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Youdao is a leading digital education provider in China, and a subsidiary holing of the internet giant NetEase.
As of December 2021, Youdao boasted a monthly active user base of >100 million and a rich portfolio of online learning products.
Youdao has enjoyed supercharged growth as revenues jumped from $189 million in 2019 to $622 million in 2021, reflecting a 2-year CAGR of approximately 80%.
Based on the assumption that Youdao will turn profitable in 2024, I issue a buy recommendation and set a target price of $6.71/share.