金吾财讯 | 交银国际研报指，新东方(09901)2025 财年4季度收入同比增9.4%，超该机构/彭博预期2%/5%。不含东方甄选，教育/文旅收入同比增19%，教育运营利润率6.5%，较去年同期提升410个基点，得益于有效的降本增效举措。管理层指引2026财年集团收入增5-10%，对比市场预期的12%（Visible Alpha），主要调整仍然在于出国相关业务增速预期调整至下降5%，K12相关业务增速维持市场预期（19%）。公司加速成本优化，致力于全年实现运营利润率稳定或微增目标。该机构下调2026/27财年公司收入约3%，预计收入增速10%/14%，下调运营利润约17%，预计运营利润率10.2%/10.5%，较2025财年微增。该机构仍然看好K12教培相关业务需求及增长前景，1季度指引低于预期主要受到季节性因素影响，2-4季度增速将恢复。该机构调整估值方法至SOTP，分别给与2026财年K12业务15倍/留学业务8倍市盈率，对应利润增速分别+22%/-10%，维持目标价46港元/59美元（EDU US/买入），股东回馈将常态化，维持买入。
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