Investment Rating - The investment rating for the company is "Buy" (maintained) [3][6] Core Views - The company has achieved revenue and profit growth against the trend, with self-investment and construction business developing in synergy. The company has abundant land reserves and a high-quality structure, while financing costs continue to decrease [6][7] - The company’s revenue for 2023 was 131.38 billion HKD, a year-on-year increase of 3.3%, and the net profit attributable to shareholders was 3.12 billion HKD, up 13.1% year-on-year [7][10] - The company’s projected net profit for 2024-2026 is estimated at 3.65 billion HKD, 4.40 billion HKD, and 5.07 billion HKD respectively, with corresponding EPS of 1.44, 1.74, and 2.00 HKD [6][10] Financial Performance - The company reported a gross profit margin of 13.0% in 2023, down from 17.3% in 2022, while the net profit margin was 5.1% [10] - The company’s cash on hand increased by 3 billion HKD to 73.4 billion HKD by the end of 2023, with a net debt ratio of 63.8% [7][10] - The company’s sales area in 2023 was 15.47 million square meters, with a sales amount of 301.1 billion HKD, representing year-on-year growth of 12.1% and 0.3% respectively [8][10] Business Development - The company’s construction management segment, which holds a 71% stake, has maintained over 20% market share for eight consecutive years, with revenue and net profit growth of 24.3% and 30.8% respectively in 2023 [9] - The company has a strong land reserve distribution in core cities, with 84% of the newly acquired land value located in first and second-tier cities [8][9]
港股公司信息更新报告：业绩逆势增长，自投代建协同发展