收入利润稳健增长，市拓能力卓越

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [12][8]. Core Insights - The company achieved a revenue of 15.63 billion yuan in 2023, representing a year-on-year growth of 19.99%. The net profit reached 736 million yuan, up 23.96% year-on-year [3][2]. - The property management segment generated 14.76 billion yuan in revenue, growing 18.03% year-on-year, driven by the expansion of existing projects and the addition of new ones [3]. - The company signed new contracts worth 4.04 billion yuan in 2023, with third-party project contracts accounting for 3.54 billion yuan, reflecting a year-on-year increase of 27.44% [4]. - The company has demonstrated strong market expansion capabilities, maintaining a high growth rate in its core property management business despite industry challenges [5]. Financial Performance Summary - Revenue Forecast: The company is projected to achieve revenues of 18.75 billion yuan in 2024, 21.94 billion yuan in 2025, and 25.23 billion yuan in 2026, with growth rates of 20%, 17%, and 15% respectively [2]. - Net Profit Forecast: Expected net profits are 897 million yuan in 2024, 1.08 billion yuan in 2025, and 1.26 billion yuan in 2026, with growth rates of 22%, 21%, and 16% respectively [2]. - Earnings Per Share (EPS): The EPS is forecasted to be 0.85 yuan in 2024, 1.02 yuan in 2025, and 1.19 yuan in 2026 [2]. - Valuation Ratios: The Price-to-Earnings (P/E) ratio is projected to decrease from 15.4 in 2024 to 9.0 in 2026, indicating improving valuation attractiveness [2]. Business Development Highlights - The company has actively innovated in its platform value-added services, achieving sales of over 560 million yuan from procurement services and expanding its service offerings [5]. - The company has maintained strong collaboration with major clients, securing significant projects and expanding its operational scale [4]. - The asset management business has shown a robust recovery, with a revenue increase of 50.13% year-on-year, primarily due to a low base effect from the previous year [3].