交银国际维持高途“买入”评级，目标价5.2美元

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Gaotu (NYSE: GOTU) with a target price of $5.2, highlighting the company's robust performance in its core online education business despite slight underperformance in offline enrollment for Q3 2025 [1] Group 1: Financial Performance - Gaotu's revenue is expected to grow by 35% year-on-year in 2025, with a projected growth rate of 20% in 2026 [1] - The company is anticipated to incur an adjusted operating loss of approximately 510 million RMB in 2025, although the loss is expected to narrow, with Q3 losses reported at 175 million RMB, a significant reduction of 63% year-on-year [1] - The gross margin for Q3 is expected to increase by 0.5 percentage points quarter-on-quarter and 2.5 percentage points year-on-year, primarily due to improved utilization rates of offline classrooms during the summer peak season [1] Group 2: Strategic Focus and Market Outlook - In 2026, Gaotu will focus on enhancing the quality of offline teaching and operational efficiency while expanding enrollment without increasing the number of existing teaching points, aiming to improve the profitability of its online-offline integration model [2] - The market outlook suggests that as the policy environment stabilizes and user demand rebounds, leading education companies are gradually emerging from a downturn, with Gaotu's transformation efforts expected to yield results in the coming quarters [2]