Full Truck Alliance .(YMM) 东吴证券·2025-03-09 12:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported revenue and profit exceeding expectations, with a total revenue of 31.74 billion RMB in Q4 2024, representing a year-on-year growth of 31.8%. The transaction service revenue grew by 71%, accounting for over 36% of total revenue [8] - Non-GAAP operating profit increased by 142% to 963 million RMB, with an operating profit margin rising by 14 percentage points to 30.3%. Non-GAAP net profit grew by 43.5% to 1.052 billion RMB [8] - The company anticipates Q1 2025 revenue to be between 2.63 billion and 2.68 billion RMB, reflecting a year-on-year growth of 15.9% to 18.1% [8] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 8.436 billion RMB, with a year-on-year growth of 25%. For 2024, revenue is expected to reach 11.239 billion RMB, a 33% increase [1] - Non-GAAP net profit for 2023 is estimated at 2.783 billion RMB, with a 100% year-on-year growth. The forecast for 2024 is 3.967 billion RMB, a 43% increase [1] - Non-GAAP EPS is projected to be 2.66 RMB for 2023 and 3.79 RMB for 2024, with corresponding PE ratios of 35.78 and 25.10 [1] Market Position and Growth - The average monthly active users (MAU) for shippers reached 2.93 million in Q4 2024, with a year-on-year growth of 31.3%. The proportion of direct shipper orders increased to 50% [8] - The number of active truck drivers on the platform reached 4.14 million in 2024, with a year-on-year increase in order fulfillment rate by 5.4 percentage points to 37.5% [8] Profitability and Efficiency - The company’s transaction service revenue for Q4 2024 was 1.158 billion RMB, up 71.1% year-on-year, contributing to an increase in overall profitability [8] - Gross margin improved by 4.0 percentage points to 56%, while the sales expense ratio decreased by 2.6 percentage points, indicating better customer acquisition efficiency [8]