主营业务持续增长，构建AI Native模式

Investment Rating - The investment rating for the company is "Buy - A" [8] Core Insights - The company has fully embraced AI, achieving a 100% coverage of the "human + AI" work model, resulting in an overall business productivity increase of approximately 50% [2] - In 2023, AI-driven revenue reached 108 million, with expectations to grow by 500 to 1,000 million in 2024 [2] - The company reported a revenue of 52.616 billion in 2023, a year-on-year increase of 43.44%, and a net profit attributable to shareholders of 117 million, marking a return to profitability [7] - The company is expanding its overseas business significantly, although the overall gross margin for overseas operations remains low [3] Financial Data and Valuation - Revenue projections for 2024 to 2026 are 62.719 billion, 72.861 billion, and 82.024 billion respectively, with year-on-year growth rates of 19.2%, 16.2%, and 12.6% [3] - The net profit attributable to shareholders is forecasted to be 351 million, 596 million, and 766 million for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 201.0%, 69.8%, and 28.6% [3] - The company's EPS is projected to be 0.14, 0.24, and 0.31 for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 45.6, 26.8, and 20.9 [3] - The gross margin is expected to decline slightly from 3.4% in 2023 to 3.0% by 2026 [3] Business Growth and Strategy - The company has seen significant growth in its comprehensive promotion and overseas marketing, with comprehensive promotion revenue reaching 11.282 billion, a year-on-year increase of 73.05% [7] - The overseas advertising revenue continues to rise, contributing over 70% of total revenue, with a growth rate of 41.69% [7] - The partnership with TikTok For Business has resulted in a nearly 50% increase in advertising revenue, indicating strong performance in the overseas market [7]