Investment Rating - The report maintains a "Buy" recommendation for the company [3][8] Core Insights - The company achieved a revenue of 131.38 billion RMB in 2023, representing a year-on-year growth of 3.3%, while the net profit attributable to shareholders was 3.12 billion RMB, up 13.1% year-on-year [5][8] - The core net profit attributable to shareholders was 6.42 billion RMB, with a minimal increase of 0.05% year-on-year [5] - The company plans to distribute a dividend of 0.43 RMB per share [5] Financial Performance - The gross profit margin for 2023 was 13%, a decrease of 4.3 percentage points compared to the previous year [5] - The total contract sales amount for 2023 was 301.1 billion RMB, a slight increase of 0.3% year-on-year, with self-invested project sales amounting to 194.3 billion RMB, down 8.7% [5] - The company’s cash and cash equivalents at the end of 2023 were 73.44 billion RMB, with a total debt of 146.14 billion RMB [6][9] Future Projections - The projected earnings per share (EPS) for 2024 and 2025 have been revised down to 1.28 RMB and 1.40 RMB, respectively, with a new projection for 2026 at 1.53 RMB [8] - The company is expected to maintain a stable revenue growth rate of around 3% for the next few years, with net profit growth projected at 4.1% for 2024 [7][10] Debt and Cash Flow - The company’s debt structure is considered reasonable, with 22.3% of total borrowings maturing in the near term [8] - The weighted average interest cost of total borrowings was 4.3% in 2023, a decrease of 10 basis points from 2022 [6]
收入利润平稳增长，资金充裕财务稳健