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 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Gaotu Group, is a leading internet education technology firm in China, focusing on K12 education and gradually recovering its profitability through refined operations and a dual-teacher model [1][6]. - The online education market is experiencing rapid growth, driven by digital transformation and increasing user demand, with the market size expanding significantly from 156.5 billion to 322.6 billion RMB between 2016 and 2019, reflecting a CAGR of 27.3% [1][25]. - The company is actively investing in AI and education technology, with R&D expenditures growing from 0.74 billion to 4.62 billion RMB from 2018 to 2023, indicating a CAGR of 44.2% [1][41]. Summary by Sections 1. Multi-Channel Business Layout and Gradual Profit Recovery - The company focuses on K12 online education and has expanded into new business areas, achieving steady revenue growth with 2023 revenue reaching 2.961 billion RMB, a year-on-year increase of 18.52% [1][20]. - The gross profit margin for 2023 was 73.3%, while the net profit margin was -0.25%, indicating a gradual recovery in profitability [20][21]. 2. Accelerated Penetration of Online Education Market - The online education market is benefiting from digital transformation, with significant growth in K12 education products during the pandemic [25][27]. - The vocational education market is also expanding, with increasing government investment in educational funding, which rose from 190.9 billion RMB in 2012 to 296.8 billion RMB in 2021 [32][34]. 3. Continuous Development of "AI + Education" and Brand Empowerment through Live Streaming - The company is enhancing its AI capabilities in education, with plans to invest heavily in AI applications to improve teaching efficiency and service quality [41][44]. - The establishment of Gaotu Jiapin Technology Co., Ltd. marks the company's entry into the e-commerce live streaming sector, leveraging its brand to promote high-quality products [45][47]. 4. Profit Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 4.293 billion, 5.796 billion, and 7.245 billion RMB, with net profits expected to be 30 million, 90 million, and 198 million RMB respectively [2].

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 ...