KAIYUAN SECURITIES·2024-03-07 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company's performance is expected to recover ahead of peers, with resilience in the short term and potential acceleration in growth by 2025, driven by the recovery in the U.S. real estate market [4] - The revenue for the second half of 2023 exceeded expectations, with a year-on-year increase of 10.15% to $6.852 billion, outperforming the guidance of "mid-single-digit" growth [4] - The company has raised its net profit forecasts for 2024 and 2025, with expected net profits of $1.145 billion and $1.369 billion respectively, reflecting year-on-year growth rates of 17.3% and 19.6% [4] Financial Summary and Valuation Metrics - Revenue (in million USD): 2022A: 13,254; 2023A: 13,731; 2024E: 14,722; 2025E: 16,153; 2026E: 17,939 [4] - Net Profit (in million USD): 2022A: 1,077; 2023A: 976; 2024E: 1,145; 2025E: 1,369; 2026E: 1,710 [4] - Gross Margin (%): 2022A: 39.3; 2023A: 39.5; 2024E: 39.7; 2025E: 40.0; 2026E: 40.3 [4] - Diluted EPS (in USD): 2022A: 0.6; 2023A: 0.5; 2024E: 0.6; 2025E: 0.7; 2026E: 0.9 [4] - P/E Ratios: 2022A: 20.3; 2023A: 22.5; 2024E: 19.2; 2025E: 16.0; 2026E: 12.8 [4]