好未来（TAL.US）：业绩点评：利润率扩张更强劲；营收预期重置；更系统的股东回报；给予“买入”评级

We believe profit expansion, rather than revenue growth, will be the key financial metric for investors assessing TAL's intrinsic value following 2QFY26 results, which reaffirmed the company's focus on profitability and reset revenue growth expectations. After 11 quarters of 30%+ YoY revenue growth since Double Reduction, TAL's more profitable core learning services business (Peiyou in particular) is poised to drive group revenue growth over the next few quarters, while the lower-margin learning content solutions segment faces a high revenue base due to softer consumer demand against rising AI learning tablet costs and, to a lesser extent, the EPIC acquisition in May 2025. We are also encouraged by stepped-up, more systematic shareholder return policies after TAL announced its first dividend since 2017 plus a c.US$390mn share repurchase quota left until Jul 2027. We lower FY27-29E revenue by 6%-11% on muted content solutions growth and moderated learning services growth, and raise non-