高途：FY24Q4业绩指引均超预期，接入大模型AI赋能教育-20250306

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $5.50, representing a 61.0$3.41 [5][7]. Core Insights - The company has exceeded its revenue guidance for FY24Q4, reporting a revenue increase of 82% year-over-year to 1.39 billion RMB, surpassing the expected range of 1.288-1.308 billion RMB [2]. - The K9 business continues to show strong growth, with revenue growth exceeding 100% year-over-year for three consecutive quarters, and the company expects a revenue growth rate of 48.7%-50.8% for FY25Q1 [3]. - The integration of the DeepSeek AI model is expected to enhance educational services, focusing on teaching innovation, user experience, and operational efficiency [4]. Financial Overview - For FY24, the company reported a revenue of 4.55 billion RMB, a 53.8% increase from the previous year, with projections of 5.73 billion RMB for FY25, reflecting a 25.9% growth [6]. - The company anticipates a reduction in net losses to 311 million RMB in FY25, with expectations of achieving profitability by FY26 [5][6]. - Cash reserves stand at 4.1 billion RMB with no interest-bearing debt, and cash collections have increased by over 69% year-over-year to 2.16 billion RMB [2].