《大行》中金:新東方(09901.HK)核心業務增長壓力持續消化 盈利能力改善
中金發表研究報告,指新東方-S(09901.HK)(EDU.US)核心業務增長壓力持續消化,盈利能力改善,預計5月底止2025財年末季收入按年增長5%,至11.97億美元;預計非公認會計準則(Non-GAAP)經營利潤3,806萬美元,對應Non-GAAP經營利潤率3.2%,按年持平。
剔除東方甄選(01797.HK),中金預計新東方核心業務收入按年增長13%至10.37億美元,基本持平於公司此前指引區間高端(介乎10.091億至10.366億美元);預計核心業務錄得Non-GAAP經營利潤3,318萬美元,對應Non-GAAP經營利潤率3.2%,按年提升1個百分點,中金維持2025財年及2026財年盈利預測基本不變。
該行引入對其2027財年收入預測63.5億美元和Non-GAAP純利預測7.33億美元。維持新東方「跑贏行業」評級和美股目標價62美元。
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