Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively managing its growth rate to alleviate pressure and strengthen its development foundation [7] - The revenue forecast for 2025 is adjusted to 10,594 million yuan, reflecting a year-on-year decrease of 8.24% [1] - The net profit forecast for 2025 is updated to 2,983 million yuan, indicating a year-on-year decline of 12.56% [1] - The company is focusing on enhancing its market share in the short term while aiming for breakthroughs in provincial markets [7] Financial Summary - Total revenue for 2023 is projected at 10,100 million yuan, with a year-on-year growth of 28.05% [1] - The net profit for 2023 is estimated at 3,136 million yuan, showing a year-on-year increase of 25.30% [1] - The earnings per share (EPS) for 2025 is expected to be 2.39 yuan, down from 2.74 yuan in 2024 [1] - The price-to-earnings (P/E) ratio for 2025 is projected at 18.51 times [1] Market Performance - The closing price of the company's stock is 44.30 yuan, with a market capitalization of 55,233.24 million yuan [5] - The company has a price-to-book (P/B) ratio of 3.41 [5] - The company’s operating cash flow for 2024 is projected at 2,867 million yuan [8]