金吾财讯 | 交银国际发研报指，好未来教育(TAL)2025财年3季度收入6.1亿美元，同比增62%，高于该行及一致预期的增速43%。调整后运营亏损192万美元，与该行预期基本一致，好于一致预期的1,200万美元。该行估算素养业务收入继续维持高双位数增长，学习机销售收入或创历史新高。该行指，4季度（冬季）为教培行业旺季，收入增速及利润较有机会延续上季度高速增长。该行预计收入同比增40%至6亿美元，持续看好培优素养小班的增长表现，但可能受到智能学习机进入淡季影响，收入环比或降。利润层面看，受收入结构季度性因素影响，运营利润率或较3季度进一步优化，预计调整后运营利润率3.7%，对比去年同期2.2%。该行基本维持2026/27财年教学服务相关业务收入增长预期约35%/20%，学习机销售取决于新品发布和推广计划，目前维持相对保守中高个位数增长预期。预计2026/27财年运营利润率7.5%/10.7%。按2026财年25倍市盈率，学习机1倍市销率，目标价由14港元调整至13.3美元，维持买入评级。
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