Investment Rating - The report maintains a "Outperform" rating for the company, expecting total returns to exceed the benchmark index by more than 10% over the next 12 months [10]. Core Insights - The company reported a 21.1% year-on-year increase in revenue from continuing operations, reaching 12.4 billion RMB in 2023, with a net profit of 51 million RMB, marking a turnaround from a net loss of 290 million RMB in 2022 [4][5]. - The company is benefiting from increased order density, optimized business and customer structure, and enhanced operational efficiency through meticulous management [4]. - The company achieved a total order volume growth of over 30% in 2023, enhancing economies of scale [4]. - The company is focusing on digitalization and AI-driven decision-making to improve order matching and reduce delivery costs [5]. Financial Summary - Revenue projections for FY 2024 and FY 2025 are 15.4 billion RMB and 18.3 billion RMB, respectively, with a forecasted net profit of 161 million RMB and 294 million RMB for the same years [2][5]. - The EBITDA for FY 2023 is reported at 177 million RMB, with projections of 190 million RMB and 287 million RMB for FY 2024 and FY 2025, respectively [2][5]. - The company’s net profit margin improved to 0.4% in 2023, up by 3.2 percentage points from the previous year [4]. - The company’s operating cash flow turned positive in 2023, with a net cash inflow of 270 million RMB [5]. Business Structure and Strategy - The company operates as a neutral and open infrastructure platform, providing high-quality, efficient, and all-scenario third-party instant delivery services [4]. - The revenue from same-city delivery services to businesses grew by 12.3% to 5.2 billion RMB, accounting for 42.1% of total revenue [4]. - The company expanded its personal delivery services into business scenarios, achieving a 14.2% increase in revenue to 2.2 billion RMB, representing 17.5% of total revenue [4]. - The last-mile delivery service revenue increased by 35.9% to 5.0 billion RMB, making up 40.4% of total revenue [4].
释放规模效应，持续提质增效