高途：营收利润超公司指引，长期增长动力强劲

Investment Rating - The report assigns a "Buy" rating to the company with a target price of $9.5, representing a 67% upside from the previous closing price [1][4]. Core Insights - The company reported a revenue of 947 million RMB for FY24Q1, a year-on-year increase of 33.9%, exceeding the company's guidance of 908-928 million RMB [1]. - Non-GAAP operating profit was -62 million RMB, down from a profit of 110 million RMB in the same period last year, while Non-GAAP net profit was 3 million RMB compared to 13 million RMB last year [1]. - The company has a cash reserve of 3.8 billion RMB and no interest-bearing debt as of FY24Q1 [1]. - The K12 business segment showed strong growth, with cash revenue growth exceeding 70%, and non-academic training cash revenue more than doubling year-on-year [1]. - For FY24Q2, the company expects revenue growth of 29%-32%, with guidance of approximately 908-928 million RMB, slightly lower than Q1 due to seasonal impacts [1]. - The company is experiencing a decline in gross margin due to rapid expansion and increased sales expenses, with a gross margin of 71.3% in FY23Q4, down 6.1 percentage points year-on-year [1]. Summary by Sections Financial Performance - FY24Q1 revenue reached 947 million RMB, up 33.9% year-on-year, surpassing guidance [1]. - Non-GAAP operating profit was -62 million RMB, compared to a profit of 110 million RMB last year [1]. - Cash reserves stood at 3.8 billion RMB with no interest-bearing debt [1]. Business Segments - K12 business achieved significant growth, with cash revenue growth over 70% [1]. - Non-academic training cash revenue more than doubled year-on-year [1]. - Adult and college student business revenue accounted for nearly 20%, with a cash revenue growth of 30% [1]. Future Outlook - FY24Q2 revenue guidance is set at 29%-32%, approximately 908-928 million RMB [1]. - Cash revenue growth is expected to continue at a high rate, supporting Q3 performance [1]. Cost Structure - Gross margin decreased to 71.3% in FY23Q4, down 6.1 percentage points year-on-year due to changes in revenue mix [1]. - Sales expense ratio increased to 53.5%, up 14.3 percentage points year-on-year, driven by increased recruitment efforts [1]. - R&D expense ratio was 16%, up 2.3 percentage points year-on-year [1].