Gaotu(GOTU) 交银国际·2025-02-13 12:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 2.65 [1][2][13]. Core Insights - The company is expected to exceed expectations in Q4 2024, with projected collections of RMB 2.15 billion, a year-on-year increase of 68%, driven by better-than-expected renewal rates and ROI from new customer acquisition [6]. - Revenue for Q4 2024 is anticipated to reach RMB 1.36 billion, reflecting a 78% year-on-year growth, with the K12 segment expected to maintain over 100% growth [6]. - The adjusted operating loss for Q4 2024 is forecasted to be RMB 150 million, an improvement from previous expectations of RMB 280 million, due to effective channel operation strategies and cost efficiency [6]. Financial Forecast Changes - Revenue projections for 2024 have been updated to RMB 4,520 million, a 1.2% increase from previous estimates, with a growth rate of 52.7% [5]. - The forecast for collections in 2024 has been raised to RMB 5,602 million, reflecting a 3.9% increase, with a growth rate of 67.8% [5]. - Adjusted operating loss for 2024 is revised to RMB 1,144 million, showing a 9.6% improvement from earlier forecasts [5]. Performance Metrics - The company is expected to achieve a gross profit of RMB 3,077 million in 2024, with a gross margin of 68.1% [5]. - The adjusted net loss for 2024 is projected at RMB 1,012 million, with an adjusted net margin of -22.4% [5]. - The company aims for a strategic focus on healthy growth, enhancing service quality, and optimizing customer acquisition efficiency [6].