【券商聚焦】交银国际维持新东方(09901)买入评级 仍看好K12教培相关业务需求及增长前景

金吾财讯
Nov 05

金吾财讯 | 交银国际研报指,新东方(09901)2026财年1季度收入同比增6%至15.23亿美元,超该机构预期1%。调整后运营利润约3.36亿美元,运营利润率22%,同比扩张1个百分点;调整后归母净利润2.58亿美元,对应净利率17%。公司宣布现金派息1.9亿美元,以及3亿元回购计划,好于此前预期。管理层维持2026财年集团收入指引,预计收入同比增速5-10%,并指引2季度收入增速区间在9-12%,对比VA此前预期的9%。相比此前市场对业务增长的担心,K12业务续班率、产品质量的提升有望带动收入恢复稳健增长区间,同时持续的提效手段也将利好运营利润率实现稳定或微增目标。留学相关业务或仍承压,但也受益于青少年相关语言培训收入同比增长(预计超过25%),以及非英美地区留学咨询业务的扩张,收入影响逐步可控。该机构预计2026/27/28财年公司整体收入增速仍可超10%,利润率扩张趋势不变。该机构仍然看好公司K12教培相关业务需求及增长前景,考虑年龄覆盖相对分散,收入稳健增长,利润率仍有优化空间,加上股东回报体现长期增长确定性及现金流充裕。留学相关业务近期受影响但仍领先行业,该机构采用SOTP估值方法,分别给予2026财年K12业务15倍/留学业务8倍市盈率,对应利润同比增速分别+25%/-7%,并考虑东方甄选并表影响,上调目标价至55港元/71美元(EDU US/买入)(原46港元/59美元),维持买入评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10