金吾财讯 | 好未来(TAL)盘前下跌1.69%，报11.05美元。消息面上，独立研究提供商CFRA最新分析指，将目标价从14美元下调至12美元，基于其对2027财年(截至2月)每股ADS收益预估的20倍，而过去三年平均为31倍，反映出随着后2022财年重组阶段的强劲复苏逐步正常化，预计盈利增长将放缓。该机构预测2027财年和2028财年的收入增长率分别为31%/11%，这一增长得益于学习中心扩张、课程注册人数增加以及学习设备的持续普及。虽然与2025-2026财年的水平相比有所放缓，但这是由于基数较高且扩张更为审慎所致。学习服务应仍是最大贡献者，同时学习设备业务也将继续扩大规模。机构预计净利率将在2027财年和2028财年分别提升至8.9%/9.8%(2026财年：7.6%，不包括一次性项目)，这主要得益于规模经济效应(包括学习设备业务采纳率提升)和更高的运营效率。然而，公司在人工智能和市场营销方面的持续投入可能会部分抵消这些收益。该机构维持2027财年每股ADS收益预估为0.61美元，并引入2028财年预估为0.69美元。
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