高途：成长启动-20250301

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook [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 revenue of 4.553 billion RMB, up 53.8% from the previous year, while cash revenue increased 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 integration of AI technologies, particularly through the DeepSeek model, is aimed at improving educational services and operational efficiency, enhancing customer satisfaction and learning outcomes [2] - The company has seen a notable improvement in teaching quality and service, leading to increased student retention rates, which provides opportunities for feedback and course optimization [3] - Adjustments to profit forecasts indicate expected revenues of 4.6 billion RMB, 5.8 billion RMB, and 7.4 billion RMB for FY24-26, with net losses projected to decrease over the same period [4]