大行评级丨大和:新东方海外业务重整料支持利润率扩张,评级“买入”

格隆汇
Jul 30
大和发表研报指,新东方5月底止2026财年第四季度业绩表现稳健,收入及经调整经营利润分别较市场预期高5%及7%。管理层预期2027财年收入同比增长14%至18%,指引中位数较市场预期高出约5%。展望2027财年,大和预期随着海外业务完成重组,固定成本基础降低,将支持利润率结构性扩张。此外,东方甄选盈利贡献上升、AI驱动效率提升、成本管理措施以及教育业务与东方甄选的经营杠杆,均可能为利润率带来推动力,有助新东方达成中期经营利润率提升至十数百分比的目标。该行目前对新东方给予“买入”评级。

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