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《大行报告》大和下调新东方在线(01797.HK)目标价至35元 评级「跑赢大市」
阿思达克 11-23 10:21
大和发表研究报告指,有别於同行以营销策略减轻获取客户的成本(CAC)压力,新东方在线(01797.HK)主张以差异化内容质量在教育行业竞争,以旗下教育平台东方优播(DFUB)及新东方的品牌,於开始在100个低线城市发展K12线下业务,目前於冬季学期收生约6万人。

报告引述管理层表示,线下营销可能会将CAC由今年的200至300元人民币,降低至未来的100元人民币,有计划将业务扩展到另外120至130个城市,预期转化率及学生留存率亦较夏季及秋季学期有所提高。

大和表示,考虑到K12业务的增长动力可能强於预期,将2022至2023年收入预测提高,仅有部分被高校教育课程表现疲弱所抵销,并根据行业CAC上升,预期公司2021至2023财年的亏损将增加,将目标价由38元下调至35元,但重申「跑赢大市」评级。

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