【券商聚焦】海通国际首予新东方(09901)“优于大市”评级 称其K12、海外业务等各细分领域均领先

金吾财讯
Dec 01, 2025

金吾财讯 | 海通国际研报指出,新东方(09901)是中国领先的综合性教育服务商。该机构认为新东方在包括K12及海外业务在内的各个细分领域均处于领先地位;除此之外,公司生成式AI在课件自动生成、名师数字分身及作业批改等场景的落地,将同步提升转化效率和内容质量,帮助公司提效以及业务聚焦。该机构指出,公司1QFY26总收入同比增6.1%至15.23亿美元,与市场预期一致,且高于此前指引上限(+2%~5%)。集团经调整经营利润同比增11.3%至3.355亿美元,超市场预期3.7%,对应经调整经营利润率为22%,较市场预期高0.6个百分点。递延收入为19.1亿美元,同比增长10%(25财年四季度为+9.8%)。该机构续指,暑期受低价竞争及公司主动追求健康增长影响,表现偏弱,高中仅个位数增长,K9同比增长15%。但秋季续班率因教学质量较优而显著改善,公司预计2QFY26K12将提速,该机构预计高中同比增加12%、K9新业务同比增加21%。该机构表示,新东方在包括K12及海外业务在内的各个细分领域均处于领先地位,除此之外,公司已宣布三年股东回报计划,派息率不低于50%。以2025财年净利润3.72亿美元及当前市值计算,对应回报率约2.7%,体现了管理层对盈利的持续承诺与信心。基于此,该机构给予26财年18倍市盈率,目标价每股HK$49,首次覆盖给予“优于大市”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