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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