满帮：交易抽佣加大变现力度，获客力度进一步加大

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $14.85 per ADS [4] Core Views - The company reported Q1 2024 revenue of RMB 2.269 billion, a 33.3% YoY increase, exceeding the guidance range of RMB 2.11-2.16 billion [2] - Monthly active shippers reached 2.14 million in Q1 2024, up 22.3% YoY, while fulfilled orders grew 29.6% YoY to 39.3 million [2] - Transaction service revenue surged 61.5% YoY to RMB 691 million, driven by increased order volume, commission coverage, and average commission per order [2] - Gross margin improved to 54.5% in Q1 2024, up 4 percentage points YoY, benefiting from the higher-margin transaction service business [2] - Non-GAAP net profit reached RMB 586 million in Q1 2024, a 42.5% YoY increase [2] Financial Projections - Revenue is forecasted to grow at a CAGR of 23.4% from 2024 to 2026, reaching RMB 15.842 billion in 2026 [3] - Non-GAAP net profit is expected to increase from RMB 3.679 billion in 2024 to RMB 5.150 billion in 2026 [3] - The company's PE ratio is projected to decline from 18.3x in 2024 to 9.8x in 2026 [3] Operational Highlights - The company has been increasing its customer acquisition efforts through both online and offline channels, with sales expenses rising 38.5% YoY to RMB 340 million in Q1 2024 [2] - The proportion of mid-to-low frequency direct customers and their order contribution continues to grow [2] - The company has reclassified some revenue from information publishing and value-added services to transaction services [2]