenue of $861 million for FY26Q2, representing a year-on-year increase of 39.1%, and a net profit of $124 million, up 116.1% year-on-year [1] - The learning services and other segments showed revenue growth, with deferred revenue at $823 million, a 58.9% increase year-on-year, indicating resilient demand [1] - The learning device segment also saw continued growth, benefiting from new product launches and channel expansion, despite a decline in average selling price due to product mix changes [2] - The company's non-GAAP net profit margin improved significantly, with a non-GAAP net profit of $136 million for FY26Q2, up 82.7% year-on-year [3] Summary by Sections Financial Performance - For FY26Q2, the company achieved a gross margin of 57.0%, a year-on-year increase of 0.7 percentage points, while the net profit margin rose to 14.4%, up 5.1 percentage points year-on-year [3] - The company expects to continue driving product and service upgrades to support long-term growth, despite a seasonal slowdown anticipated in FY26Q3 [3] Revenue and Profit Forecast - The revenue forecast for FY2026 to FY2028 has been revised upwards to $2.24 billion, $3.05 billion, and $4.08 billion respectively, with corresponding PE ratios of 33x, 24x, and 18x [4] - The company is positioned as a leader in the domestic education sector, with strong growth momentum in its learning devices [4] Market Data - The current stock price is $12.26, with a total market capitalization of $7.46 billion [6] - The stock has shown a 64.28% turnover rate over the past three months [6]

Core Viewpoint - The company reported strong financial performance in FY26Q1, with significant year-on-year growth in revenue and net profit, indicating robust demand and operational efficiency [3][6]. Group 1: Financial Performance - In FY26Q1, the company achieved revenue of $575 million, a year-on-year increase of 38.8% [3]. - The net profit attributable to shareholders was $31.28 million, reflecting a year-on-year growth of 174.4% [3]. - Non-GAAP net profit reached $42.05 million, up 42.0% year-on-year [3]. Group 2: Learning Services and Other - The offline small class courses remain the largest revenue contributor in the learning services segment, with stable profit margins [4]. - Enrollment in offline small class courses increased year-on-year, with a retention rate of approximately 80% [4]. - Deferred revenue at the end of FY26Q1 was $968 million, showing a year-on-year growth of 50.8%, indicating resilient demand [4]. Group 3: Content Solutions - Learning device revenue continued to grow in FY26Q1, although it saw a quarter-on-quarter decline due to seasonal factors [5]. - The average selling price of learning devices decreased, attributed to changes in product mix, with the launch of three new series [5]. - The overall weekly active rate for learning devices was around 80%, with an average daily usage time of 1 hour per device [5]. Group 4: Profitability Metrics - The company’s gross margin in FY26Q1 was 54.9%, an increase of 3.1 percentage points year-on-year [6]. - The selling expense ratio was 31.4%, up 1.9 percentage points, primarily due to increased online marketing investments [6]. - Non-GAAP operating profit margin was 4.4%, reflecting a year-on-year increase of 4.2 percentage points [6].