Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 82.43 billion RMB in 2023, reflecting a year-on-year increase of 0.4% after restating 2022 financial data. The net profit attributable to shareholders reached 448.28 million RMB, up 41.7% year-on-year [2][3] - The company's gross margin improved to 3.3%, with a net profit margin of 0.8%, both showing a year-on-year increase of 0.1 percentage points. This improvement is attributed to the optimization of the business structure and a faster growth rate in higher-margin SaaS business revenue [3] - The trading segment, which is the main revenue source, generated 81.62 billion RMB in 2023, a 0.5% increase year-on-year, with a gross margin of 2.5%, up 0.2 percentage points. The company focused on improving the business structure to enhance profitability and turnover efficiency [3] Financial Forecasts - The company’s revenue projections for 2024 and 2025 have been adjusted downwards to 60 million RMB and 78 million RMB respectively, with a new net profit forecast for 2026 set at 98 million RMB. The expected year-on-year growth rates for 2024 to 2026 are 35%, 30%, and 25% respectively [3] - The price-to-earnings ratio (P/E) corresponding to the closing price on April 2 is projected to be 27, 21, and 16 times for 2024, 2025, and 2026 respectively [3]
2023年业绩点评：主动优化业务结构，利润率有所提升