Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of 77.8 billion yuan for 2023, representing a year-on-year increase of 28.2%, with adjusted net profit reaching 9.8 billion yuan, up 244.7%, slightly exceeding market expectations [3] - The recovery in second-hand housing transaction volume and an increase in market share for new housing have driven steady revenue growth [3] - The company has effectively reduced costs and improved efficiency, leading to a significant increase in profit margins [3] - Emerging businesses, particularly home decoration and rental services, have shown rapid growth, with home decoration GTV increasing by 93% to 13.3 billion yuan [3] Summary by Sections Financial Performance - Total GTV for 2023 was 31,429 billion yuan, up 20.4% year-on-year, with revenue from existing homes, new homes, home decoration, and emerging businesses reaching 280 billion yuan (+15.9%), 306 billion yuan (+6.7%), 109 billion yuan (+74.3%), and 84 billion yuan (+194.8%) respectively [3] - The company expanded its active store count to 42,021 (+12.2%) and active agents to 397,000 (+13.6%) by the end of 2023 [3] Profitability - The company achieved a gross margin of 27.9%, an increase of 5.2 percentage points year-on-year, driven by improved profit margins in existing and new home businesses [3] - The average store efficiency and employee efficiency increased by 29% and 25% year-on-year, respectively [3] Future Outlook - The report maintains the adjusted net profit forecasts for 2024 and 2025 at 10.91 billion yuan and 12.18 billion yuan, respectively, with a projected adjusted net profit of 13.35 billion yuan for 2026 [4] - The expected EPS for 2024, 2025, and 2026 is 2.93 yuan, 3.27 yuan, and 3.58 yuan, respectively, with corresponding adjusted PE ratios of 11.5X, 10.3X, and 9.4X [4]
2023年业绩公告点评：经纪业务降本增效，新兴业务高速发展