Investment Rating - The investment rating for the company is "Recommended" [16] Core Insights - The company reported a revenue of 635 million yuan in 2023, representing a year-on-year growth of 13.0%. The net profit attributable to shareholders was 171 million yuan, up 10.9% year-on-year. The annual dividend per share was 0.13 HKD, an increase of 23.8% [19] - The company benefited from the return of Hong Kong customers and consumption promotion measures, with same-store traffic increasing by 39% and same-store sales rising by 18% in 2023. The occupancy rate improved by 0.3 percentage points to 92.8%, and the collection rate increased by 1.3 percentage points to 99.8% [19] - The company opened six new projects in 2023, marking its first expansion outside Shenzhen, with high occupancy rates of 92% and 95% for the new locations in Xiamen and Guangzhou, respectively [21] Financial Performance Summary - Revenue growth rate is projected to be 12.0% in 2024, 11.5% in 2025, and 10.0% in 2026 [2] - EBIT growth rate is expected to decline by 5.3% in 2024, followed by increases of 10.7% in 2025 and 14.6% in 2026 [2] - EBITDA growth rate is forecasted at 32.7% in 2024, 7.6% in 2025, and 10.7% in 2026 [2] - The gross profit margin is expected to stabilize around 52.5% in 2023, with slight improvements projected in subsequent years [20] - The company’s P/E ratio is projected to decrease from 6.6 in 2024 to 4.7 by 2026, indicating a potentially undervalued stock [20] Operational Highlights - The company has a total contracted area of approximately 2.84 million square meters and an operational area of about 1.65 million square meters, with 27 projects opened and 20 in preparation as of December 31, 2023 [21] - The company maintains a strong cash position, with operating cash flow increasing by 84.9% year-on-year, allowing for generous shareholder returns [19] - The company’s major shareholder, Huang Chulong, holds 58.92% of the shares, indicating strong insider confidence [15]
Coco Park产品线走出深圳，多项核心指标稳步增长