Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 63.2 / USD 24.6, indicating a potential upside of 75% from the current price [1][2]. Core Insights - The company demonstrated resilient performance in Q4 2023, with adjusted net profit increasing by 10.8% year-on-year, reaching CNY 17.1 billion. The total transaction value for the quarter was CNY 735.6 billion, a 13.7% increase year-on-year [1]. - The company reported a total revenue of CNY 202 billion in Q4 2023, reflecting a year-on-year growth of 13.5% and a quarter-on-quarter growth of 20.6%. The gross margin improved to 25.5%, up 1.1 percentage points year-on-year [1]. - The company has a strong cash reserve and solid financial management, having repurchased over USD 1 billion in shares and declared a total dividend of approximately USD 600 million, with a payout ratio of about 74% [1]. Summary by Sections Financial Performance - In Q4 2023, the company recorded a total transaction value of CNY 735.6 billion, with net income of CNY 202 billion, marking a 13.5% year-on-year increase. The adjusted net profit for the year reached CNY 9.8 billion, a significant increase of 245% year-on-year [1][3]. - The company’s revenue for the full year 2023 was CNY 77.8 billion, up 28.2% year-on-year, with adjusted net profit showing substantial growth [2][3]. Business Segments - The existing home business saw a transaction value of CNY 468.1 billion in Q4 2023, a 30.1% increase year-on-year, while the new home business experienced a transaction value of CNY 238 billion, down 9.7% year-on-year [1]. - The home decoration and furniture business achieved a transaction value of CNY 3.9 billion, a remarkable growth of 99.7% year-on-year, driven by increased orders and improved delivery capabilities [1]. Future Outlook - The report forecasts adjusted net profits for the next three years to be CNY 8.3 billion, CNY 8.7 billion, and CNY 8.9 billion respectively, applying a PE ratio of 16 times for 2024 [1][2]. - The company is expected to continue benefiting from its leading position in the residential services sector and the integration of its business lines, enhancing its resilience in the post-real estate cycle [1].
23Q4业绩稳健，二赛道业务规模效率双提升，积极回馈股东