申万宏源：升新东方-S(09901)评级至“买入” 目标价54.9港元

智通财经2025-12-25

智通财经APP获悉，申万宏源发布研报称，维持新东方-S(09901)FY26-FY28财年收入53.8亿、59.8亿、67.3亿美元。由于出国留学业务收缩触底，对利润率的拖累预计即将出清。同时公司将全年教学网点的增长速度放缓至10%，提升教学网点产能利用率，因此利润率压力逐步出清。该行维持FY26-FY28财年Non-GAAP净利润5.55亿、6.1亿、6.79亿美元，维持目标价69.9美元(...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2594338232?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-25 16:05","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2594338232","market":"hk","top_or_hot":-1,"title":"申万宏源：升新东方-S(09901)评级至“买入” 目标价54.9港元","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，申万宏源发布研报称，维持新东方-S(09901)FY26-FY28财年收入53.8亿、59.8亿、67.3亿美元。由于出国留学业务收缩触底，对利润率的拖累预计即将出清。同时公司将全年教学网点的增长速度放缓至10%，提升教学网点产能利用率，因此利润率压力逐步出清。该行维持FY26-FY28财年Non-GAAP净利润5.55亿、6.1亿、6.79亿美元，维持目标价69.9美元(...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1385817.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>申万宏源：升新东方-S(09901)评级至“买入” 目标价54.9港元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n申万宏源：升新东方-S(09901)评级至“买入” 目标价54.9港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-25 16:05 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1385817.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，申万宏源发布研报称，维持新东方-S(09901)FY26-FY28财年收入53.8亿、59.8亿、67.3亿美元。由于出国留学业务收缩触底，对利润率的拖累预计即将出清。同时公司将全年教学网点的增长速度放缓至10%，提升教学网点产能利用率，因此利润率压力逐步出清。该行维持FY26-FY28财年Non-GAAP净利润5.55亿、6.1亿、6.79亿美元，维持目标价69.9美元(...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1385817.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":"000166","symbol_name":"申万宏源","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1385817.html","article_id":"2594338232","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2594338232","pubTimestamp":1766649905,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，申万宏源发布研报称，维持新东方-SFY26-FY28财年收入53.8亿、59.8亿、67.3亿美元。该行维持FY26-FY28财年Non-GAAP净利润5.55亿、6.1亿、6.79亿美元，维持目标价69.9美元，上调至买入评级。申万宏源主要观点如下：该行预计新东方2QFY26收入11.65亿美元，同比增长12.2%。其他业务收入2.08亿美元，同比增长18%。该行预计归属母公司的Non-GAAP净利润为0.63亿美元，同比增长77.8%。Non-GAAP净利率为5.4%，同比扩张2个百分点。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"000166":"申万宏源","09901":"新东方-S"},"translate_title":"Shenwan Hongyuan: Upgraded New Oriental-S (09901) rating to \"buy\" target price of HK $54.9","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09901":1.5,"000166":1.5},"content_text":"智通财经APP获悉，申万宏源发布研报称，维持新东方-S(09901)FY26-FY28财年收入53.8亿、59.8亿、67.3亿美元。由于出国留学业务收缩触底，对利润率的拖累预计即将出清。同时公司将全年教学网点的增长速度放缓至10%，提升教学网点产能利用率，因此利润率压力逐步出清。该行维持FY26-FY28财年Non-GAAP净利润5.55亿、6.1亿、6.79亿美元，维持目标价69.9美元(目标价对应54.9港元每股，每一股ADR等于10股普通股，港股交易的是普通股)，上调至买入评级。申万宏源主要观点如下：该行预计新东方2QFY26收入11.65亿美元，同比增长12.2%。其中教育业务(含文旅)实现收入9.57亿美元，同比增长11%。其他业务(主要为东方甄选)收入2.08亿美元，同比增长18%。该行预计归属母公司的Non-GAAP净利润为0.63亿美元，同比增长77.8%。Non-GAAP净利率为5.4%，同比扩张2个百分点。留学业务增速触底该行预计2QFY26出国考试培训及咨询业务收入2.42亿美元，同比下降3%，增速较去年同期放缓33.3个百分点(去年同期为高基数)，较1QFY26放缓4个百分点。留学业务中高端的出国考培1对1业务，因其偏高端消费，业务增长受到挑战。公司通过调整1对1班型至1对多，从而降低课时单价;并通过增加青少年出国考培业务，扩展服务对象，以便提升出国业务增长韧性。该行预计出国留学考培及咨询业务增速将于2QFY26触底。新业务增长保持强劲该行预计2Q新业务(K9素养教培+学习机业务等)收入同比增长21%至3.64亿美元，非学科素养业务的高增得以持续。公司将通过产品矩阵，于小学阶段提供素养班课，于初中阶段推出学习机订阅服务来满足小学素质培训、中学学科培训的差异化需求，带动新业务快速增长。该行预计2Q教学网点增至1368个，同比增长20%，增速较1QFY26放缓3.7个百分点。公司将通过挖掘现有教学网点产能利用率，提升运营效率，带动利润率进一步扩张。经营利润率改善虽然高利润率的留学业务增长放缓，但被素养业务利润率提升抵消。同时公司持续推进一系列诸如人员精简，费用控制，该行预计2QFY26Non-GAAP经营利润率同比将扩张约2个百分点至4.7%。Non-GAAP经营利润率呈现加速扩张的趋势(1Q扩张1个百分点)其中教育业务Non-GAAP经营利润率4.1%，同比扩张0.9个百分点。其他业务(主要为东方甄选)Non-GAAP经营利润率8%，同比扩张8.5个百分点。风险提示：非学科培训监管政策加码;海外地缘政治因素导致境外留学签证受阻，业务恢复放缓。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2594338232","isCrawlerRequest":true}