金吾财讯 | 招银国际发研报指，新东方(09901)1月21号公布了2QFY25业绩：营收同比增长19%至10.39亿美元（剔除东方甄选收入则同比增长31%），符合招银国际/彭博一致预期；非GAAP下净利润同比下降29%至0.36亿美元，低于招银国际/一致预期的0.43/0.45亿美元，主要由于东方甄选业务调整以及对文旅业务的投入。展望3QFY25E，管理层预计3QFY25营收（不含东方甄选营收）同比增长18%-21%至10.1-10.3亿美元，亦低于该行此前预期，主要由于宏观不确定性影响高端业务以及竞争进一步加剧。但管理层指出公司仍然在继续获取市场份额。考虑弱于预期的收入指引，该行将FY25-27E收入预测下调2-3%。该行将基于SOTP的目标价下调至80.0美元（前值：87.0美元）。维持“买入”评级。
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