After the announcement of the fourth quarter and full year of 2023 results, Goldman Sachs's latest research report maintained Shuidi's “buy” rating and gave Shuidi a target price of 2.4 US dollars within the next 12 months. According to the Goldman Sachs research report, Shuidi's fourth-quarter profit exceeded expectations.

In the fourth quarter of 2023, Shuidi had net revenue of 659 million yuan and net profit of 59.06 million yuan. Profit increased 60.7% month-on-month, achieving profit for 8 consecutive quarters. Looking at the full year of 2023, net operating income was 2,631 million yuan, and net profit attributable to mother was 167 million yuan. As of December 31, 2023, the total amount of cash and cash equivalents and short-term investments held by Shuidi was $3.393 billion, an increase of 8.1% over the previous month. Cash reserves of this size provide a solid foundation for steady business development and can support Shuidi's long-term planning and layout for future growth.

According to the Goldman Sachs research report, in the face of a complex and changing external environment, Shuidi actively reduced its dependence on customer acquisition through third-party channels and instead focused on deepening the transformation of existing users. This has drastically reduced operating costs and helped Shuidi maintain stable profits for 8 consecutive quarters. In the long run, Goldman Sachs analysts believe that Shuidi needs to adjust its product portfolio and shift its focus to long-term products to maintain sustainable profit growth.

In terms of stock repurchases, since the launch of the stock repurchase program was announced in September 2021, as of the end of February 2024, Shuidi has spent a total of about US$88.8 million to repurchase approximately 39.7 million ADS shares from the open market. Goldman Sachs analysts believe this will make investors pay more attention to Shuidi's abundant cash reserves and stable cash inflows over the past two years.