海外公司报告 | 公司动态研究 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------- ...

资料来源:公司资料,第一上海预测 资料来源:彭博 高途（GOTU.US） 更新报告 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|-------------|---------------------------------------------------|-----------------------------------------------------------|------------------------------------------------------------|----------------------|----------------------------------------------------------- ...

海外教育行业点评：高途（GOTU.N）发布 2024Q3 业绩 Q3 收入高增、利润短期承压 2024 年 12 月 05 日 事项：12 月 4 日下午高途（GOTU.N）发布 2024Q3 业绩，2024 年 7-9 月净收 入 12.08 亿元，同比增长 53.1%；归母净亏损 4.71 亿元，上年同期亏损 0.58 亿 元；Non-GAAP 经营亏损 4.76 亿元，上年同期为亏损 0.84 亿元。 ➢ 24Q3 收入位于此前指引上限，Q4 预计收入同增 89%。Q3 公司净收入 12.08 亿元，同比增长 53.1%，位于此前指引上限（11.88-12.08 亿元）。其中， K12 业务收入占比超过 75%，K9 非学科业务收入同比增长超过 100%；大学生 成人业务占比不到 20%。Q3 收款 10.69 亿元，同比增长 67.2%，期末递延收入 余额 14.39 亿元，同比增长 89.0%。公司预计 Q4 收入 12.88-13.08 亿元，同比 增长 69.2-71.9%。据此测算，全年公司预计收入 44.53-44.73 亿元，同比增长 50.4%~51.1%。 ➢ 24Q3 亏损扩大，主因 ...

Gaotu Techedu Inc. (NYSE:GOTU) Q3 2024 Earnings Conference Call December 4, 2024 8:00 AM ET Company Participants Catherine Chen - Head, Investor Relations Larry Chen - Founder, Chairman and Chief Executive Officer Shannon Shen - Chief Financial Officer Conference Call Participants Crystal Li - CMS Operator Ladies and gentlemen, thank you for standing by, and welcome to the Gaotu Techedu Third Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Pleas ...

Exhibit 99.1 Gaotu Techedu Announces Third Quarter 2024 Unaudited Financial Results Beijing, China, December 4, 2024 —Gaotu Techedu Inc. (NYSE: GOTU) ("Gaotu" or the "Company"), a technology-driven education company and online large-class tutoring service provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2024. Third Quarter 2024 Highlights[1] • Net revenues were RMB1,208.3 million, increased by 53.1% from RMB789.4 million in the same period of 2023. ...

BEIJING, Dec. 4, 2024 /PRNewswire/ -- Gaotu Techedu Inc. (NYSE: GOTU) ("Gaotu" or the "Company"), a technology-driven education company and online large-class tutoring service provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.Third Quarter 2024 Highlights[1] Net revenues were RMB1,208.3 million, increased by 53.1% from RMB789.4 million in the same period of 2023. Gross billings[2] were RMB1,069.2 million, increased by 67.2% from RMB639.3 millio ...

Investment Rating - The report maintains a **Buy** rating for Gaotu Techedu (GOTU US) with a target price of **$4.60**, representing a potential upside of **76.9%** from the current price of **$2.60** [1][4] Core Views - Gaotu Techedu's business restructuring and marketing strategy adjustments are expected to show results by **2025**, with potential cost savings of **RMB 100 million** from operational efficiency improvements [1][2] - The company's **K12 business** is expected to maintain a strong growth trajectory, with **70%+ YoY growth** in Q3 2024, driven by strong demand and effective student retention strategies [1] - The **adult education segment** is undergoing strategic downsizing, with revenue expected to remain flat in Q3 2024, a downgrade from the previously expected **10%+ growth**, resulting in a **RMB 30 million reduction** in revenue [1] - The company's **K9 business** is projected to grow by **150%+** in 2024, exceeding previous expectations, while the adult education segment is expected to see a **low single-digit decline** in Q4 2024 [2] - Despite strong revenue growth, the company is expected to face **operating losses** of **RMB 1.27 billion** in 2024, with a **loss margin of 28%**, due to increased marketing expenses and ongoing business adjustments [2] Financial Performance - **Revenue** is expected to grow by **50% YoY** in 2024, reaching **RMB 4.454 billion**, driven by strong performance in the K12 and K9 segments [2][3] - **Net loss** is projected to widen to **RMB 1.075 billion** in 2024, compared to a net profit of **RMB 51 million** in 2023, due to higher operating costs and business restructuring [3] - The company's **gross margin** is expected to decline to **64%** in Q3 2024, down **8 percentage points YoY**, primarily due to the impact of reduced revenue from the adult education segment [1] - By **2025**, the company expects to achieve a **profit margin** of **10-15%**, driven by improved operational efficiency and reduced marketing expenses [2] Valuation - The target price of **$4.60** is based on a **15x P/E ratio** for the online education business, reflecting the company's expected profitability recovery by 2025 [2] - The valuation has been adjusted downward from the previous target of **$6.50** due to ongoing business restructuring and increased marketing investments [2] Market Performance - Gaotu Techedu's stock has experienced a **28.18% decline** year-to-date, with a **52-week high of $8.35** and a **52-week low of $2.35** [6] - The company's **market capitalization** stands at **$386.10 million**, with an average daily trading volume of **0.67 million shares** [6]

BEIJING, Nov. 19, 2024 /PRNewswire/ -- Gaotu Techedu Inc. ("Gaotu" or the "Company") (NYSE: GOTU), a technology-driven education company and online large-class tutoring service provider in China, today announced that it will report its financial results for the third quarter ended September 30, 2024, before U.S. markets open on Wednesday, December 4, 2024.Gaotu's management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Wednesday, December 4, 2024 (9:00 PM on the same day, Beijing/Hon ...

I published my initial investment thesis on Gaotu Techedu (NYSE: GOTU ) in September of 2023. It has been more than a year since the publication of the thesis. GOTU’s investors have gone through a roller-coaster ride since then. TheI am the co-founder and portfolio manager for a multi-family office with a focus on U.S and Asia markets. I have a bachelor's and master's degree in accounting and finance from one of the top programs in the U.S. I am a CFA Charterholder. Prior to starting on my own, I worked as ...

资料来源:公司资料,第一上海预测 资料来源:彭博 高途（GOTU.US） 更新报告 收入增长超预期，投入加大利润承压 FY24Q2 业绩概览：截止 24 年 6 月 30 日，公司 FY24Q2 同比+38.7% 至 10.09 亿人民币（下同），高于此前公司业绩指引（9.08-9.28 亿 元）。Non-GAAP 经营利润-4.53 亿元，去年同期为盈利 0.50 亿元； Non-GAAP 净 利 润 为 -4.18 亿 元 ， 去年同 期 -4.15 亿 元 。 截 至 FY2024Q2，公司在现金储备为 41 亿元，无有息负债。按可比口径现金 收款同比增长超过 87%，达 16.5 亿元。 K9 业务实现高增长，占比首次超 20%：分业务看，FY24Q1 公司 非学科培训及高中业务（K12 业务）占比总体超 75%，占据主要地位， 收入同比超过 55%，其中 K9 非学科辅导的收入和可比口径现金收款同 比增长均超 100%，来自新生的可比口径现金收款同比增长超过 200%， K9 业务收入占比首次超过 20%；成人及大学生业务收入占比少于 20%， 收入同比增长约为 10%。 FY24Q3 公司指引：F ...