销售业绩逆势增长，财务状况维持稳健

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][7] Core Views - The company achieved a revenue of 175.01 billion yuan in 2023, a year-on-year decrease of 4.4%, while the net profit attributable to shareholders increased by 48.2% to 6.32 billion yuan. A cash dividend of 3.20 yuan per 10 shares (tax included) is proposed [4][5] - The sales area increased by 2.5% to 12.234 million square meters, with a sales amount of 293.64 billion yuan, a slight increase of 0.4%. The average sales price per square meter decreased by 2.1% to 24,001 yuan [4][5] - The company maintained a healthy financial status with a debt-to-asset ratio of 67.3% and a net debt ratio of 54.6%. The comprehensive financing cost decreased to 3.47%, down 42 basis points from the beginning of the year [5][7] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 175.01 billion yuan, down 4.4% from the previous year, while net profit rose by 48.2% to 6.32 billion yuan. The gross profit margin was 15.9%, a decrease of 3.4 percentage points year-on-year [4][5][6] - The company’s contract liabilities at the end of the year reached 161.53 billion yuan, an increase of 11.5% [4] Sales and Investment - The company’s sales area for 2023 was 12.234 million square meters, with a sales amount of 293.64 billion yuan, reflecting a slight increase. The sales in the "Strong Heart 30 Cities" accounted for 91% of total sales, with the core "6+10 Cities" contributing 77% [4][5] - The company acquired 55 land parcels in 2023, with a total construction area of approximately 5.9 million square meters and a total land price of about 113.4 billion yuan [4][5] Financial Health - The company maintained a green status under the "three red lines" policy, with a debt-to-asset ratio of 62.4% excluding advance receipts, a net debt ratio of 54.6%, and a cash-to-short-term debt ratio of 1.28 [5][6] - The company’s financing cost has decreased significantly, with a total of 32.43 billion yuan raised in the public market during the year [5][7]