2024-04-30 05:32Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company's Q1 2024 performance exceeded expectations, with revenue of 68.98 billion yuan, a year-on-year increase of 6%, and a net profit attributable to shareholders of 4.77 billion yuan, up 20% year-on-year [8] - The company has launched A/H share equity incentives, with an A-share incentive amount of 712 million yuan and an H-share incentive amount of 69 million yuan, focusing on non-net profit and ROE as key performance indicators [8] - The domestic market showed strong performance with an 8.1% revenue growth, while overseas revenue grew by 4% despite challenges in major markets [8] Financial Summary - Total revenue for 2023 was 261.43 billion yuan, with a projected increase to 284.37 billion yuan in 2024, representing an 8.8% year-on-year growth [7][10] - The net profit attributable to shareholders for 2023 was 16.60 billion yuan, expected to rise to 19.11 billion yuan in 2024, reflecting a 15.1% year-on-year growth [7][10] - The company's gross profit margin for Q1 2024 was 29.0%, a year-on-year increase of 0.3 percentage points, contributing to a net profit margin of 7.04%, the highest in nearly seven years [9][8] Earnings Forecast - The earnings forecast for 2024-2026 has been raised to 19.1 billion, 21.9 billion, and 25.2 billion yuan respectively, with a consistent year-on-year growth of 15% [8] - The corresponding PE ratios for 2024, 2025, and 2026 are projected to be 14x, 12x, and 11x respectively [8]