Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][10]. Core Views - The company achieved revenue growth of 3.3% year-on-year, reaching 131.38 billion RMB, and a net profit growth of 13.1%, totaling 3.12 billion RMB for the year 2023 [4][5]. - Despite a decline in gross margin to 13.0%, the company managed to increase net profit due to improved equity stakes and cost control measures [4]. - The company’s total contract sales amounted to 301.1 billion RMB, with a focus on first and second-tier cities, which accounted for 86% of sales [4]. - The company has maintained a strong cash flow with a sales collection rate exceeding 100% [4]. Summary by Sections Financial Performance - Revenue for 2023 was 131.38 billion RMB, a 3.3% increase from 2022 [8]. - Net profit for 2023 was 3.12 billion RMB, reflecting a 13.1% increase year-on-year [8]. - The gross margin decreased by 4.3 percentage points to 13.0%, leading to a 22.5% decline in gross profit [4][8]. Sales and Market Position - The company recorded total contract sales of 301.1 billion RMB, a slight increase of 0.3% year-on-year [4]. - The self-owned sales amount was 194.3 billion RMB, down 8.7%, while the average growth rate for the top 10 real estate companies was -13% [4]. - The company improved its ranking in self-investment to 7th in the industry [4]. Land Acquisition and Investment Strategy - In 2023, the company acquired 38 new projects with an equity land acquisition amount of 59.5 billion RMB, expected to generate a new value of 142.5 billion RMB [4]. - The focus of new land acquisitions was on high-tier cities, with 84% of the new land value coming from first and second-tier cities [4]. Financial Health - The company issued 13.9 billion RMB in domestic bonds and completed offshore financing of 1.172 billion USD in 2023 [4]. - The total interest-bearing debt financing cost was 4.3%, a decrease of 10 basis points year-on-year [4].
营收利润双增长，行业地位稳步提升