CMSK(SZ:001979) GF SECURITIES·2024-03-19 16:00Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company's non-net profit increased by nearly 70%, with a reported revenue of 1750.08 billion yuan in 2023, a decrease of 4.4% year-on-year, while the net profit attributable to shareholders rose by 48.2% to 63.19 billion yuan [2][9]. - The company ranked fifth in sales within the industry for the fourth consecutive year, achieving a sales amount of 2936.35 billion yuan, a slight increase of 0.35% year-on-year [2][15]. - The company has increased its equity investments, focusing on "30 key cities," acquiring 55 land parcels with a total land price of 1134 billion yuan, and the equity acquisition amount rose by 13% year-on-year [2][19]. - The company aims to reduce costs while stabilizing its scale and pursuing development, with interest-bearing liabilities at 2124 billion yuan, a year-on-year increase of 5.1% [2][8]. - Profit forecasts indicate a recovery in profit margins and performance scale post-2024, with projected net profits of 85 billion, 100 billion, and 105 billion yuan for 2024, 2025, and 2026, respectively [2][9]. Financial Summary - The company reported a total revenue of 1750.08 billion yuan in 2023, with a year-on-year growth rate of -4.4% [7]. - The net profit attributable to shareholders was 63.19 billion yuan, reflecting a year-on-year increase of 48.2% [9]. - The non-net profit reached 57.3 billion yuan, marking a 69.2% increase compared to the previous year [2][9]. - The overall gross margin for the year was 15.9%, down 3.4 percentage points from 2022, while the real estate gross margin was 17.1%, down 4.0 percentage points [2][12]. - The company plans to distribute dividends amounting to 29.0 billion yuan, with a dividend payout ratio of 46% and a dividend yield of 3.4% [2][9].