【天风证券】股票业务与经纪引领业绩增长，扣非净利润YOY+72%.pdf

22Q3扣非归母净利yoy+17.91%，内外同步优化边际向好，向业绩目标奋力进发

好未来：FY19Q2暨电话会纪要-Non-GAAG净利+34%YoY；学员+120%；在线业务持续发力20181025

天风：新东方FY18Q3点评暨电话会纪要-收入+41%YoY，K12收入+51%YoY，单季新增网点60家创近5年新高

FY2023Q2业绩点评：经调净利润+74%yoy，国内疫情下业绩仍超预期

24Q1归母净利yoy+45.6%，超市场预期

4Q23E earnings surged 31-71% YoY, above expectation

Q4营收和毛利率均创新高，单季净利润yoy+353%

–3Q23 earnings surged 120-200% YoY; Strong gas trucks sales continue to be key driver

2023H1营收yoy+29.64%，线上渠道转型获得阶段性成效

FY20H1收入+46%YoY，独立学院脱钩提供业绩弹性