【券商聚焦】交银国际削高途(GOTU)目标价29.3% 并下调全年收入预测

金吾财讯
21 Nov 2024

金吾财讯 | 交银国际发研报指,预计高途(GOTU)3季度收入同比增52%,其中,K12业务将保持70%+增速,公司战略性缩减部分成人业务,预计收入将同比持平,下调约3000万元(人民币,下同)。该行预计调整后运营亏损4.9亿元,较此前预期亏损高约1亿元,主要因收入下降对毛利产生负面影响,线下校区仍在招生期,以及此前K12业务拉新合教师补给带来成本增加。该行预计2024年收入同比增50%,其中,K12保持60%+的增速,成人业务4季度收入中低个位数下降,全年增约8%。投放平台算法迭代或将影响4季度寒假获客ROI,该行上调营销费用预期,预计2024年运营亏损亏损率28%。公司预期业务结构调整将为2025年带来约1亿元成本节省,考虑投放策略或持续调整,2025年利润端(亏损端)或仍有优化空间。该行下调2024年收入预期2%/上调亏损预期25%,预计2025年线上教育续班提升,投入放缓,利润释放,并预计将恢复至10-15%利润率区间。该行将其目标价由6.5美元下调至4.6美元,维持买入评级。

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