大和：重申新东方-S(09901)“买入”评级 目标价78港元
大和发布报告称，重申新东方-S(09901)“买入”评级，估计其2025财年教育业务经营利润率扩张，可抵销东方甄选盈利下行的影响，将2025至2026财年收入预测下调3%至5%，对2025财年每股盈利预测下调2%，目标价维持78港元。公司2024财年第四季非美国公认会计原则(Non-GAAP)经营溢利令人失望，较市场预期低47%，主要由于东方甄选(01797)开支、集团扩张快于预期，以及一次性补偿所致。
该行提及，新东方对2025财年首季教育业务收入指引同比增长31%至34%，至12.5亿至12.8亿美元，并预期经营利润率同比增长200点子，均高过该行预期。由于集团预期于2025财年将产能提高20%至25%，该行相信在利用率改善下，集团的教育新业务及高中学术辅导业务的毛利率有扩张空间。然而，集团盈利已连续两个季度逊预期(2024财年第三季及第四季)，相信部分投资者会观望其能否实现市场预期，尤其是在2025财年首季之后。
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