Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 34, while the current price is HKD 30.65 [2]. Core Views - The company achieved a total revenue of HKD 824.3 billion in 2023, representing a year-on-year growth of 0.4%, and a net profit attributable to shareholders of HKD 4.5 billion, which is a significant increase of 41.7% [2]. - The company continues to enhance its supply chain capabilities, with retail membership stores reaching a new high of 237,000, marking a 15% increase year-on-year [2]. - The company is focusing on optimizing its service capabilities, with a notable increase in paid users for its SaaS+ subscription service, which grew by 61.4% year-on-year [2]. - A stock incentive plan was implemented, reflecting management's confidence in future business growth, with conditions tied to achieving a net profit increase of over 100% by 2026 [2]. Financial Summary - Total revenue for 2023 was HKD 82,449 million, with a projected revenue of HKD 84,043 million for 2024, and HKD 86,256 million for 2025 [3]. - The net profit for 2023 was HKD 448 million, with forecasts of HKD 583 million for 2024 and HKD 750 million for 2025, indicating a growth rate of 30.1% and 28.6% respectively [3]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 34.9 in 2023 to 26.8 in 2024, and further down to 20.9 in 2025 [3].
2023年报点评：优化品类结构，盈利稳定增长