Guolian Securities·2024-04-10 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 81.47 HKD, based on a 2.5x PS for 2024 [5][6]. Core Insights - The company has entered a comprehensive profit era, achieving a revenue of 113.47 billion CNY in FY2023, a year-on-year increase of 20.5%, and an adjusted profit of 10.27 billion CNY, recovering from a loss of 5.75 billion CNY in 2022 [2][4]. - The user base of the company's application continues to grow, with average monthly active users surpassing 700 million in Q4 2023, reflecting a 9.4% year-on-year increase [3]. - The company's various business segments showed strong performance, with online marketing services revenue growing by 20.6% year-on-year in Q4 2023, and e-commerce gross merchandise volume increasing by 29.3% year-on-year [4]. Financial Performance Summary - Revenue for 2023 was 113.47 billion CNY, with a growth rate of 20.48% compared to 2022 [6]. - Adjusted net profit for 2023 was 10.27 billion CNY, marking a significant recovery from a loss in the previous year [4]. - The company forecasts revenues of 128.72 billion CNY, 143.32 billion CNY, and 153.91 billion CNY for 2024, 2025, and 2026, respectively, with corresponding growth rates of 13.4%, 11.3%, and 7.4% [5][6].