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大行評級|大摩:新東方次財季收入勝預期 予“增持”評級及目標價83美元
格隆匯 01-22 10:28
摩根士丹利發表研報指,新東方2025財年第二季總營收按年升19%,較市場預期高2%;核心收入按年升31.3%,較早前指引的按年升25%至28%為高。至於2025財年第三季展望方面,核心營收按年升18%至21%(以美元計),或按年增20%至23%(以人民幣計),低於全年指引的按年增30%。期內,非通用會計準則營業利潤為2,760萬美元,意味着營業利潤率為2.7%;核心經營利潤率按年升12個基點至3.2%,高於按年跌1個百分點的預期;非通用會計準則淨利潤為3,550萬美元,較市場預期低21%,意味淨利潤率為3.4%。大摩將新東方美股目標價定於83美元,給予“增持”評級。
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