交银国际每日晨报-20250425

Group 1: New Oriental Education Technology - The company's overseas business may continue to face pressure, but cost control measures are expected to show results in Q4 [1] - For Q3 of FY2025, revenue decreased by 2% year-on-year; excluding Dongfang Zhenxuan, education and cultural tourism revenue increased by 21% [1] - The adjusted operating profit margin for Q3 was 12%, down from 15% in the same period last year, primarily due to the slowdown in study abroad business revenue growth and investments in cultural tourism [1] - Q4 outlook anticipates a 13% year-on-year increase in core education (including cultural tourism) revenue, with a projected operating profit margin improvement of 1 percentage point [1][2] - The company is currently trading at a price-to-earnings ratio of 12 times for 2025, with an attractive valuation based on expected profit growth of over 15% [2] Group 2: iQIYI - iQIYI's recent world conference highlighted a focus on high-quality content, with over 400 long and short videos announced, and an increased investment in micro-short dramas [3] - The revenue expectation for Q1 is maintained at 7.1 billion yuan, reflecting an 11% year-on-year decline but a 7% quarter-on-quarter increase [3] - Adjusted net profit for Q1 is revised down to 300 million yuan, resulting in an adjusted net profit margin of 4% [3] - The target price for iQIYI is adjusted to $2.40, maintaining a buy rating based on a 10 times price-to-earnings ratio for 2025 [4]