《大行報告》瑞銀上調新東方(EDU.US)目標價至60美元 評級「買入」
瑞銀發表報告指,重申新東方(EDU.US)的「買入」評級,目標價由39.8美元上調至60美元。該行表示,其直播電商業務和非學歷課後輔導(AST)、智能學習系統等教育新業務共同帶動業績成為亮點。
該行估計新東方在線季度收入進一步按季增長41%,並大幅超過該行預測,這主要是受惠於第二季度推出新的直播頻道,以及自有品牌產品的增加。該行預計,新東方在線下半年度收入將較上半年度增長25%,較第二季的快速增長略有放緩,但仍超過預期。
瑞銀表示,將新東方2023財年第三季及2023財年收入分別上調9.8及9.5%,以反映新東方在線第二季的良好發展軌跡,並將強勁的營收增長帶入2024及25財年。在利潤率方面,該行將其2023及24財年的毛利率分局下調530及487個基點,預計低利潤率的自有品牌產品將進一步增加收入貢獻,但估計更大的收入將帶來更好的經營槓桿。該行將2023至2025財年的經調整淨利潤預測上調5至16%。
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