Onechance(SZ:300792) EBSCN·2024-04-23 01:01Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 16.23 CNY [7]. Core Views - The company's performance in 2023 was impacted by multiple factors, leading to a decline in revenue and net profit, with a 16% and 40% year-on-year decrease respectively [3][6]. - The company is expected to gradually recover its profitability in 2024 as it adjusts its business structure and the effects of prior investments begin to materialize [6][8]. - The report anticipates that the company's earnings per share (EPS) for 2024, 2025, and 2026 will be 0.66, 0.74, and 0.82 CNY respectively, with corresponding price-to-earnings (P/E) ratios of 25 and 22 for 2024 and 2025 [6][9]. Financial Summary - In 2023, the company reported a total revenue of 1,288 million CNY, down 16.31% from the previous year, and a net profit of 108 million CNY, down 40.05% [9]. - The gross merchandise volume (GMV) for 2023 was 163.44 billion CNY, reflecting a decline of 38.29% year-on-year [7]. - The company's operating income is projected to recover to 1,444 million CNY in 2024, with a growth rate of 12.11% [9]. Business Strategy - The company is focusing on deepening cooperation with existing brands and expanding into new brands, particularly in the e-commerce sector [8][15]. - It plans to implement a segmented strategy on traditional e-commerce platforms and explore low-penetration categories while enhancing collaboration with platforms like Douyin, Xiaohongshu, and Pinduoduo [8][15]. - The company aims to continue its systematic construction and technological innovation to improve efficiency [8].