金吾财讯 | 招银国际表示，新东方(09901/EDU)发布1QFY26财报：总收入同比增长6%至15.2亿美元，符合市场预期；非GAAP营业利润同比增长11%至3.36亿美元，较一致预期高4%，主要得益于运营效率提升及审慎的教学点扩张。展望2QFY26E，管理层预计总收入同比增长9%-12%至11.3亿-11.6亿美元，受K-12业务营收增速加快所推动，整体收入增长重新提速。同时公司维持FY26全年营收指引不变为51.5亿-53.9亿美元（同比增长5%-10%）。该机构将FY26-28E总营收预测上调2-3%以反映良好的K12业务表现，也将基于SOTP的目标价上调至76美元（前值：70.0美元）。考虑到公司稳健的营收增长前景及可观的股东回报（约占市值5%），该机构维持“买入”评级。
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