Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 53.67, maintaining the rating [7]. Core Views - The company achieved a revenue of RMB 77.78 billion in 2023, representing a year-on-year growth of 28.2%. The gross margin increased to 27.9%, up by 5.2 percentage points. The net profit attributable to shareholders was RMB 5.88 billion, marking a turnaround from a loss [2]. - The existing housing business showed steady growth with a total transaction volume of RMB 2.028 trillion, up 28.6%, generating revenue of RMB 28 billion, a 15.9% increase. The new housing business also saw a total transaction volume of RMB 1.003 trillion, growing by 6.7% [2]. - The home decoration and rental management business is expected to bring new growth, with revenue from home decoration reaching RMB 10.9 billion, a 115% increase, and rental management revenue at RMB 8.4 billion, up 194.8% [3]. Financial Performance Summary - The company reported a profit margin of 47.2% for the existing housing business and 26.6% for the new housing business, both showing improvements year-on-year [4]. - Active stores increased to 42,000, a 12.2% rise, and active agents reached 397,000, up 13.6%. The average GTV per store grew by 29%, while the average GTV per agent increased by 25% [4]. - Revenue forecasts for 2024-2026 are projected at RMB 89.13 billion, RMB 99.90 billion, and RMB 108.74 billion, with year-on-year growth rates of 14.6%, 12.08%, and 8.85% respectively [5]. Valuation Metrics - The estimated EPS for 2024, 2025, and 2026 are RMB 1.63, RMB 1.90, and RMB 2.06, respectively, with a three-year CAGR of 9.29% [5]. - The company is valued at a 30x PE ratio for 2024, with a target price of HKD 53.67, indicating a strong market position and growth potential [5].
经纪业务稳步增长，家装租赁拓展加速