Investment Rating - The investment rating for the company is "Buy" with a target price set at HKD 6.19, maintaining the rating for the next six months [6]. Core Views - The company achieved a revenue of RMB 3.302 billion in 2023, representing a year-on-year growth of 24.3%, and a net profit attributable to shareholders of RMB 974 million, up 30.8% year-on-year [2][4]. - The company is positioned as a leader in the construction management industry, maintaining a market share of 20.4% [3]. - The management has set ambitious performance guidance for the next three years, aiming for a compound annual growth rate (CAGR) of over 20% in revenue and net profit [2][4]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 52.2%, consistent with the previous year, with specific margins for commercial management at 52.3%, government management at 45.2%, and other services at 82.2% [2]. - The net cash flow from operating activities reached RMB 955 million, reflecting a 31.8% increase year-on-year, indicating strong earnings quality [2]. Business Expansion - The company has expanded its project management footprint to 29 provinces and 122 cities, with a total contracted construction area of 120 million square meters, a 17.9% increase year-on-year [3]. - New project contracts in 2023 saw a total construction area of 35 million square meters, marking a 25.0% increase year-on-year, with a CAGR of 24.4% from 2021 to 2023 [3]. Organizational Changes - The company initiated organizational restructuring to enhance management efficiency, creating five new regional/city companies to improve service responsiveness [4]. - The introduction of the "Bai Chuan Plan" aims to attract city partners and high-quality projects through diversified cooperation models [4]. Future Outlook - The management has provided a positive outlook, projecting a net profit margin of over 25% and a dividend payout ratio of no less than 80% in the coming years [2][4]. - The estimated total saleable value of contracted projects in major economic regions is RMB 693.3 billion, indicating a robust pipeline for future revenue [3].
2023年业绩点评：高质增长，乘风而上