金吾财讯 | 交银国际研报指，新东方(09901)公布2025财年3季度业绩，收入同比降2%；不包含东方甄选，教育及文旅收入同比增21%。调整后运营利润率12%，不包含东方甄选运营利润率13%，较去年同期的15%有所下降，主要受留学业务收入增速承压及文旅投入的影响。对于4季度展望，该行预计核心教育（含文旅）收入同比增13%（管理层指引10-13%增速），与此前预期基本一致，增速放缓主要受出国业务增速降至8%影响，其他大学生成人/K12业务仍维持年初稳健增长预期。公司从3季度启动成本控制策略，预计4季度核心教育业务运营利润率同比提升1个百分点。该行预计2025/26财年核心教育文旅相关收入增速为14%/13%，运营利润率预计12.1%/12.9%。考虑过往成本控制经验，在收入增速略承压的前提下，公司利润率或有持续释放可能。公司现价对应2025年市盈率仅12倍，对应超过15%的利润增长预期，估值吸引。对应教育服务业务15倍市盈率，维持目标价46港元/64美元（EDUUS），维持买入评级。
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