TAL INTERNATIONAL GROUP INC：好未来2025财年第三季度点评报告：桃李仍不言，预期差未尽

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7][10] Core Insights - The company's strong product capabilities and operational efficiency drive rapid growth, allowing it to transcend the competitive pressures in the K12 sector, with profit margins releasing beyond expectations due to business structure optimization and scale effects [1][2][6] - The gradual recovery of competition in the education sector is seen as the biggest marginal variable for 2024, but from 2025 onwards, the competition will return to a phase where product strength and standardization capabilities will determine the winners [2][6] - The company is expected to maintain high growth in its core profit segments, leading to an optimization of its business structure and scale effects, resulting in profit margins exceeding expectations [5][7] Summary by Sections Financial Performance - For FY2025 Q3, the company reported revenue of $610 million, a year-on-year increase of 62.4$0.02 million and -0.3%, respectively, compared to Bloomberg's expectations of -$0.95 million and -1.8$0.39 million with a margin of 6.4%, exceeding expectations of $0.20 million and 3.7$2.18 billion, $2.97 billion, and$3.47 billion, representing year-on-year growth rates of 46%, 36%, and 17%, respectively [7][9] - Adjusted net profits for the same period are expected to be $210 million,$460 million, and $560 million, with year-on-year growth rates of 145$9.3 billion, based on a 20x valuation for FY2026 [7]