好未来(TAL.N)2021财年三季报点评：OMO战略明确以健康增长为前提保持高投入

中信证券股份有...2021-01-22

公司FY21Q3 净收入11.19 亿美元/+35.0%，略超预期；Non-GAAP 经营利润-7335.4万美元/去年同期盈利9956.0 万美元，不及预期，主要因为投放费用超预期。Q3 虽然盈利端受投放影响仍然低于预期，但收入端，可见多条业务线齐头并进实现快速增长，且加快新城市进入也体现行业格局上更利于龙头品牌扩张，公司长期成长高确定性再次回归市场视野，我们认为这将带动公司估值修复。收入略超...

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壹见发财
2021-01-22
壹见发财
这是剽窃达内童程唐晓澜的运营理念吗？OMO

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202101221711177d2f9427&s=b><strong>中信证券股份有...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>公司FY21Q3 净收入11.19 亿美元/+35.0%，略超预期；Non-GAAP 经营利润-7335.4万美元/去年同期盈利9956.0 万美元，不及预期，主要因为投放费用超预期。Q3 虽然盈利端受投放影响仍然低于预期，但收入端，可见多条业务线齐头并进实现快速增长，且加快新城市进入也体现行业格局上更利于龙头品牌扩张，公司长期成长高确定性再次回归市场视野，我们认为这将带动公司估值修复。收入略超...</p>\n\n<a 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为核心更深入覆盖城市、打开更多市场，战略明晰。我们认为，虽然公司总体投入在未来1-2年还将维持高位，但其投入原则以健康增长为前提，在内容建设、技术、教师投入等方面进行提升，这将最终帮助其实现持续快速的增长、建立全国品牌认知，构建更深护城河。对于在线教育模式本身，一直以来，我们认为行业机会明确，在线教育因突破物理位置、教师资源等限制，对低线城市流量的抢占将推动其渗透率保持提升。虽然短期盈利端受投放影响略低于预期，但随头部优势集中，即会从营销战转为产品战，预计行业盈利模型逐渐好转后龙头潜力空间将得以释放，盈利能力也将好转。风险因素：线上留存率低于预期，学习中心布局不及预期，市场竞争加剧，投资继续减值等。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":310653383,"gmtCreate":1611326327242,"gmtModify":1703749751162,"author":{"id":"3466733619073145","authorId":"3466733619073145","name":"壹见发财","avatar":"https://static.laohu8.com/21dc1270cbe92529dee6d62b5ed13302","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3466733619073145","authorIdStr":"3466733619073145"},"htmlText":"这是剽窃达内童程唐晓澜的运营理念吗？OMO","listText":"这是剽窃达内童程唐晓澜的运营理念吗？OMO","text":"这是剽窃达内童程唐晓澜的运营理念吗？OMO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/310653383","repostId":2105755469,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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好未来(TAL.N)2021财年三季报点评：OMO战略明确 以健康增长为前提保持高投入

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好未来(TAL.N)2021财年三季报点评：OMO战略明确以健康增长为前提保持高投入