核心主业稳健，组织结构调整，社团有望显著减亏

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report indicates that the company's core local business is showing robust growth, with a revenue increase of 26.8% year-over-year in Q4 2023, reaching 55.13 billion yuan [19][40] - The company has undergone organizational restructuring to enhance synergy within its core local business, which is expected to significantly reduce losses in its community group-buying segment [19][20] - The projected fair value per share is 176.38 HKD, based on a sum-of-the-parts (SOTP) valuation method [19] Financial Performance Summary - For Q4 2023, the company reported total revenue of 73.696 billion yuan, a year-over-year increase of 22.6%, with a NON-GAAP net profit of 4.375 billion yuan [19][40] - The core local business generated revenue of 55.131 billion yuan in Q4 2023, with an operating profit of 8.019 billion yuan, reflecting a year-over-year growth of 11.1% [19][40] - For the full year 2023, the company achieved total revenue of 276.745 billion yuan, a 25.8% increase, and a NON-GAAP net profit of 23.253 billion yuan [19][44] Business Segment Analysis - The core local business segment's revenue for 2023 was 206.907 billion yuan, growing by 28.7% year-over-year, while the operating profit was 38.699 billion yuan, up 31.2% [19][45] - The new business segment, which includes community group buying, generated revenue of 69.838 billion yuan in 2023, with a significant operating loss of 20.166 billion yuan [19][45] - The company is focusing on reducing losses in its new business segment, with a clear target for loss reduction in community group buying [19][50] Strategic and Organizational Developments - The company has implemented a strategic transformation involving multiple organizational adjustments to adapt to changing market conditions and enhance operational efficiency [19][51] - The report highlights the importance of strategic evolution in driving organizational change, with the company having undergone several major iterations since its inception [19][51] - The latest organizational changes aim to consolidate business units and improve collaboration, particularly in the core local business and new business segments [19][20]