大行評級|海通國際:下調新東方目標價至85美元 2025財年增長前景保持穩定
海通國際發表研究報吿指,新東方截至今年8月底止2025財政年度首季淨營收,即撇除東方甄選自營產品及直播電商業務實現的營收按年增長33.5%,接近管理層按年增長31%至34%的指引上限,與市場普遍預期一致;核心業務Non-GAAP經營溢利率按年升2.2個百分點至24.4%,也符合市場預期。期內海外業務收入按年增長19%,增幅較之前的約40%有所放緩,海通認為是由於宏觀經濟疲弱,令家長消費意欲下降。
憧憬下半財年收入增長會加快,海通國際預測下半財年利潤率可按年提升1.5至2個百分點,2025財年增長前景保持穩定不變,維持“跑贏大市”評級,目標價則從90美元降至85美元,對應2025財年預測市盈率約25倍。
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