Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][15]. Core Views - The company reported a robust revenue growth of 24.3% year-on-year, achieving an operating income of 3.302 billion RMB in 2023, with a 100% dividend payout [6][13]. - The company continues to hold the leading position in the real estate development service sector, maintaining over 20% market share for eight consecutive years [6][7]. - The company has optimized its client structure and expanded its business boundaries, with new project contracts covering a total building area of 35.3 million square meters, a 25% increase from the previous year [6][7]. Financial Performance - The company achieved a gross profit of 1.722 billion RMB and a net profit attributable to shareholders of 974 million RMB in 2023, representing year-on-year increases of 24.0% and 30.8%, respectively [6][13]. - The comprehensive gross profit margin remained stable at 52.2%, consistent with the previous year [6][14]. - The company has no bank debt and reported a net cash flow from operating activities of 955 million RMB, indicating strong cash flow [6][7]. Business Expansion - The company has expanded its project layout across 122 major cities in 29 provinces, municipalities, and autonomous regions in China, with a total contracted project area of 119.6 million square meters, a year-on-year increase of 17.9% [6][7]. - The estimated total saleable value of contracted projects in 2023 reached 693.3 billion RMB, accounting for 77.7% of the overall saleable value [6][7]. Future Outlook - The company is projected to have an EPS of 0.60 RMB for 2024, with a valuation range of 185-212 billion HKD, corresponding to a reasonable value range of 9.23-10.55 HKD per share [7][15].
高增长高派息，稳居行业龙头地位