数智化转型发展持续深化，跨境电商平台“新窝”顺利上线

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 4.31 CNY, maintaining the rating [4]. Core Views - The company reported a revenue of 13.512 billion CNY in 2023, a year-on-year increase of 4.08%, but the net profit attributable to shareholders decreased by 21.10% to 1.3 billion CNY [1]. - The company is focusing on digital transformation and has successfully launched the cross-border e-commerce platform "New Nest" [2]. - The company is leveraging AIGC technology to enhance its smart home and decoration services, indicating a strong commitment to digitalization [2]. - The company’s gross profit margin for 2023 was 34.11%, a decrease of 10.75 percentage points year-on-year, reflecting pressure on profitability [3]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 3.768 billion CNY, a year-on-year increase of 6.07%, with a net profit of 149 million CNY, up 31.60% year-on-year [1]. - For Q1 2024, the company reported a revenue of 3.137 billion CNY, a year-on-year decrease of 3.38%, and a net profit of 349 million CNY, down 22.88% year-on-year [1]. - The company’s revenue from various segments in 2023 included rental management (6.428 billion CNY), product sales (5.556 billion CNY), and renovation services (408 million CNY), with notable growth in product sales by 31.74% [2]. Profitability and Cost Management - The company’s gross profit margin for 2023 was 34.11%, with a significant decline in the rental management and product sales segments [3]. - The company maintained good control over its operating expenses, with a total expense ratio of 24.07% in 2023, a slight decrease from the previous year [8]. - The net profit margin for 2023 was 11.30%, reflecting a decline of 3.05 percentage points year-on-year [8]. Future Outlook - The company is expected to achieve revenues of 15.007 billion CNY, 16.371 billion CNY, and 17.656 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.06%, 9.09%, and 7.85% [8]. - The projected net profit for 2024 is 1.361 billion CNY, with a growth rate of 4.66% [8].