新东方-S(9901.HK)：网点加速扩张教育主业盈利能力增强

国泰君安04-26

投资建议：考虑到短期东方甄选折扣影响及酬劳增加，下调公司FY2024-2026 Non-GAAP 净利润分别为4.15（-20%）/5.91（-15%）/7.83 亿（-8%）美金，EPS 为0.19/0.29/0.4 美元，增持。业绩简述：公司FY24Q3 实现营收12.07 亿美金/+60%，高于一致预期的10.98 亿美金，毛利润5.63 亿美金/+46%，毛利率46.59%，同比-4pct...

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新东方-S(9901.HK)：网点加速扩张 教育主业盈利能力增强

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新东方-S(9901.HK)：网点加速扩张教育主业盈利能力增强