新东方-S:教育业务利润率回升 常态化回购或将提振估值

申万宏源研究
25 Jun

投资要点:我们预计新东方4QFY25 收入11.86 亿美元,同比增长4.4%。其中教育业务(含文旅)实现收入10.34 亿美元,同比增长13.3%。其他业务(主要为东方甄选)收入1.52 亿美元,同比下降32.1%。我们预计归属母公司的Non-GAAP 净利润为0.51 亿美元,同比增长39.2%。Non-GAAP净利率为4.3%,同比扩张1.1 个百分点。留学业务增速触底。我们预计4QFY25...

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