销售稳增、多元补货，业绩提升可期

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][9]. Core Views - The company achieved a revenue of 80.22 billion yuan in 2023, representing a year-on-year growth of 10.8%, while the net profit attributable to shareholders decreased by 19.4% to 3.19 billion yuan [3][4]. - The decline in net profit is attributed to a decrease in gross margin, which fell by 5.1 percentage points to 15.3% in 2023, alongside a loss of 1.348 billion yuan from changes in the fair value of investment properties [3][4]. - The company’s contract sales reached 142 billion yuan, up 13.6% year-on-year, outperforming the average decline of 18% among the top 30 real estate companies [3][4]. - The company has diversified its land acquisition channels, adding 28 new projects in key cities, with a total saleable value of approximately 130 billion yuan [3][4]. Summary by Sections Financial Performance - Revenue for 2023 was 80.22 billion yuan, with a growth rate of 10.8% compared to 2022 [7]. - Net profit attributable to shareholders was 3.19 billion yuan, reflecting a decline of 19.4% [7]. - The gross margin decreased to 15.3%, down from the previous year [3][7]. Sales and Market Position - The company achieved contract sales of 142 billion yuan, a 13.6% increase year-on-year, completing 107.6% of its sales target for 2023 [3][4]. - In the Greater Bay Area, contract sales amounted to 71.6 billion yuan, with Guangzhou contributing 61.3 billion yuan, maintaining the top position in the market [3][4]. Land Acquisition and Development - The company utilized a "6+1" model for land acquisition, securing 28 new projects across 11 cities, with a total construction area of 4.91 million square meters [3][4]. - The company’s land acquisition through TOD and urban renewal channels accounted for 53% of new projects [3][4]. Financial Stability - As of the end of 2023, the company maintained a healthy financial status with key financial ratios remaining in the green zone [3][4]. - The weighted average financing cost decreased to 3.82%, down 34 basis points from 2022 [3][4].