大行評級|高盛:下調新東方目標價至81港元 核心利潤負面惟長期教育業務基本面仍穩健
高盛的研究報吿指,新東方2024財年第四季的毛利出乎意料地向下,認為儘管新東方的毛利率在未來幾年仍會繼續上升,受到學習中心逐漸成熟、來自利潤率較高K-12業務的較高收入組合,以及旅遊業投資拖累較小所推動,但事實上有較高比例的學習中心正處於擴建階段,亦有可能會拖累近期的核心教育業務營運毛利。管理層給予指引,2025財年學習中心空間容量增長將達按年20%至25%。
該行料新東方2025財年首季及全年的非公認會計准則經營溢利將分別按年升1.6及1.9個百分點,下調新東方核心業務2025年至2027年的非公認會計准則經營溢利3%至5%,核心收入展望大致不變。高盛下調公司2025年至2027年集團收入預測6%,降集團2025年至2027年的EPADS預測6%至8%。該行維持“買入”評級,將港股目標價由86港元降至81港元,美股目標價由111美元降至104美元。
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