Investment Rating - The report maintains a "Buy" rating for the company with a target price expected to yield over 20% relative return within the next six months [5][11]. Core Insights - The introduction of the "随时问" APP, which integrates DeepSeek's R1 intelligent reasoning, aims to revolutionize the educational landscape by providing a Socratic-style learning experience for students [1][4]. - The combination of DeepSeek's advanced AI capabilities with the company's extensive educational resources is expected to enhance personalized learning and tutoring services significantly [2][3]. - The report highlights three key technological advancements of the "随时问" APP: over 250 million minutes of self-developed instructional videos, high-accuracy "九章识题" technology for problem recognition, and intelligent adaptive answering capabilities [2][3]. Industry Perspective - The integration of AI tools like DeepSeek is seen as a crucial step for educational companies to enhance customer acquisition, service, and engagement, potentially leading to rapid market penetration [5][10]. - The report suggests that the current educational landscape is conducive to restructuring, with reduced competition among leading firms and opportunities for significant market share growth [10]. - The free access to the "随时问" APP is viewed as a strategic move for low-cost customer acquisition and data accumulation, which is vital for long-term growth [10]. Financial Projections - The company is projected to achieve revenues of 3.8 billion, and 210 million, 480 million [11]. - The expected earnings per share (EPS) are forecasted to be 0.50, and $0.80 for the same fiscal years, with price-to-earnings (PE) ratios of 42x, 28x, and 18x [11].
TAL INTERNATIONAL GROUP INC：拥抱DeepSeek突破成长边界，有望重构教育格局及估值体系-20250223