CMSK(SZ:001979) KAIYUAN SECURITIES·2024-03-18 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company has shown a strong growth in net profit attributable to shareholders, with a year-on-year increase of 48.20% [3] - Despite a slight decline in revenue, the company remains optimistic about future market share growth due to a focus on core cities and sufficient available inventory [3] - The company has successfully completed asset restructuring and capital raising, which enhances its financial strength [3] Financial Performance Summary - In 2023, the company achieved operating revenue of 1750.08 billion yuan, a decrease of 4.37% year-on-year, while net profit attributable to shareholders reached 63.19 billion yuan, an increase of 48.20% [3][4] - The operating cash flow was 314.3 billion yuan, up 41.75% year-on-year, with a basic earnings per share (EPS) of 0.65 yuan [3] - The gross margin and net margin were 15.89% and 5.20%, respectively, with the development business gross margin at 17.08% [3] Sales and Land Acquisition - The company recorded a signed sales area of 12.23 million square meters in 2023, a year-on-year increase of 2.49%, and a sales amount of 293.635 billion yuan, up 0.35% [3] - The company acquired 55 land parcels with a total construction area of approximately 5.9 million square meters and a total land price of about 113.4 billion yuan, achieving a land acquisition equity ratio of 76.5% [3] Asset Management and Operational Performance - The company reported a total asset operating income of 6.69 billion yuan, with an EBITDA of 3.3 billion yuan, and a mature project EBITDA return rate of 6.2% [3] - The total leasable property area reached 5.865 million square meters, generating rental income of 4.49 billion yuan, a year-on-year increase of 42.1% [3]