EBSCN·2024-05-15 04:02Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [11][39]. Core Insights - In 4QFY2024, the company achieved revenue of 221.87 billion RMB, a year-on-year increase of 6.57%, while the net profit attributable to ordinary shareholders was 3.27 billion RMB, a significant decrease of 86.09% due to substantial losses from equity investments [1][34]. - The company repurchased a total of 5.24 billion shares for 4.8 billion USD in 4QFY2024 and 12.49 billion shares for 12.5 billion USD in FY2024, with a dividend of approximately 4 billion USD approved by the board [2][54]. - The company expects to complete its dual primary listing on the Hong Kong Stock Exchange by the end of August 2024 [2]. Financial Performance Summary - For FY2024, the company reported total revenue of 941.17 billion RMB, a growth of 8.34% year-on-year, and a net profit of 79.74 billion RMB, reflecting a 9.97% increase [51]. - The adjusted EBITA margin for FY2024 was 18.48%, with a comprehensive gross margin of 37.70%, up 0.98 percentage points year-on-year [10][15]. - The company’s total assets were reported at 1,764.8 billion RMB, with a debt-to-asset ratio of 37% [10][36]. Segment Performance Review - The International Digital Commerce Group saw a 20% year-on-year increase in overall order volume in 4QFY2024, with significant contributions from the AliExpress and Trendyol platforms [6][18]. - The Local Life Services Group reported a narrowing of losses in 4QFY2024, indicating improved operational efficiency [19]. - The Cloud Intelligence Group experienced double-digit growth in core public cloud products, with AI-related revenue increasing by triple digits [53]. Future Outlook - The company anticipates continued investment in overseas expansion and the Taotian business, leading to a downward revision of net profit forecasts for FY2025 and FY2026 by 28% and 30%, respectively [16]. - The forecast for net profit attributable to ordinary shareholders for FY2027 is set at 94.56 billion RMB [16].