2023年年报点评：开发业务聚焦核心区域，商业运营稳健发展

Investment Rating - The investment rating for the company is "Hold" [1][18] Core Views - The company reported a revenue of 180.74 billion RMB in 2023, a year-on-year decrease of 27.9%, with a net profit attributable to shareholders of 12.85 billion RMB, down 47.3% year-on-year [3][4] - The company maintains a stable financial position with a cash-to-short-term debt ratio of 1.96 and a net debt ratio of 55.9%, which is a decrease of 2.2 percentage points year-on-year [3] - The operational business showed resilience with rental income increasing by 8.9% to 12.94 billion RMB, contributing significantly to profits [4] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 180.74 billion RMB, down 27.9% year-on-year, and a net profit of 12.85 billion RMB, down 47.3% year-on-year. The core net profit, excluding fair value changes, decreased by 49.6% to 11.35 billion RMB [3][4] - The gross profit was 30.58 billion RMB, with a gross margin of 16.9%. The core after-tax profit margin was 8.7%, a decrease of 3.6 percentage points year-on-year [3] Development Business - The development business generated revenue of 155.86 billion RMB, with a total delivered property area of 10.708 million square meters and a settlement gross margin of 11.0% [3] - The company focused on core regions, with contract sales amounting to 173.49 billion RMB, corresponding to a sales area of 10.796 million square meters, with an average price of 16,070 RMB per square meter [3] Operational Business - The operational business achieved rental income of 12.94 billion RMB, with a year-on-year growth of 8.9%. The overall occupancy rate for opened shopping malls was 96.2% [4] - The company opened 12 new shopping malls in 2023, with same-store sales and foot traffic both increasing by over 30% year-on-year [4] Profit Forecast - The forecast for net profit attributable to shareholders from 2024 to 2026 is expected to maintain a compound annual growth rate (CAGR) of 4.0% [4][7]