盈利能力持续验证，AI电商优势持续强化

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [32]. Core Insights - The company achieved a revenue of approximately 6.695 billion yuan in 2023, representing a year-on-year growth of 24.53%. The net profit attributable to shareholders was 345 million yuan, with a significant year-on-year increase of 87.57% [21][9]. - The cross-border social e-commerce business showed strong performance, with revenue reaching 4.257 billion yuan in 2023, a year-on-year increase of 37.02%, and a gross margin of 63.31% [6][9]. - The company has developed several AI-driven e-commerce models, including ChatGiiKin-6B for product selection and G-king for intelligent advertising, enhancing operational efficiency and advertising precision [10][2][3]. Financial Summary - Revenue is projected to grow from 6.695 billion yuan in 2023 to 11.434 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 18.5% [6]. - The net profit attributable to shareholders is expected to increase from 345 million yuan in 2023 to 648 million yuan in 2026, reflecting a robust growth trajectory [6]. - The company's return on equity (ROE) is forecasted to rise from 14.4% in 2023 to 16.6% in 2026, indicating improving profitability [6][14]. Industry Context - The Southeast Asian e-commerce market is identified as one of the fastest-growing segments globally, and the company is positioned as a leading player in cross-border social e-commerce in this region [6]. - The report highlights the company's long-term partnerships with major fast-moving consumer goods (FMCG) brands, contributing to stable revenue growth in its packaging solutions business [5][11].