Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's operating performance significantly improved in 2023, achieving a total GTV transaction amount of 3.1 trillion yuan, a year-on-year increase of 20%, and operating revenue of 778 billion yuan, a year-on-year increase of 28% [3][6] - Profit indicators reached new highs, with a net profit attributable to shareholders of 5.9 billion yuan, turning from loss to profit, and an adjusted net profit of 9.8 billion yuan, a year-on-year increase of 245% [3][17] - The company has successfully recovered its existing housing business, with a GTV of 2.0 trillion yuan, a year-on-year increase of 29%, and revenue of 28 billion yuan, a year-on-year increase of 16% [3][28] - The new housing business outperformed the industry, achieving a GTV transaction amount of 1.0 trillion yuan, a year-on-year increase of 7%, while the national commodity residential sales decreased by 6% [3][43] - The "two wings" business, including home decoration and emerging businesses, showed robust growth, with home decoration revenue of 10.9 billion yuan, a year-on-year increase of 115%, and emerging business revenue of 8.4 billion yuan, a year-on-year increase of 195% [3][58] Financial Forecasts and Metrics - The company is expected to achieve adjusted net profits of 9.8 billion yuan and 9.9 billion yuan for 2024 and 2025, respectively, with earnings per share of 2.63 yuan and 2.65 yuan [3][72] - The price-to-earnings (P/E) ratio is projected to be 12.2 for 2024 and 12.1 for 2025 [3][72] - The company's gross profit margin improved to 27.9%, a year-on-year increase of 5 percentage points, and the adjusted net profit margin reached 12.6%, a year-on-year increase of 8 percentage points [3][17]
龙头经营优势彰显，盈利能力逆势提升