Investment Rating - The investment rating for the company is adjusted to "Accumulate" [14]. Core Views - The company is focusing on high-quality development and has significantly reduced its reliance on real estate-related businesses. The management is optimizing its project portfolio and enhancing operational efficiency [12]. - The company has shown strong independent development capabilities, with a notable performance in third-party market expansion. However, the impact of real estate market downturns and related party receivables remains a concern [12]. - The financial forecasts for the company have been revised downwards due to the ongoing challenges in the real estate sector, with projected net profits for 2023 and 2024 adjusted to 290 million and 370 million respectively [12]. Financial Performance Summary - Revenue for 2023 is projected at 6,126 million, with a growth rate of -2.4% compared to the previous year [3]. - The net profit attributable to shareholders for 2023 is expected to be 289 million, reflecting a significant decline of 39.8% year-on-year [3]. - The company's earnings per share (EPS) for 2023 is forecasted to be 0.17 yuan [3]. - The return on equity (ROE) is projected to be 5.8% for 2023, indicating a decrease from previous years [3]. Cash Flow and Balance Sheet Summary - The total assets are expected to reach 8,596 million by 2023, with a significant portion in current assets [6]. - The company is projected to have a total liability of 3,582 million in 2023, reflecting an increase from previous years [6]. - Operating cash flow for 2023 is estimated at 513 million, showing a decline from 837 million in 2022 [6].
跟踪报告：在管项目质量提升，非周期业务发展稳健