Investment Rating - The report maintains a "Buy" rating for Onewo Inc. (万物云) [2] Core Views - The company achieved a net profit of 1.95 billion RMB in 2023, a year-on-year increase of 29%, slightly exceeding expectations. The dividend payout ratio is generous at 66% [2] - Onewo Inc. is positioned as an industry-leading space technology service provider, with significant advantages in technology empowerment, residential expansion, and deepening its "Butterfly City" initiative [2] - The report anticipates that the company's performance will enter a growth phase, despite slight downward adjustments to profit forecasts for 2024-2025 due to pressures in the real estate sector [2] Financial Performance Summary - In 2023, the company reported operating revenue of 33.2 billion RMB, a year-on-year increase of 10.2%, with residential property management, commercial city services, and technology business contributing 56%, 35%, and 8% respectively [2][3] - The gross profit was 4.81 billion RMB, up 13.7% year-on-year, with gross profit margins of 14.5% and net profit margins of 5.9%, reflecting increases of 0.4 percentage points and 0.9 percentage points respectively [2] - The company plans to continue enhancing its "Butterfly City" initiative, with a target of improving at least 100 locations in 2024 [2] Revenue and Profit Forecasts - The projected operating revenue for 2024 is 37.2 billion RMB, with a year-on-year growth rate of 12.1% [3] - The net profit forecast for 2024 is 2.26 billion RMB, representing a year-on-year increase of 15.4% [3] - The report includes projections for 2025 and 2026, with expected revenues of 41.98 billion RMB and 47.63 billion RMB respectively, and net profits of 2.59 billion RMB and 2.97 billion RMB [3] Dividend Policy - The company plans to distribute a dividend of 1.092 RMB per share for the year, corresponding to a dividend yield of 6.1% based on the 2023 net profit [2]
业绩快增、分红慷慨，蝶城提质增效