Gaotu(GOTU) 天风证券·2025-04-19 07:36Investment Rating - The report maintains a "Buy" rating for the company with a 6-month outlook [5][11]. Core Insights - The company is expected to benefit from scale effects, leading to accelerated profit release, particularly in Q1 2025. This is driven by improved student retention, reduced recruitment costs, and user growth enhancing net profit margins. Additionally, the maturity of AI tools is anticipated to lower costs and improve efficiency, positively impacting gross margins and expense ratios [1]. - AI technology is transforming the education model, making personalized learning and efficiency enhancements essential. The shift from "experience-driven" to "data-driven" education allows for precise teaching, with AI providing real-time answers and personalized learning suggestions. The company has been exploring machine learning and AI applications across various educational and operational scenarios, which have significantly improved efficiency and user experience [2]. - The company is focusing on personalized education, moving from a "standardized" approach to "tailored teaching." This involves customized course systems and precise feedback mechanisms, exemplified by a strategic partnership with the Chinese National Diving Team to develop tailored courses addressing athletes' unique needs [3]. Financial Projections - Revenue projections for FY24-26 are estimated at 4.6 billion RMB, 5.8 billion RMB, and 7.4 billion RMB, respectively. Net income is projected to be -1.05 billion RMB, -0.33 billion RMB, and 0.15 billion RMB for the same periods. Earnings per share (EPS) are expected to be -4.1 RMB, -1.3 RMB, and 0.6 RMB [4].