Youdao (DAO.N)_ D_G to Neutral_ Decent Ads & Margin Trajectory but Largely Priced in

shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 V i e w p o i n t | Youdao (DAO.N) shuinu9870 Decent ads growth momentum — Youdao's ads business momentum remained decent in 3Q24, with small scale last year, expansion into new verticals, and strong RAT revs growth with improving algorithm and AI capabilities. Mgmt sees decent growth potential for both domestic and int'l markets over LT and opportunities from entertainment industries, AI tools related ad demand, and auto industries. Having ...