大行評級|交銀國際:維持新東方“買入”評級 公司現金流充沛且估值吸引
交銀國際發表報吿表示,新東方去年11月底止2025財年二季度業績,錄收入10.4億美元,略高於該行及市場預期,按年增19%;不包含東方甄選,教育及文旅收入增31%,主要受教育K9相關業務的強勁增長拉動。調整後歸母淨利潤3600萬美元,低於該行及市場原預期各 4,200萬美元及4,500萬美元,對應淨利率3.4%,主要因營銷支出超預期。交銀國際預計新東方2025財年三財季度教育服務及文旅(除東方甄選)收入按年增24%至10.8億美元(管理層指引18%至21%增速),較該行此前預期的34%有所下調,主要由於出國備考及諮詢業務不確定性增強,調整收入增速至11%,其他大學生成人/K12業務增長仍較穩定。新東方持續調整出國留學相關備考課程,預計下半年仍對核心業務營運利潤率產生影響,同時考慮文旅持續投入,預計三季度營運利潤率按年降1.5個百分點。該行對H股目標價降至60港元,公司現金流充沛,估值吸引,維持“買入”評級。
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