大行評級|海通國際:下調新東方目標價至90美元 重申“跑贏大市”評級
海通國際發表研報指,新東方今年第四季度總營收符合市場預期,經調整營運利潤率則較市場預期低3個百分點。該行預計,新東方2025財年第一季度及全年的核心營收,將分別按年增長34%及32%。該行提到,隨着新東方新開設的學習中心利潤率提高,其核心教育業務的經營利潤率或會於2025財年擴大。該行亦預期,新東方2025財年的核心經營利潤將為5.61億美元,利潤率將為13%,即按年增長1.5個百分點。
該行認為,新東方仍很容易達到15%標準化淨利率的目標,考慮到東方甄選的經營表現尚未正常化,故將新東方的市盈率由20倍下調至18倍。另外,鑑於新東方的教育業務基礎紮實及現金充裕,海通國際建議投資者對公司保持耐性。並指在目前內地監管環境穩定、競爭適度的情況下,新東方將持續獲得市場份額。至於東方甄選在營運穩定後,將為新東方重塑其文化品牌形象,併成為強大的行銷管道。海通國際將新東方美股目標價下調至90美元,並重申“跑贏大市”評級。
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