高途：成长启动-20250228

Investment Rating - The report maintains a "Buy" rating for the company with an expected relative return of over 20% within the next six months [6]. Core Insights - The company reported a significant revenue growth of 82.5% year-on-year for FY24Q4, with total revenue reaching 1.39 billion RMB and cash revenue at 2.16 billion RMB, reflecting a 69.0% increase [1]. - For the full fiscal year 2024, the company achieved a total revenue of 4.553 billion RMB, a 53.8% increase compared to the previous year, while cash revenue grew by 68.1% to 5.612 billion RMB [1]. - The company is actively enhancing shareholder value through a stock repurchase plan, having repurchased approximately 8.11 million ADS, which is 3.2% of the total shares outstanding as of the end of 2024 [1]. - The company has a strong cash position, with total cash and cash equivalents amounting to 4.09 billion RMB, which provides ample support for business development [1]. Financial Performance Summary - The company reported an operating net cash inflow of 780 million RMB, with an improvement in the operating loss rate by 13.9% [1]. - The net loss for FY24 was 1.049 billion RMB, compared to a net loss of 7.3 million RMB in the same period last year [1]. - The adjusted earnings forecast for FY24-26 projects revenues of 4.6 billion RMB, 5.8 billion RMB, and 7.4 billion RMB respectively, with net losses of 1.05 billion RMB, 330 million RMB, and a profit of 150 million RMB in the same periods [4]. Educational Product and Service Enhancement - The company is leveraging AI technologies, including DeepSeek, to enhance educational services, improve learning experiences, and increase customer satisfaction [2]. - AI applications are being utilized to automate processes, optimize resource allocation, and improve operational efficiency, thereby enhancing the overall quality of teaching and service [2]. - The company aims to provide a comprehensive examination preparation platform for university students, utilizing AI to create tailored learning paths and improve educational outcomes [2]. Teaching Quality and Student Retention - The company has demonstrated significant improvements in teaching quality, with high student achievement in mastering knowledge and skills [3]. - The increasing retention rate of students provides opportunities for feedback collection and course optimization, allowing the company to better meet the needs of students and parents [3].