Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 3.57 billion yuan in 2023, representing a year-on-year growth of 55.8%, and a net profit attributable to shareholders of 467.35 million yuan, up 89.0% year-on-year, exceeding market expectations [3] - The significant revenue growth is attributed to the delivery of hard decoration services, which boosted the gross margin from 23.4% in 2022 to 28.1% in 2023 [3] - The company continues to see strong growth in community value-added services, which became the second-largest business segment, accounting for 38.5% of total revenue, with a year-on-year increase of 17.7% [3] - The company has a stable supply from its major shareholder, with a steady increase in managed area and multiple community value-added services contributing to overall stable gross margins [3] Summary by Sections Financial Performance - Total revenue for 2023 was 3,569 million yuan, with a year-on-year increase of 55.83% - Net profit attributable to shareholders was 467.35 million yuan, reflecting a year-on-year growth of 89.05% - Earnings per share (EPS) for 2023 was 0.33 yuan, with a projected EPS of 0.42 yuan for 2024 [2][3] Business Segments - Property management service revenue reached 1.42 billion yuan, up 36.8% year-on-year - Community value-added service revenue was 1.37 billion yuan, showing a remarkable growth of 189.0% - Non-owner value-added service revenue decreased by 6.3% to 710 million yuan, while commercial management service revenue increased by 188.3% to 70 million yuan [3] Market Position and Strategy - As of the end of 2023, the company managed a total area of 61.4 million square meters, a 33.0% increase from the previous year, with a contract-to-managed area ratio of 1.66 times [3] - The company has expanded its presence to 63 cities, with 19 cities having a contract area exceeding one million square meters [3] - The company’s community value-added services, including home beautification, achieved a revenue of 750 million yuan, growing 984% year-on-year [3] Dividend Policy - The company declared a dividend of 0.26 HKD per share for 2023, including a special dividend of 0.1 HKD, resulting in a payout ratio of 71% and a dividend yield of 8.2% based on the closing price on March 22, 2024 [3]
2023年业绩公告点评：收入业绩高速增长，社区增值服务健康发展