Huachuang Securities comments on New Oriental FY25Q2 performance: Q2 revenue meets expectations, still optimistic about K12 prosperity

智通财经
2025.01.26 04:14
华创证券发布研报称，长期看好教培行业景气度及新东方领先优势，当前新东方产能扩张及经营情况向好，期待新网点爬坡后进一步带来利润改善；但短期公司出国业务受一定程度影响，且出国业务利润率较高，对利润造成一定拖累，因此该行下调盈利预测，预计公司 FY25-27 年的营业收入分别为 49.59/58.84/69 亿美元，同比增长 15%/19%/17%；经调整归母净利润分别为 4.87/6.71/7.05 亿美元，同比增长 25%/38%/5%。采用 SOTP 估值法进行分析，合计对应目标市值 972 亿港元，对应目标价 59 港元，维持 “推荐” 评级。
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