金吾财讯 | 汇丰研究发研报指，新东方(09901)管理层更为保守的盈利指引，拖累新东方(EDU)ADR隔夜挫逾两成。该行认为，宏观挑战及海外学费和生活成本的上涨，可能削弱对海外留学的需求。在预期今年20%至25%的扩张计划保持不变的情况下，相信公司K9非学术辅导需求应保持韧性。该行考虑到人民币贬值及文旅业务增长放缓，对新东方的2025至2027财年收入预测下调1%至6%。基于其收入结构的转变(对高利润海外业务的依赖降低)及来自文旅业务的损失高于预期，该行下调对其毛利率预测，并对其2025至2027财年盈利预测下调11%至17%。该行对新东方目标价由72港元下调至48港元，维持“买入”评级，认为其估值不高，基本面仍然完整，预期2025及2026财年教育业务增长约20%至25%，主要受惠于K12课后辅导市场份额的增长。
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