金吾财讯 | 国金证券发研报指，新东方(09901)1月21日发布FY2Q25未经审核业绩，实现收入10.39亿美元/+19.4%，实现归母净利润0.32亿美元/+6.2%，实现经调整归母净利润0.36亿美元/-29.1%。该行表示，FY2Q25实现收入10.39亿美元/+19.4%，其中教育业务(不包含东方甄选及直播电商业务)实现收入8.94亿美元/+31.3%，超此前指引(8.51~8.72亿美元)。其中出国考试培训、出国咨询业务分别同比+21.1%/+31.0%；成人及大学生国内考试培训业务+34.9%。教育属性新业务同比增长42.6%，主要受益于学习机业务、非学科辅导需求强劲。FY3Q25公司教育业务营收指引10.1~10.3亿美元，同增20~23%。该行预计FY25~27Non-GAAP归母净利为4.9/6.7/8.5亿美元，YoY+34.75%/+35.96%/+27.21%，当前股价对应PE为20.2/14.8/11.7X，考虑到公司教育新业务仍有望保持较快增长、文旅业务有望成为新增长曲线，维持“买入”评级。
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