Investment Rating - The report assigns a "Buy" rating to the company with a target price of $9.5, representing a 67% upside from the previous closing price [1][4]. Core Insights - The company reported a revenue of 947 million RMB for FY24Q1, a year-on-year increase of 33.9%, exceeding the company's guidance of 908-928 million RMB [1]. - Non-GAAP operating profit was -62 million RMB, down from a profit of 110 million RMB in the same period last year, while Non-GAAP net profit was 3 million RMB compared to 13 million RMB last year [1]. - The company has a cash reserve of 3.8 billion RMB and no interest-bearing debt as of FY24Q1 [1]. - The K12 business segment showed strong growth, with cash revenue growth exceeding 70%, and non-academic training cash revenue more than doubling year-on-year [1]. - For FY24Q2, the company expects revenue growth of 29%-32%, with guidance of approximately 908-928 million RMB, slightly lower than Q1 due to seasonal impacts [1]. - The company is experiencing a decline in gross margin due to rapid expansion and increased sales expenses, with a gross margin of 71.3% in FY23Q4, down 6.1 percentage points year-on-year [1]. Summary by Sections Financial Performance - FY24Q1 revenue reached 947 million RMB, up 33.9% year-on-year, surpassing guidance [1]. - Non-GAAP operating profit was -62 million RMB, compared to a profit of 110 million RMB last year [1]. - Cash reserves stood at 3.8 billion RMB with no interest-bearing debt [1]. Business Segments - K12 business achieved significant growth, with cash revenue growth over 70% [1]. - Non-academic training cash revenue more than doubled year-on-year [1]. - Adult and college student business revenue accounted for nearly 20%, with a cash revenue growth of 30% [1]. Future Outlook - FY24Q2 revenue guidance is set at 29%-32%, approximately 908-928 million RMB [1]. - Cash revenue growth is expected to continue at a high rate, supporting Q3 performance [1]. Cost Structure - Gross margin decreased to 71.3% in FY23Q4, down 6.1 percentage points year-on-year due to changes in revenue mix [1]. - Sales expense ratio increased to 53.5%, up 14.3 percentage points year-on-year, driven by increased recruitment efforts [1]. - R&D expense ratio was 16%, up 2.3 percentage points year-on-year [1].

教培行业研究系列（六）：高途（GOTU.N）深度研究 在线业务趋势强劲，线下布局重回管理层擅长领域 2024年05月26日 ➢ 高途：K12在线教育领军者，“双减”后快速调整。公司成立于2014年，通过聚焦 在线直播大班课，成为国内首家实现规模化盈利的K12在线教育公司，2019年6月在美 国纽交所上市。2020年营收一度超过70亿元。“双减”后，公司组织和业务迅速调整， 剥离义务教育阶段学科培训业务（已登记为非营利机构，与上市公司完全独立），保留合 [Table_Author] 规高中业务，重点发展K9素养、成人及大学生业务。2021Q4公司净利率转正，重组成 本基本出清，账面类现金总额37亿元，为业务转型提供坚实基础。 ➢ 经营近况：营收恢复较快增长，现金收入增速加快，趋势强劲。2023年公司营收30 亿元/yoy+19%，恢复增长，在线培训收入占比仍在95%+，其中K12业务收入超20亿 元，预计增速较快，成人及大学生业务战略调整，优化盈利能力较弱的品类，已初显成效。 趋势来看，2023Q4公司现金收入创“双减”调整后新高，同增28%，2024Q1现金收入 分析师 易永坚 同增 35%，环比加快。202 ...

Gaotu Techedu Inc. (NYSE:GOTU) Q1 2024 Earnings Conference Call May 21, 2024 8:00 AM ET Company Participants Catherine Chen - Head of IR Larry Chen - Founder, Chairman and CEO Shannon Shen - CFO Conference Call Participants Alice Cai - Citi Research Jeffrey Chan - CLSA Operator Ladies and gentlemen, thank you for standing by and welcome to the Gaotu Techedu [Fourth Quarter and Fiscal Year 2023] (ph) Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note t ...

Exhibit 99.1 Gaotu Techedu Announces First Quarter 2024 Unaudited Financial Results Beijing, China, May 21, 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 first quarter ended March 31, 2024. First Quarter 2024 Highlights[1] • Net revenues were RMB946.9 million, increased by 33.9% from RMB707.3 million in the same period of 2023. • Gross b ...

BEIJING, May 21, 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 first quarter ended March 31, 2024.First Quarter 2024 Highlights[1]Net revenues were RMB946.9 million, increased by 33.9% from RMB707.3 million in the same period of 2023.Gross billings[2] were RMB729.4 million, increased by 35.3% from RMB539.0 million in the s ...

BEIJING, April 30, 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 first quarter ended March 31, 2024, before U.S. markets open on Tuesday, May 21, 2024.Gaotu's management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, May 21, 2024 (8:00 PM on the same day, Beijing/Hong Kong Time). D ...

[Table_Page] 跟踪研究|媒体Ⅱ 证券研究报告 [【Table_T广itle] 发 传 媒 & 海 外 】 高 途 集 团 [公Tab司le_I评nve级st] 买入 当前价格 6.70美元 （GOTU） 合理价值 8.12美元 前次评级 买入 24Q1 前瞻：收款健康增长，获客效率提升 报告日期 2024-04-29 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 GOTU US EQUITY SPX Index ⚫ 24Q1前瞻：预计收入维持指引，调高收款增速。预计24Q1实现收入 40.0% 9.25亿元，YoY+30.8%，预计落在23Q4财报28.4-31.2%的指引增速 区间。预计收款6.98亿元，YoY+29.5%，主要由于良好的K12用户拉 20.0% 新驱动，若考虑春节错期因素进行调整后，预计收款增速同增70%。 0.0% ⚫ 预计非学科培训收入高增，K12 收入占比提升。（1）预计 Q1 非学科 培训收入 1.97 亿元，YoY+55%，收入占比 21%。（2）预计传统学习 -20.0% 服务收入 5.33 亿元，YoY+30% ...

BEIJING, April 25, 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 filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission. The annual report on Form 20-F can be accessed on the Company's investor relations website at https://ir.gaotu.cn/. The Company will provide a hard copy of its annual report cont ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

交银国际研究 公司更新 教育 收盘价 目标价 潜在涨幅 2024年4月23日 美元6.49 美元9.10 +40.2% 高途 (GOTU US) 1 季度业绩预期上调，行业需求稳健  2024 年1 季度业绩预览：我们预计总收入同比增32%至9.37亿元（人民 个股评级 币，下同），对比此前公司指引的 9.08 亿元-9.28 亿元（同比增 8.4%- 买入 31.2%）。预计Non-GAAP净亏损约600万元（原预测为亏损2500万元）， 主要受益于续班周期后移，营销费用低于预期影响。 1年股价表现  预计教育服务收入增31%，其中K12增33%，大学生成人收入增26%。1） GOTU US K12业务：受到寒假需求持续拉动，及营销转化提升，K12业务收款及确 140% MSCI中国指数 120% 收口径增速均保持强劲，我们估算1季度K12收入增速33%，其中K9非学 100% 科翻倍增长。2）大学生成人：课程调整迅速，4季度收款已恢复正增长， 80% 60% 拉动确收口径增速超过25%。 40% 20% 0%  估算线下素养业务教学点超过25 个，对1 季度毛利率影响约2-3 个百分 -20% -4 ...