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《大行報告》國泰君安首次覆蓋新東方-S(09901.HK) 給予「增持」評級
國泰君安發表報告指出,首次覆蓋新東方-S(09901.HK),認為教培行業競爭格局大幅改善,率先完成合規化龍頭有望加速搶佔份額,預計公司2024至2026財年的非通用會計準則(Non-GAAP)淨利潤分別為5.03億、6.86億及8.44億美元,每股盈利分別料23、33及43美仙,給予「增持」評級。 該行認為,新東方業務條線梳理完畢,經營效率大幅提升,公司有望進入快速增長階段。至於海外疫情影響弱化後,留學市場快速回暖,2021及2022年出國留學人數按年增15%及27%,新東方有望利用地面資源加速滲透,並進一步提升客單。 此外,該行指素質教育愈發受重視,市場規模快速增長,新東方率先聚焦語言能力培訓/腦力思維/機械人等方向,通過素質教育成長中心落地,目前已成體系。而東方甄選(01797.HK)在今年7月明確跨平台及獨立APP戰略後穩住基本盤,加上12月上線文旅產品及抖音開發下載端口,有望進一步提升商品交易總額(GMV)規模。
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