滴滴出行：25Q4财报点评：中国出行增速及利润保持稳健，巴西外卖业务加大投入

Investment Rating - The report maintains a "Strong Buy" rating for Didi Chuxing, indicating a positive outlook on the company's stock performance [1][3]. Core Insights - Didi Chuxing reported a revenue of 58.4 billion yuan for Q4 2025, representing a year-on-year increase of 10.5%, while adjusted net profit decreased by 6% to 530 million yuan [1]. - The company's domestic ride-hailing business showed stable growth, with a Gross Transaction Value (GTV) of 87.2 billion yuan in Q4 2025, up 11.2% year-on-year, and a projected EBITA margin improvement from 3.7% in 2025 to 4.2% in 2026 [1][3]. - Internationally, Didi's food delivery business in Brazil is expected to incur larger losses in 2026, although quarterly losses are anticipated to improve [1][3]. - The report highlights the potential for long-term profit growth in Didi's ride-sharing market, supported by operational efficiencies and reduced user subsidies [1][3]. Financial Performance Summary - For the fiscal year 2024, the main revenue is projected at 206.8 billion yuan, with a year-on-year growth of 7% [2]. - Adjusted net profit is expected to rise significantly by 804% in 2024, reaching 5.6 billion yuan, before declining in subsequent years [2]. - The earnings per share (EPS) is forecasted to be 0.26 yuan in 2024, decreasing to 0.05 yuan in 2026, before rebounding to 5.52 yuan by 2028 [2][8]. - The company's total assets are projected to grow from 143.9 billion yuan in 2024 to 205.5 billion yuan by 2028 [4]. Market and Operational Insights - Didi's international business GTV reached 36.59 billion yuan in Q4 2025, marking a 47.1% increase year-on-year, with a significant rise in order volume [3]. - The report notes that Didi's other business segments experienced a revenue decline of 7.9% year-on-year, with an adjusted EBITA loss of 1.29 billion yuan [3]. - The company has initiated a share buyback program, reflecting confidence in its operational performance, with a total of 3.436 billion yuan repurchased between November 2025 and February 2026 [3].