Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved its first annual profit in 2023, with a net profit of 480 million RMB, representing a net profit margin of 3.5% [2][4] - The company announced a share buyback plan of up to 1 billion HKD, reflecting confidence in its business outlook and potential to create value for shareholders [2] - Revenue for 2023 reached 13.6 billion RMB, a year-on-year increase of 17.8%, with a gross profit of 3.4 billion RMB and a gross margin of 24.7% [2][4] User Growth and Brand Development - As of the end of 2023, the company had 115 million registered users, with over 19.3 million users placing orders on the platform [3] - The company achieved a repurchase rate of nearly 60% among users, contributing to half of its total revenue [3] - Customer satisfaction reached 94.2%, an increase of 1.5 percentage points from 2022 [3] Store Expansion and Channel Development - The company operated 5,909 service centers nationwide by the end of 2023, an increase of 1,256 centers compared to the previous year [3] - The company is focused on expanding into lower-tier cities, with 3,420 service centers in second-tier cities and below, an increase of 881 centers year-on-year [3] Development of New Energy Vehicle Services - The company is an official after-sales service provider for 13 major battery manufacturers, offering warranty services to new energy vehicle owners [3] - By 2023, over 1.3 million users on the platform were related to new energy vehicle transactions, with a penetration rate of 9.3% among hybrid vehicle users [3] Financial Forecast and Valuation - The company is expected to achieve net profits of 904 million RMB, 1.476 billion RMB, and 2.138 billion RMB for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9.96, 6.10, and 4.21 [4][5] - Revenue projections for 2024, 2025, and 2026 are 15.824 billion RMB, 18.362 billion RMB, and 21.180 billion RMB, with growth rates of 16% for each year [5][6]
2023年业绩公告点评：首次扭亏为盈，回购彰显信心