Soochow Securities·2024-06-11 04:01Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Insights - The company's Q1 2024 performance exceeded expectations, with revenue reaching 73.3 billion yuan, a year-on-year increase of 25%, and adjusted net profit of 7.5 billion yuan, surpassing the Bloomberg consensus estimate of 6 billion yuan [1] - The adjusted profit forecasts for 2024-2026 have been raised to 37.7 billion, 51.5 billion, and 60.9 billion yuan respectively, with corresponding adjusted PE ratios of 17, 12, and 10 times [2] - The company's core local business revenue grew by 27% year-on-year to 54.6 billion yuan in Q1 2024, with operating profit reaching 9.7 billion yuan, both better than consensus expectations [12][13] Performance Summary - Instant delivery transaction volume increased by 28.1% year-on-year to 5.465 billion orders in Q1 2024, outperforming consensus expectations [3] - The flash purchase business saw a transaction volume growth of 55%-60% year-on-year, with approximately 7,000 flash warehouses contributing to the expansion [3] - The company's hotel and travel segment experienced a GTV growth of over 60% year-on-year, with revenue growth estimated at 30% [13] Financial Metrics - The company's revenue for 2024 is projected to be 334.1 billion yuan, with a year-on-year growth rate of 20.68% [12] - The adjusted net profit for 2024 is expected to be 30.1 billion yuan, reflecting a significant year-on-year growth of 117.08% [12] - Key financial ratios include a projected ROE of 16.52% for 2024 and a gross margin of 36.46% [7]