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热点栏目自选股数据中心行情中心资金流向模拟交易客户端

  高盛发布研报称,将维持对新东方-S(09901)的买入评级,基于分部加总估值法(SOTP)的目标价上调至42港元。如果公司能够实现5月季度利润率扩张的指引,该行预计投资者信心将逐步改善,新东方核心业务的估值倍数将从目前1倍的12个月远期市盈率逐步提升。

  该行从新东方2月季度财报电话会议中获得信心,管理层在会议上强调了对成本控制和运营效率提升的关注,并预计5月季度及26财年新东方核心业务的运营利润率(OPM)将有所扩大。虽然新东方核心业务5月季度(按人民币计算同比增长12-15%)和26财年(同比增长14-15%)的收入增长指引并未带来意外惊喜,与高盛预期相符,但该行将25-27财年核心业务非GAAP运营利润预期上调7-14%。

  该行认为,公司的成本控制举措,加上成熟学习中心占比的不断提高,应能抵消海外考试培训和咨询业务对利润率的拖累。预计25财年第四季度非GAAP运营利润率同比提升1.2个百分点,26财年和27财年分别同比提升0.8个和0.4个百分点,推动新东方核心业务25-27财年运营利润复合年增长率达到18%(而核心业务收入复合年增长率为12%)。

  对于新东方集团而言,2月季度收入和每股收益未达预期,主要原因是:1)东方甄选(01797)收入大幅不及预期(同比下降59%),盈利能力也未达预期(高盛预计调整后运营利润率/净利润率分别约为2%/5%);2)现金转移预提税导致所得税高于预期。

  虽然该行进一步下调了对东方甄选25财年的预期,并将基于市盈率的目标价下调至7.8港元(之前为8.2港元),但该行认为,东方甄选从2月季度开始恢复盈利,这意味着5月季度对新东方集团利润的拖累将减少,8月季度起将开始为集团利润增长做出贡献。

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