Haitong Securities·2024-06-11 01:31Investment Rating - The investment rating for the company is "Outperform the Market" [19] Core Views - The company is expected to complete its dual primary listing on the Hong Kong Stock Exchange by August 2024 and plans to distribute a special dividend of 4 billion USD. The board has approved a dividend distribution of 4 billion USD for the fiscal year 2024, along with a share buyback of approximately 12.5 billion USD [19] Summary by Sections Financial Performance - For the fourth quarter of fiscal year 2024, the company reported revenue of 221.9 billion CNY, a year-on-year increase of 7%. Adjusted EBITA was 24 billion CNY, a decrease of 5% year-on-year, with an adjusted EBITA margin of 11% [8][20] - The company achieved a total revenue of 941.2 billion CNY for the fiscal year 2024, reflecting an 8% year-on-year growth. Operating profit was 113.4 billion CNY, up 13% year-on-year, and Non-GAAP net profit reached 157.5 billion CNY, an 11% increase year-on-year [17] Segment Performance - The Taotian Group's revenue for the fourth quarter of fiscal year 2024 was 93.2 billion CNY, a 4% year-on-year increase, with customer management revenue growing by 5% [20] - The International Digital Commerce Group reported a revenue of 27.45 billion CNY for the fourth quarter, a 45% year-on-year increase, with international retail revenue growing by 56% [9] - The Local Life Group's revenue was 14.63 billion CNY, a 19% year-on-year increase, driven by growth in the Ele.me and Gaode businesses [12] Valuation and Forecast - The company is projected to have a reasonable market capitalization range of 2.15 trillion to 2.61 trillion HKD, with a fair value range for H shares between 111 and 135 HKD per share [26] - The forecast for fiscal years 2025 to 2027 indicates Non-GAAP net profits of 154.3 billion CNY, 163.3 billion CNY, and 177.3 billion CNY respectively [26]