Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is facing challenges in new car sales due to macroeconomic pressures and industry price competition, but it has shown strong operational resilience with a service absorption rate of 116.7% [2][3] - The report maintains a "Buy" rating, indicating potential for growth despite ongoing price competition and performance pressures in 2023 [2][3] - The company is expected to benefit from its efficient operations and quick inventory turnover, which may help it navigate through the current crisis and achieve better growth [2][3] Summary by Relevant Sections Financial Performance - In 2023, the company reported revenue of 28,555 million RMB, a slight decrease from 28,655 million RMB in 2022, with a projected revenue of 28,284 million RMB for 2024 [2][3] - The net profit for 2023 was 156 million RMB, down 72% from the previous year, with a forecasted net profit of 295 million RMB for 2024 [2][3] - The diluted earnings per share (EPS) for 2023 is projected at 0.01 RMB, significantly lower than 0.41 RMB in 2022, with an expected recovery to 0.23 RMB in 2024 [2][3] Operational Insights - The company has maintained a strong after-sales service margin of 53.7%, which has improved by 4.7 percentage points year-on-year, helping to offset declines in new car sales margins [2][3] - The report highlights that the company is the fastest in inventory turnover within the automotive dealership industry, which supports stable cash flow and operational resilience [2][3] Market Context - The automotive dealership industry is experiencing significant price competition, leading to a decline in new car sales margins, which fell to -0.6% in 2023, down 4 percentage points from the previous year [2][3] - The report notes that the demand for new car sales has decreased due to reduced customer traffic and extended purchase cycles, exacerbated by frequent price cuts in the electric vehicle segment [2][3]
2023年业绩点评：新车销售承压，售后快速增长