《大行報告》中金:新東方(EDU.US)暑期業績超乎預期 目標價上調至75美元
中金髮表研究報告指,新東方(EDU.US)2024財年首季收入達11億美元,按年升48%,超出預期,調整後經營利潤達2.45億美元,調整後經營利潤率22.3%,調整後淨利潤達1.89億美元,調整後淨利潤率17.2%,超出預期,主要是經營槓桿釋放超預期。
中金預計,在暑期旺季過後,公司教學點擴張節奏或有所放緩,全年預計教學點數量按年提升15%至20%,且利用率或穩中有升。展望全年,中金預計公司2024財年全年收入有望實現的30%的美元口徑按年增長,經調整經營利潤率有望按年改善逾4個百分點。
中金錶示,將公司2024財年收入預測上調2%至39億美元,2025財年則上調3%至46.4億美元;2024財年經調整淨利潤預測上調27%至5.03億美元,2025財年則上調16%至6.17億美元。中金將其目標價上調12%至75美元,維持其評級爲「跑贏大市」。
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