持续降本增效，全年如期盈利 ——2023 年四季报点评 叮咚买菜（DDL.N）/零售 证券研究报告/公司点评 2024 年3月 11日 [Table_Industry] [评Ta级ble：_T增itle持] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：1.40美元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 24221 19971 20617 21371 22153 分析师：苏畅 增长率 yoy% 20% -18% 3% 4% 4% 执业证书编号：S0740523110001 净利润（百万元） -807 -91 2 79 118 电话：021-20315125 增长率 yoy% 91% 108% 235% 50% 17% 每股收益（元） -1.45 0.11 0.47 0.71 0.82 Email：suchang@zts.com.cn 净资产收益率 -260% -24% 1% 17% 20% 分析师：王旭晖 P/E -3 -26 1197 30 20 执业证书编号：S0740523110003 P/S 0.12 0.10 0.10 0. ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 4.993 billion RMB in Q4 2023, a year-on-year decrease of 19.47%, with a Non-GAAP net profit of 16.25 million RMB, resulting in a Non-GAAP net profit margin of 0.33% [1]. - For the full year 2023, the company achieved a revenue of 19.971 billion RMB, down 17.55% year-on-year, but recorded its first annual Non-GAAP net profit of 45.37 million RMB, with a margin of 0.23% [1]. - The company's GMV for 2023 reached 21.97 billion RMB, with an average order value (AOV) growth of 23% to 72.1 RMB compared to 2021 [2]. - The service revenue returned to growth in Q4 2023, amounting to 7.1 million RMB, primarily driven by membership fees [2]. - The penetration rate of private label products increased to 21.1% in Q4 2023, with a user penetration rate of 73.6% [2]. - The company demonstrated improved operational efficiency, with a fulfillment cost ratio of 23.6%, a decrease of 0.5 percentage points year-on-year [2]. Financial Projections - The projected Non-GAAP net profits for 2024, 2025, and 2026 are 118 million RMB, 247 million RMB, and 353 million RMB, respectively, with corresponding P/E ratios of 16.42x, 7.81x, and 5.47x [3][5].

Financial Data and Key Metrics Changes - In Q4 2023, the company generated revenue of RMB 4.99 billion, with a gross merchandise volume (GMV) of RMB 5.53 billion, marking a 19.5% year-over-year decline in revenue [5][18] - The gross profit margin increased to 30.6% sequentially, while the non-GAAP net profit margin was 0.3% for Q4 and 0.2% for the full year [5][16] - The company achieved non-GAAP profitability for the fifth consecutive quarter and marked its first full year of non-GAAP profitability in 2023 [5][14] Business Line Data and Key Metrics Changes - Private label products accounted for 21.1% of total GMV in Q4, a year-over-year increase of 3.1 percentage points [8] - The average order value (AOV) remained stable at RMB 72.1 in Q4, which is 23% higher than the same period in 2021 [7][8] - The average monthly order frequency increased from 3.7 orders in 2021 to four orders in 2023 [8] Market Data and Key Metrics Changes - GMV in the core East China market grew at a CAGR of 10% from 2021, with a same-store growth of 13.5% [8] - In Q4, regions like Jiangsu and Zhejiang provinces saw GMV and order volume growth of over 8% year-over-year [18] Company Strategy and Development Direction - The company aims to strengthen its presence in key markets, particularly Jiangsu, Zhejiang, and Shanghai, while expanding into new categories beyond traditional dining scenarios [33] - The focus will be on enhancing supply chain efficiency and increasing the proportion of private label products in non-fresh grocery categories [33][34] - The company plans to invest more resources in marketing and operational improvements to drive efficiency and sustainability [21][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in regaining GMV growth momentum in 2024 and maintaining non-GAAP profitability [15] - The company highlighted the importance of adapting to changing consumer preferences and the current economic environment [32][35] - Management emphasized the need for certainty in consumer expectations and the company's commitment to refining core competencies [35] Other Important Information - The company achieved a net operating cash inflow of RMB 120 million in Q4, with a total cash and cash equivalents balance of RMB 5.31 billion at the end of the quarter [17][22] - The company plans to repurchase up to $20 million of its shares by January 2025, citing the stock's undervaluation and strong financial position [26][28] Q&A Session Summary Question: Can you provide more details on the share repurchase plan? - Management confirmed a stock repurchase plan of up to $20 million, emphasizing the stock's undervaluation and the company's strong cash reserves [26][27] Question: Can you summarize the year and any changes in strategies? - Management reflected on the challenges faced during the pandemic and highlighted the company's shift to a strategy prioritizing efficiency, resulting in five consecutive quarters of non-GAAP profitability [30][31]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of February 2024 Commission File Number: 001-40533 Dingdong (Cayman) Limited Building 1, 56 Fanchang Road Shanghai, 201201 People's Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F ...

SHANGHAI, Feb. 29, 2024 /PRNewswire/ -- Dingdong (Cayman) Limited ("Dingdong" or the "Company") (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended December 31, 2023. Fourth Quarter 2023 Highlights: Non-GAAP net income for the fourth quarter of 2023 was RMB16.3 million (US$2.3 million), the fifth consecutive quarter of non-GAAP profitability. GMV of Jiangsu and Zhejiang for the four ...

SHANGHAI, Jan. 29, 2024 /PRNewswire/ -- Dingdong (Cayman) Limited ("Dingdong" or the "Company") (NYSE: DDL), leading fresh grocery e-commerce company in China, today announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up to US$20.0 million of its shares over a period until January 28, 2025. The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in ...

SHANGHAI, Dec. 26, 2023 /PRNewswire/ -- Dingdong (Cayman) Limited ("Dingdong" or the "Company") (NYSE: DDL), a leading fresh grocery e-commerce company in China, today announced the appointment of Mr. Song Wang, currently the director and senior vice president of the Company, as the chief financial officer (the "Chief Financial Officer") effective from December 26, 2023. Mr. Wang will be primarily responsible for the Company's overall financial matters and investor relationship affairs. The Company also ann ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of November 2023 Commission File Number: 001-40533 Dingdong (Cayman) Limited Building 1, 56 Fanchang Road Shanghai, 201201 People's Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F ...

Dingdong (Cayman) Limited (NYSE:DDL) Q3 2023 Results Conference Call November 16, 2023 7:00 AM ET Company Participants Nicky Zheng - Director of Investor Relations Changlin Liang - Founder and Chief Executive Officer Song Wang - Senior Vice President Conference Call Participants Thomas Chong - Jefferies Sophia Chi - Daiwa Jiajing Chen - CICC Operator Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the Dingdong Limited Third Quarter 2023 Earnings Conference Call ...

Dingdong (Cayman) Limited (NYSE:DDL) Q2 2023 Earnings Conference Call September 1, 2023 8:00 AM ET Company Participants Nicky Zheng - Director of Investor Relations Changlin Liang - Founder and Chief Executive Officer Song Wang - Senior Vice President Conference Call Participants Thomas Chong - Jefferies Joyce Ju - Bank of America Robin Leung - Daiwa Jiajing Chen - CICC Operator Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the Dingdong Limited Second Quarte ...