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財報速讀 | 一夜大漲30%,新東方又活過來了嗎?

10月26日晚,新東方公佈了2023財年第一季度(2022年6月1日-8月31日)未經審計的財務業績。隔夜美股狂歡一夜,收漲近30%,帶動港股新東方和新東方在線繼續走高。

數據顯示,該季度營收7.45億美元,同比下降43%,主要原因來自於終止K-9學科課後輔導業務所帶來的影響,營收繼續大幅收縮,爲何市場這麼興奮?

因爲利潤超預期了,non-GAAP歸母淨利潤8371萬美元,雖然同比下降了25%,但是環比扭虧爲盈。根據機構的預測,一半的利潤可能都來自新東方在線的直播,市場看到了新東方轉型的成功以及未來的無限可能。

目前新東方在線及其他業務佔新東方總收入的20%,隨着東方甄選直播間在6月爆火,該季度的GMV達到22億人民幣。在董宇輝一夜走紅之際,市場還在懷疑這個熱度能持續多久,但是從帶貨數據來看,東方甄選還是保持了不錯的成績,蟬媽媽數據顯示,東方甄選近一個月累計銷售額是同期抖音直播帶貨榜第1名。未來可以在完善矩陣、拓寬品類等方面發力,實現GMV的進一步突破。

再看新東方拓展的新業務,即非學科輔導業務及智能化學習系統,新業務收入佔比在一季度已達到16%,發展勢頭良好。

最後看新東方的傳統業務,表現也是非常穩健。大學生考培、出國留學考培以及留學諮詢業務在23財年1Q的收入同比分別增漲2%、2%和21%,在就業難的大環境下,新東方這塊業務還是很景氣的。

2021年股價跌近90%,2022年股價沉寂多時,新東方似乎被東方甄選盤活了,直播業務迅速擴大、傳統業務穩健發展、新業務持續探索,“打不倒的新東方”又重新站了起來。

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