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中信证券8月10日发布公告。We forecast FY2024E-26E non-GAAP ANP of US$390mn/479mn/569mn. Under the sum-of-the-parts (SOTP) valuation framework, we incorporate the Company"s stake in East Buy, its net cash & cash equivalents and the valuation of its education business (based on the PE/PS valuation of comparable companies, such as TAL Education Group (TAL.N), Gaotu Techedu (GOTU.N), and Youdao(DAO.N), which are trading at1.12x/0.99x/0.58x2024E PS, with Gaotu Techedu also trading at9x2024E PE), we assign a target market cap of US$11bn, corresponding to a target price of US$64/HK$51, and initiate coverage with a "BUY" rating.