降本增效明显，AI助手持续渗透

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company is experiencing stable growth while continuously reducing costs and improving efficiency [1]. - The cross-border B2B market is showing healthy growth, with private enterprises playing a significant role [2]. - The company's B2B business generated revenue of 1.324 billion RMB in 2023, a year-on-year increase of 5.24%, accounting for 87.15% of total revenue [2]. - The insurance business has seen a revenue of 113 million RMB in 2023, with a gross margin of 97.03%, an increase of 2.01 percentage points year-on-year [2]. - The company is leveraging AI technology to enhance its services, with active users on its buyer app increasing by 47.6% year-on-year [2]. Summary by Sections Performance Overview - In 2023, the company reported total revenue of 1.527 billion RMB, a year-on-year growth of 3.51%, and a net profit attributable to shareholders of 379 million RMB, a year-on-year increase of 26.12% [17][21]. - The net profit margin improved to 24.94%, up 4.41 percentage points from the previous year [17]. Financial Projections - The projected net profits for 2024, 2025, and 2026 are 441 million RMB, 520 million RMB, and 631 million RMB, respectively [18]. - The corresponding price-to-earnings ratios (PE) for these years are estimated at 22.01x, 18.65x, and 15.38x [18]. Market Context - The cross-border e-commerce export B2B market is expanding, with China's export value reaching 23.77 trillion RMB in 2023, of which manufacturing products accounted for 23.51 trillion RMB [2]. - The number of foreign trade entities in China reached 645,000, with private enterprises making up 556,000 and accounting for 53.5% of total import and export value [2].