Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 12.44 billion yuan in 2023, representing a year-on-year increase of 21.1%, and recorded a net profit of 64.9 million yuan, marking a net profit margin of 0.5%, compared to a net loss margin of -2.8% in 2022 [2][3] - The company has successfully turned profitable for the first time in 2023, with improved profitability driven by economies of scale, network effects, and optimized business structure [3] - The company's last-mile delivery revenue showed significant recovery, reaching 5 billion yuan in 2023, a year-on-year increase of 35.9% [3] Financial Performance Summary - Total revenue (in million yuan): - 2022: 10,266 - 2023: 12,437 - 2024E: 14,892 - 2025E: 17,226 - 2026E: 19,104 - Year-on-year growth rates: - 2023: 21.15% - 2024E: 19.74% - 2025E: 15.67% - 2026E: 10.91% [2] - Net profit (in million yuan): - 2022: -286.90 - 2023: 64.86 - 2024E: 157.79 - 2025E: 304.47 - 2026E: 411.04 - Year-on-year growth rates for net profit: - 2023: 122.61% - 2024E: 143.29% - 2025E: 92.96% - 2026E: 35.00% [2][4] - Earnings per share (EPS): - 2023: 0.07 - 2024E: 0.17 - 2025E: 0.33 - 2026E: 0.44 [2][4] Business Segment Performance - The company's same-city delivery service revenue reached 7.4 billion yuan in 2023, with a year-on-year growth of 12.8% [3] - The number of active merchants increased to 470,000, a year-on-year growth of 42.4% [3] - The company expanded its market presence, with over 50% of new stores coming from lower-tier markets, and county-level revenue growing by 147% [3]
23年业绩点评：扭亏为盈，期待24年继续兼顾增长与盈利