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 APP features three major technological advancements: over 250 million minutes of self-developed instructional videos, high-accuracy "九章识题" technology for question recognition, and intelligent adaptive answering capabilities [2][3]. - The long-term impact of DeepSeek's deep reasoning models is expected to transform human learning methods, emphasizing the importance of asking quality questions in the AI-driven educational environment [4][10]. Summary by Sections Product Development - The "随时问" APP is designed to offer free access to advanced educational tools, enhancing user engagement and data accumulation for the company [1][10]. - The APP's integration with DeepSeek allows for personalized AI tutoring, which is expected to significantly improve the learning experience for middle and primary school students [2][3]. Market Positioning - The report highlights the potential for online education to expand beyond traditional physical boundaries, suggesting that leading companies can capture a larger market share through innovative digital solutions [9][10]. - The current free offering of the APP is seen as a strategic move to lower customer acquisition costs and build a substantial user base [10]. Financial Projections - The company is projected to achieve revenues of 3.8 billion, and 210 million, 480 million [11].
好未来：拥抱DeepSeek突破成长边界，有望重构教育格局及估值体系-20250223