Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance has significantly improved year-on-year, enhancing shareholder returns [1] - In FY2023, the company achieved revenue of 38.42 billion RMB, a year-on-year increase of 8.6%, and an adjusted net profit of 9.01 billion RMB, up 32.3% year-on-year [1] - The company expects a package volume growth of over 15% in 2024, with a projected total package volume between 34.73 billion and 35.64 billion [1] Financial Performance Summary - Revenue and Profitability: - FY2023 revenue was 38.42 billion RMB, with a growth rate of 8.6% [3] - Adjusted net profit for FY2023 was 9.01 billion RMB, reflecting a growth rate of 32.3% [3] - Q4 revenue reached 10.62 billion RMB, a 7.6% increase year-on-year, with adjusted net profit of 2.21 billion RMB, up 4.4% [1] - Cost and Margin Analysis: - The average revenue per package decreased by 0.16 RMB to 0.72 RMB, a decline of 11.3% year-on-year [1] - The average cost per package fell by 0.11 RMB to 0.72 RMB, a decrease of 13.2% year-on-year, leading to an increase in gross margin by 4.8 percentage points to 30.4% [1] - Shareholder Returns: - The company declared a dividend of 0.62 USD per share for FY2023, a 68% increase year-on-year, with a payout ratio of 40% [1] - The stock buyback plan has been extended and increased by 500 million USD, totaling 2 billion USD [1] Future Projections - The company forecasts net profits of 10.5 billion RMB and 12.1 billion RMB for 2024 and 2025, respectively, with an additional net profit forecast of 13.6 billion RMB for 2026 [1][3] - The expected revenue growth rates for 2024 and 2025 are 10.7% and 6.5%, respectively [3]
业绩同比大幅改善，增厚股东回报