交银国际发布研报称，维持新东方-S(09901)港股目标价46港元及"买入"评级。该行下调2026/2027财年 公司收入约3%，预计收入增速10%/14%，下调营运利润约17%，预计营运利润率10.2%/10.5%，较2025 财年微增。仍看好K12教培相关业务需求及增长前景。 留学相关业务影响仍持续，管理阶层指引2026财年集团收入增加5-10%，对比市场预期的12%，主要调 整仍在于出国相关业务增速预期调整至下降5%，K12相关业务增长率维持市场预期(19%)。公司加速成 本优化，致力于全年实现营运利润率稳定或微增目标。 该行称，第1季度指引低于预期主要受到季节性因素影响，第2-4季度增速将恢复。调整估值方法至 SOTP，分别给予2026财年K12业务15倍/留学业务8倍市盈率，对应利润增速分+22%/-10%。交银国际 指，2025财年4季度收入同比增9.4%，超该行/机构预期2%/5%。不含东方甄选(01797)，教育/文旅收入 同比增19%，教育营运利润率6.5%，较去年同期提升410个基点，得益于有效的降本增效措施。 ...

Core Viewpoint - The report from CMB International maintains a target price of HKD 46 for New Oriental-S (09901) and a "Buy" rating, while adjusting revenue and operating profit forecasts for the fiscal years 2026 and 2027 downward by approximately 3% and 17% respectively [1] Group 1: Financial Projections - Revenue growth is expected at 10% and 14% for fiscal years 2026 and 2027 respectively, with an operating profit margin projected at 10.2% and 10.5%, showing a slight increase compared to fiscal year 2025 [1] - The fourth quarter of fiscal year 2025 saw a revenue increase of 9.4% year-on-year, surpassing the expectations of CMB International and other institutions, which were 2% and 5% respectively [1] - Excluding Dongfang Zhenxuan (01797), education and cultural tourism revenue increased by 19% year-on-year, with an education operating profit margin of 6.5%, up 410 basis points from the same period last year due to effective cost reduction and efficiency improvement measures [1] Group 2: Business Segments and Market Outlook - The guidance for the first quarter was below expectations primarily due to seasonal factors, but growth is expected to recover in the second to fourth quarters [1] - The management's guidance for fiscal year 2026 indicates a group revenue increase of 5-10%, compared to the market expectation of 12%, with the main adjustment being a downward revision of the growth forecast for overseas-related business to a decline of 5% [1] - The growth rate for K12-related business is maintained at the market expectation of 19% [1] Group 3: Valuation Methodology - CMB International has adjusted its valuation method to SOTP, assigning a price-to-earnings ratio of 15 times for K12 business and 8 times for study abroad business for fiscal year 2026, corresponding to profit growth rates of +22% and -10% respectively [1] - The company is accelerating cost optimization efforts, aiming to achieve stable or slightly increased operating profit margins for the entire year [1]