好未來：超預期，樂觀看待後續成長

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TAL Education Group  (TAL US) 超預期，樂觀看待後續成長 FY25Q2E results: surpassed expectations; we are bullish about subsequent growth BUY (maintain) 投資要點/Investment Thesis 投資要点/Investment Thesis 公司披露FY25Q2財報 公司本季（2024/6/1-8/31）淨收入6.2億美金同增50.4%，OP0.48億美金同增50%；Non-GAAP OP0.65億美金同增23%； 歸母淨利0.57億美金同增52%，Non-GAAP歸母淨利0.74億美金同增26%； FY25H1淨收入10.3億美金同增50.4%，OP0.3億美金扭虧；Non-GAAP OP0.65億美金同增220%； 歸母淨利0.69億美金扭虧，Non-GAAP歸母淨利1億美金同增165%。 FY25Q2E revenue rose 50.4% yoy to USD619.4m; FYH1E net profit turnaround TAL Education recently released unaudited results: FY25Q2E (June to August 2024): •Revenue increased to USD619.4m, up 50.4% yoy. •Operating income grew to USD47.6m, up 49.8% yoy. •Non-GAAP operating income was USD64.5m, up 22.5% yoy. •Net profit was USD57.4m, up 51.5% yoy. ………………………………