海外公司报告 | 首次覆盖报告 高途集团（GOTU） 证券研究报告 2024年04月 08日 投资评级 K12 教育老兵，盈利逐步复苏 6个月评级 买入（首次评级） 在线教育领先全国，聚焦 K12教培市场 作者 高途集团是中国领先的互联网教育科技公司之一，秉承“在线学习更高效” 孙海洋 分析师 的理念，坚持“好老师、好课程、好服务、高科技”，通过专职专业的教学 SAC执业证书编号：S1110518070004 辅导团队和强大的技术能力，致力于为学生和家长提供个性化、互动化、 sunhaiyang@tfzq.com 智能化的在线学习体验。全力打造“直播+辅导”双师模式，打造上千门精 品课程，提供的课程服务涵盖小学、初中、高中、大学、成人英语、思维 相关报告 训练、瑜伽、家庭教育、国学、从业考证等几十个品类。 1 《-公司动态研究:FY20Q4 净收增 盈利能力稳步复苏，精细化运营初见成效 136.5% ， 关 注 研发 和 服务 质量 》 2021-03-07 收入稳步增长，现金收入增幅呈加速趋势。公司2023年营收29.61亿元， 2 《-公司动态研究:FY20Q3 净收增 同增18.52%，增长原因系市场需 ...

Gaotu Techedu Inc. (NYSE:GOTU) Q4 2023 Results Earnings Conference Call February 27, 2024 8:00 AM ET Company Participants Catherine Chen - Head of Investor Relations Larry Chen - Founder, Chairman and Chief Executive Officer Shannon Shen - Chief Financial Officer Conference Call Participants Timothy Zhao - Goldman Sachs Alice Cai - Citi Research Yishan Li - China Merchants Securities (Hong Kong) Operator Good day. And welcome to Gaotu Techedu Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. All ...

Investment Rating - The investment rating for the company is "Buy" with a target price of $9.10, indicating a potential upside of 17.3% from the current price of $7.76 [1][2][11]. Core Insights - The company's Q4 performance exceeded expectations, with a revenue increase of 21% year-on-year to 760 million RMB, surpassing both the analyst and Bloomberg consensus by 5% [1]. - The growth was primarily driven by the K12 business's new customer acquisition and accelerated class renewals, while the impact from adjustments in the university and adult education segments was less than anticipated [1]. - The company has a cash reserve of 4 billion RMB as of the end of 2023, reflecting a year-on-year increase of 260 million RMB [1]. - For 2024, the company expects a revenue growth rate of 28%-31% in Q1, benefiting from the high collection growth in Q4 and the winter vacation peak season [1]. - The overall revenue forecast for 2024 is set to exceed 40%, reaching approximately 4.19 billion RMB, with significant growth expected in non-subject skills, high school, and university adult education segments [1][2]. Financial Summary - The company's revenue for 2023 is projected at approximately 2.5 billion RMB, representing a year-on-year increase of 19% [1][12]. - The adjusted net loss for Q4 was 100 million RMB, better than the expected loss of 140 million RMB [1]. - The company anticipates a net profit of 102 million RMB in 2024, with a significant increase in earnings per share (EPS) expected to reach 0.39 RMB [3][12]. - The projected revenue growth rates for 2024, 2025, and 2026 are 41.5%, 28.4%, and 18.8%, respectively [3][12]. - The company’s market capitalization is approximately 1.18 billion USD, with a year-to-date stock price increase of 114.36% [5].

智通财经APP获悉，2月27日，高途(GOTU.US)发布2023财年第四季度及全年财报。财报显示，截止到2023年12月31日，高途在2023年第四季度实现收入7.61亿元，同比增长20.9%；现金收入12.78亿元，同比增长28.1%；经营净现金流入达4.92亿元。 同时，高途在2023财年现金收入达到33.39亿元，实现同比大幅增长31.7%；全年经营净现金流入同比显著提升，较上年增长约5.5倍，这是公司运营效率持续提升的最佳佐证；在实现增长和正向现金的同时，达成全年盈利，非美国通用会计准则净利润为5106万元。从资金储备来看，截至2023年12月31日，公司账上现金储备整体超40亿元，为业务持续发展提供充分的保障，同时公司持续推进股票回购，截至2023年12月31日累计回购约487万美国存托股。 高途集团创始人、董事长兼CEO陈向东表示：“过去的一个季度，我们在持续巩固和提升核心业务优势的同时，也在不断推动创新业务的发展与进步。我们感受到了用户和学生对于优质教学产品和教学服务的需求愈发强烈。而我们对行业的洞察力、强大的组织力、以及成熟的招聘和培训体系，为业务的持续发展提供了坚实的基础。本季度我们的收入 ...

BEIJING, Feb. 27, 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 fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Highlights[1] Net revenues were RMB761.0 million, increased by 20.9% from RMB629.6 million in the same period of 2022. Gross billings[2] were RMB1,278.1 million, increased by 28.1% fr ...

Exhibit 99.1 Gaotu Techedu Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results Beijing, China, February 27, 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 fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Highlights[1] • Net revenues were RMB761.0 million, increased by 20.9% from RMB629.6 mi ...

BEIJING, Feb. 5, 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 fourth quarter and fiscal year 2023 ended December 31, 2023, before U.S. markets open on Tuesday, February 27, 2024.Gaotu's management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, February 27, 2024 (9:00 PM on the sam ...

Core Viewpoint - Chinese education stocks experienced a rise, with TAL Education (TAL.US) up over 2%, New Oriental (EDU.US) up over 4%, and Gaotu (GOTU.US) up nearly 7% following a rating upgrade from Citigroup for Gaotu from "Sell" to "Buy" [1] Group 1: Company Performance - Gaotu's recent surge in viewership is attributed to internal events at competitor Dongfang Zhenxuan, leading to a "significant but temporary increase in engagement" which may convert to slightly higher GMV [1] - In its latest earnings report, Gaotu's total billings grew by 5.3%, resulting in a net income increase of 30.2% year-over-year [1] Group 2: Analyst Ratings and Price Targets - Citigroup raised Gaotu's target price by over 80% to $4.5, representing a 37% premium over Tuesday's closing price [1]

As the trading week winds down on Friday and heads into the holidays, there's big trouble brewing in China's big tech sector. Shares of online gaming company NetEase (NTES -15.18%) crashed 15% through noon today, while Huya (HUYA -10.19%), a specialist in livestreaming of online games, fell 10.7% in response to rumored regulations coming down from the Chinese government.Gaotu Techedu (GOTU -8.33%), which isn't a gaming company at all but rather a for-profit educator, seemed to fall in sympathy with its gami ...

Gaotu Techedu Inc. (NYSE:GOTU) Q3 2023 Earnings Conference Call November 22, 2023 8:00 AM ET Company Participants Catherine Chen - Head of Investor Relations Larry Chen - Founder, Chairman and Chief Executive Officer Shannon Shen - Chief Financial Officer Conference Call Participants Yiwen Zhang - China Renaissance Operator Hello and welcome to Gaotu Techedu Third Quarter 2023 Earnings Conference Call. All participants’ will be in listen-only mode. [Operator Instructions] After today’s presentation, there w ...