金吾财讯 | 国信证券发研报指，新东方(09901)实现净营收10.39亿美元/+19.4%，其中非电商业务收入8.94亿美元/+31.3%，超出此前管理层指引(25%-28%)；实现经营利润1926万美元/-9.8%，Non-GAAP经营利润为2758万美元/-45.8%，但非电商业务经营利润率同比+1.0pct增至2.8%，Non-GAAP经营利润率+0.1pct增至3.2%；归母净利润3193万美元/+6.2%，Non-GAAP归母净利润3554万美元/-29.1%，利润下滑主要系子公司东方甄选剥离“与辉同行”影响。该行表示，教育新业务同增42.6%，环比FYQ1(+50%)略有降速，期内素养培训报名人次为99.4万/+26.5%，学习机人次26.1万/+44.2%，客单价同增5%；高中培训同增20%，延续优秀表现；留学考培/咨询业务分别同增21%/31%，本季度在低基数基础上实现较快增长；大学生培训收入同增35%，市场份额提升核心带动；电商业务同比下滑23%系东方甄选完成“与辉同行”的剥离；文旅业务本季度系传统淡季收入占比较低，且预计仍为亏损状态。该行续指，因应行业消费趋势变化，公司积极应对，针对性推出青少年留学早培业务对冲影响，该行建议关注留学业务的经营触底企稳节奏。期内公司核心业务K9教育新业务以及高中业务仍延续优秀表现，继续构筑公司成长基本盘。展望未来，公司依旧是教培赛道成长逻辑较为清晰的龙头公司，维持公司“优于大市”评级。
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