Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The company reported a 9% year-on-year decline in contract sales for January, which is significantly less than the 36% decline experienced by the top 50 real estate companies, indicating strong resilience [3]. - The company’s sales area increased by 5% month-on-month in January, showcasing a marginal improvement in sales performance despite the seasonal downturn in the industry [3]. - The average selling price in January was 11,167 RMB per square meter, down 8% from the average for the entire year of 2023, reflecting the impact of the company's sales strategy [3]. Financial Summary - The company’s projected revenues for 2023 to 2025 are expected to decline by 6.7% and 5.8% respectively, before recovering with a growth of 5.5% in 2025 [2][3]. - The earnings per share (EPS) estimates for 2023, 2024, and 2025 are 0.83 RMB, 0.78 RMB, and 0.82 RMB respectively [3]. - The company reported a net profit of 2,938 million RMB for 2023, with a projected decline of 6.7% for 2024 [2]. Market Position - The company has not acquired any new land reserves in January, aligning with the overall slowdown in land acquisition among major real estate firms [3]. - The company continues to focus on the mid-to-high-end market segment, maintaining a competitive edge in lower-tier cities [3].
1月经营数据点评：稳步前行