Gaotu(GOTU) 交银国际·2025-04-23 07:33Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 2.69 [1][2][12]. Core Insights - The company's Q1 2025 performance is expected to exceed expectations, with a projected revenue of 1.43 billion RMB, representing a year-on-year increase of 51%. This growth is attributed to innovations in adult education courses and strong holiday demand [2][6]. - The gross margin is anticipated to improve to 70% due to better offline business profitability and stable customer acquisition efficiency. The adjusted operating profit is forecasted at 26 million RMB, a significant improvement compared to previous expectations [2][6]. - The report maintains the full-year revenue and profit forecasts for 2025, projecting a revenue increase of 27% and a substantial reduction in annual losses [6][12]. Financial Projections - Revenue for 2025 is projected at 5.768 billion RMB, with a growth rate of 26.7%. The adjusted operating loss is expected to narrow significantly to 350 million RMB [5][13]. - The gross profit is estimated to be 3.896 billion RMB, with a gross margin of 67.5% for 2025 [5][13]. - The adjusted net loss for 2025 is projected at 215 million RMB, with an adjusted net profit margin of -3.7% [5][13]. Market Performance - The company's market capitalization is approximately 388.38 million USD, with a 52-week high of 1.88. The stock has seen a year-to-date increase of 22.83% [4][12]. - The average daily trading volume is reported at 2.20 million shares [4].