中金发表报告，新东方(EDU.US) 核心业务增长遇短期逆风，利润率有待改善，第二财季收入按年增长19.4%至10.4亿美元，基本符合市场预期，剔除东方甄选外业务的收入增长31.3%，高于公司指引区间高端以及市场预期。Non-GAAP经营利润率为2.7%，基本上符合市场预期；核心业务Non-GAAP经营利润率3.2%，超出市场预期。
中金称，考虑出国备考、文旅等业务增长或弱于先前预期，分别下调新东方今明两个财年收入预测7.6%及8.1%；分别下调Non-GAAP归属母公司净利润4.1%及5.4%。看好公司核心业务的优势市场地位及中长期盈利改善前景，维持其“跑赢行业”评级；但考虑到短期业务压力，下调其目标价14%至70美元。(mn/u)(美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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