核心业务稳步复苏，新业务重点减亏

Investment Rating - The report maintains a "Hold" rating for the company, with an adjusted target price of HKD 94, reflecting a potential upside of 7% from the current price of HKD 88.25 [29][39]. Core Insights - The company reported a revenue of RMB 737 billion for Q4 2023, a year-on-year increase of 22.6%, surpassing market expectations by 1.2%. The gross margin improved by 5.7 percentage points to 33.9%, driven by changes in revenue structure and reduced delivery costs [2]. - Adjusted net profit for Q4 2023 was RMB 44 billion, exceeding market expectations of RMB 29 billion, with an adjusted net profit margin of 5.9% [2]. - The company aims to narrow losses in new business segments, particularly focusing on improving user experience and reducing subsidies rather than solely expanding market share [13][29]. Financial Summary - For FY22, the company reported a revenue of RMB 219,955 million, which is projected to grow to RMB 276,745 million in FY23 and further to RMB 312,702 million in FY24E [3]. - The adjusted net profit is expected to rise from RMB 2,827 million in FY22 to RMB 23,253 million in FY23, and reach RMB 29,722 million in FY24E [3]. - The operating profit is forecasted to improve significantly from a loss of RMB 5,820 million in FY22 to a profit of RMB 13,415 million in FY23, and further to RMB 21,419 million in FY24E [3]. Business Performance - The core local business revenue grew by 26.8% year-on-year to RMB 551 billion in Q4 2023, with delivery, commission, and advertising revenues increasing by 11%, 33%, and 41% respectively [22]. - The number of delivery transactions increased by 25.2% year-on-year to 6 billion, with daily average orders reaching 65.7 million [22]. - The new business segment reported a revenue of RMB 186 billion, with a year-on-year growth of 11%, although the operating loss was RMB 48 billion [22].