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新东方SOTP估值关键假设(截至12月4日)
新东方SOTP估值关键假设(截至12月4日)
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新东方-美股公司研究报告-边缘归来转型全面发展的文教航母-231207(35页).pdf
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2026-01-27
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2006-2026年01月新东方股价复盘(美元)
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2026-01-27
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FY2006-FY2021年新东方单中心注册学
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2026-01-27
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FY2006-FY2021年新东方归母净利润与
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2026-01-27
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百度SOTP估值(爱奇艺、携程采用2025年12月24日美股市值)
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2025-12-30
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新东方彼岸ICC国际课程中心
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2025-12-15
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新东方国际教育
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2025-12-15
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最新数据
全球全年龄段奶粉市场规模(亿美元)
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2026-07-30
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全球酸奶及发酵乳制品市场规模(亿美元)
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2026-07-30
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全球药用级益生菌市场规模(百万美元)
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2026-07-30
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全球益生菌膳食补充剂市场规模及增速
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2026-07-30
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全球拥有AKK专利菌株的核心企业
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2026-07-30
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估值分析 考虑到新东方各业务板块不同的特征和盈利能力,我们采用分部估值法(SOTP)对公司进行估值,我们以 FY25(2024 年)为基准,以更好地反映公司业务相对稳定状态下的估值。其中,我们对新东方的教育业务(包括出国、大学及成人、高中、非学科培训等)采用 PS估值,考虑到新东方的业务规模及增速、盈利能力均为行业领先,我们在可比公司 Wind 一致预期均值(3.04x FY25E PS)基础上给予一定溢价,给予新东方教育业务 4.00x FY25E PS,对应股权价值为 156.76 亿美元。对于东方甄选,我们 7 月 24 日发布的《空间仍在,沉淀精品电商能力为先》报告预计 FY25 其大学业务 /电商-自营 /电商-抽佣净利润分别为1.91/4.75/9.52 亿元,约合 0.26/0.65/1.30 亿美元,按 Wind 可比一致预测 2024E PE 均值(电商业务-自营:35.22x,电商业务-抽佣:14.90x,大学业务:24.79x)和新东方持股比例 54.95%计算股权价值,约为 26.83 亿美元。综上,我们给予新东方 FY25 目标市值 183.59亿美元,对应目标价为 110.92 美元。
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新东方-美股公司研究报告-边缘归来转型全面发展的文教航母-231207(35页).pdf
表现金流量
新东方的非学科类培训参培人次整体呈快速增长趋势
FY23非学科培训参培总人次不到双减前20%,增长潜力充足
新东方非学科培训旨在提升学生的思维能力和综合素养
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