KAIYUAN SECURITIES·2024-05-16 08:02Investment Rating - The investment rating for the company is "Buy" (maintained) [2][23]. Core Views - The report emphasizes that the company is increasing short-term investments in e-commerce to prioritize growth, with expectations for a dual primary listing in Hong Kong by August 2024 [6][18]. - The report indicates that the company's e-commerce strategy is beginning to show results, which is expected to drive liquidity improvements [7][18]. - The company plans to return $16.5 billion to shareholders in 2024, which is approximately 8% of its current market value, including $4 billion in cash dividends and $12.5 billion in share buybacks [18]. Financial Summary - For FY2023, the company reported revenue of 941,160 million HKD, with a year-on-year growth of 8.3% in non-GAAP net profit [19]. - The forecast for FY2024 shows a revenue of 868,687 million HKD, with a slight increase in non-GAAP net profit to 157,479 million HKD, reflecting a year-on-year growth of 3.7% [19]. - The adjusted net profit estimates for FY2025 and FY2026 have been revised down to 154,840 million HKD and 170,668 million HKD respectively, with expected year-on-year growth rates of -1.7% and 10.2% [17][19].