Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][12]. Core Insights - The company reported a revenue of 14.767 billion RMB for the year 2023, representing a year-on-year increase of 22.9%. The net profit attributable to shareholders was 2.929 billion RMB, up 36.5% year-on-year, while the core net profit was 2.920 billion RMB, reflecting a 31.2% increase [2]. - The company's overall gross margin improved by 1.7 percentage points to 31.8% in 2023, with a significant increase in the gross margin of commercial management, which rose by 7.7 percentage points to 58.4% [2]. - The company has seen growth in its management scale, with a contracted area of 425 million square meters and an area under management of 370 million square meters, marking increases of 16.2% and 24.6% year-on-year, respectively [2]. - The company has enhanced its community value-added services, achieving a 21.5% increase in overall revenue from these services to 1.526 billion RMB, with notable growth in specific services such as "Lazy Renovation" (71.0% increase) and "One Call Housekeeper" (77.7% increase) [2]. - The company solidified its leadership position in the commercial management sector, operating 101 shopping centers, including 13 luxury shopping centers, maintaining a high average occupancy rate of 96.1% [2]. - The company has significantly increased its dividend payout, with a payout ratio of 55.0%, up 10 percentage points year-on-year, and a per-share dividend of 0.704 RMB, reflecting a 60.4% increase [2]. Financial Summary - For 2023, the company achieved a revenue of 14,767 million RMB, with a growth rate of 22.89%. The net profit attributable to shareholders was 2,929 million RMB, with a growth rate of 32.76% [5]. - The projected net profits for 2024-2026 are 3,651 million RMB, 4,177 million RMB, and 4,747 million RMB, with year-on-year growth rates of 24.7%, 14.4%, and 13.6%, respectively [2][5]. - The company's price-to-earnings (P/E) ratios for 2024-2026 are projected to be 14.05x, 12.28x, and 10.80x, respectively [2][5].
物管商管稳健增长，全年派息大幅提升