连续盈利，核心指标高质量增长

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].