Investment Rating - The report maintains a "Buy" rating for China Jinmao (0817.HK) [4] Core Views - The company is expected to report a net loss of approximately 6.7 billion RMB for 2023, marking its first loss since its listing in 2007 [2] - The controlling shareholder, Sinochem Hong Kong, plans to increase its stake in the company by up to 200 million HKD, reflecting confidence in the company's future [2] - The company's sales for 2023 are projected to be 141.2 billion RMB, a decrease of 8.9% year-on-year, but an improvement compared to a 34.2% decline in 2022 [2] - The upcoming listing of Huaxia Jinmao Commercial REIT is expected to enhance the company's financing capabilities and operational income [2] Financial Performance Summary - Revenue for 2023 is estimated at 73.4 billion RMB, down 11.5% from 2022 [3] - The basic net profit is projected to be -6.7 billion RMB for 2023, a significant decline of 436.9% compared to 2022 [3] - The company’s basic EPS is expected to be -0.50 RMB for 2023, with a recovery forecasted for 2024 at 0.11 RMB [3] - The P/E ratio for 2023 is not applicable due to the expected loss, but is projected to be 5.2 and 3.5 for 2024 and 2025 respectively [3] Market Data - The total market capitalization is approximately 8.37 billion HKD, with a recent trading range between 0.56 and 1.66 HKD [7] - The total share capital is 1.35 billion shares [7]
2023年业绩预告点评：大额减值计提充分，股东增持彰显信心