Gaotu(GOTU) 天风证券·2024-12-23 12:46Investment Rating - The investment rating for the company is "Buy" with a 6-month target price increase of over 20% [1]. Core Insights - The company reported a significant acceleration in revenue growth, with FY24Q3 revenue reaching 1.208 billion, a year-on-year increase of 53.1%, and cash revenue of 1.069 billion, up 67.2% [1]. - For the first three quarters of FY24, total revenue was 3.165 billion, reflecting a 43.9% increase, while cash revenue was 3.452 billion, marking a 67.5% rise [1]. - The company has a strong focus on shareholder returns, having invested over 120 million in stock buybacks during the quarter [1]. - As of September 30, 2024, the company held cash and cash equivalents totaling 3.31 billion, providing a solid foundation for strategic growth [1]. - Deferred revenue as of September 30, 2024, was 1.44 billion, representing an 89.0% year-on-year increase, indicating strong future revenue potential [1]. - The company anticipates a peak in year-on-year revenue growth for FY24Q4, projecting revenue between 1.288 billion and 1.308 billion, which corresponds to a year-on-year increase of 69.2% to 71.9% [1]. Revenue and Profit Forecast - The revenue forecast for FY24-26 has been adjusted to 4.4 billion, 5.6 billion, and 7.0 billion respectively, with net profits projected at -1.067 billion, -0.35 billion, and 0.093 billion [1]. - The earnings per share (EPS) estimates have been revised to -4.2 RMB, -1.4 RMB, and 0.4 RMB for FY24-26 [1].