国信证券：23年以来教培公司经营端均显现出强劲复苏态势

智通财经01-31

智通财经APP获悉，国信证券发布研究报告称，2021年以来双减政策收紧带来了行业供给侧的大幅出清，2023年以来伴防控政策转向业务交付回归正常，传统业务需求强势回暖、教育新业务认可度提升，教培公司经营端均显现出强劲复苏态势。前期市场担忧教培行业竞争格局的稳定性，但教培龙头最新一期财报数据再次印证了“需求旺盛-优质供给短缺”的行业竞争格局现状，结合行业政策导向分析教培龙头仍将持续受益于此趋势。▍...

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href=http://www.zhitongcaijing.com/content/detail/1065572.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国信证券发布研究报告称，2021年以来双减政策收紧带来了行业供给侧的大幅出清，2023年以来伴防控政策转向业务交付回归正常，传统业务需求强势回暖、教育新业务认可度提升，教培公司经营端均显现出强劲复苏态势。前期市场担忧教培行业竞争格局的稳定性，但教培龙头最新一期财报数据再次印证了“需求旺盛-优质供给短缺”的行业竞争格局现状，结合行业政策导向分析教培龙头仍将持续受益于此趋势。▍...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1065572.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0370786039.SGD","symbol_name":"Fidelity Greater China 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trend","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TAL":0.72,"EDU":0.72},"content_text":"智通财经APP获悉，国信证券发布研究报告称，2021年以来双减政策收紧带来了行业供给侧的大幅出清，2023年以来伴防控政策转向业务交付回归正常，传统业务需求强势回暖、教育新业务认可度提升，教培公司经营端均显现出强劲复苏态势。前期市场担忧教培行业竞争格局的稳定性，但教培龙头最新一期财报数据再次印证了“需求旺盛-优质供给短缺”的行业竞争格局现状，结合行业政策导向分析教培龙头仍将持续受益于此趋势。▍国信证券主要观点如下：教培行业概览：教培海外上市龙头最新财报经营数据延续优异表现，分析双减政策带来的行业竞争格局改善的红利仍在显现，新东方收入与利润数据表现全面超出管理层指引、且对下一财报表现展望积极，好未来盈利能力也在边际改善中。此外，伴随收入规模扩张，经营杠杆带动下利润率持续改善，新东方、好未来盈利能力持续改善，分析教培赛道目前正处于收入放量增长、利润率边际改善的上行通道中，具体数据分析如下：新东方：经营数据全面超预期，寒假展望积极。FY2024Q2(2023/9/1-11/30)，公司实现净营收8.70亿美元/+36.3%，大幅超出管理层收入指引(同比+23~26%)，教育业务百花齐放，出国考试/出国咨询/新教育业务/国内备考业务分别同比增长+47%/+32%/+68%(非学科辅导人数78.6万/+65%)/+43%;期内实现Non-GAAP经营利润0.51亿美元/+212.2%，Non-GAAP经营利润率5.9%/+3.3pct;实现Non-GAAP归母净利润0.50亿美元/+182.6%;Non-GAAP归母净利率5.8%/+3.7pct,受益于产能利用率提升以及教育新业务的成熟，利润率持续改善。期末学校及学习中心为843间，环比增50家，全年预计新增学习中心产能20%。递延收入16.45亿美元/+44.4%。管理层预计FY2024Q3净营收12.3~12.6亿美元/+42%~45%，寒假经营展望积极。好未来：收入增长超预期，经营亏损缩窄。FY2024Q3(2023/9/1-11/30)，公司净营收3.74亿美元/+60.5%;Non-GAAP经营亏损1018万美元，去年同期亏454万美元;Non-GAAP归母净利润亏损195万美元，同比+91.63%，亏损幅度收窄。期内公司学习业务(素养班、高中学科培训等)及内容解决方案均实现同比增长，其中学习业务收入主要贡献主要来源于素养课程，线下培优课与产能保持同步增长;内容解决方案收入主要来源于XPad，12月公司已推出旗舰产品XPad 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