2023年年度业绩点评：聚力前行，高质成长

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][14]. Core Views - The company achieved a revenue of 134,430 million yuan in 2023, representing a year-on-year increase of 34.9%. The property development business contributed 96.8% of total revenue [6][12]. - The company has a strong sales performance, ranking 8th in the sales amount among the top 100 real estate companies in 2023, with a total sales amount of 188.9 billion yuan, up 12% year-on-year [6][7]. - The company has maintained a healthy financial position with a net debt ratio of 33.6%, a decrease of 19 percentage points year-on-year, and cash on hand of 54,161.32 million yuan [7][13]. Summary by Sections Financial Performance - In 2023, the company reported a gross profit of 14,917 million yuan and a net profit attributable to shareholders of 5,035 million yuan, both showing a slight increase of 2.0% and 2.1% year-on-year respectively [6][12]. - The basic earnings per share (EPS) for 2023 was 2.61 yuan, with a proposed final dividend of 1.3 Hong Kong dollars per share, resulting in a dividend payout ratio of approximately 52% [6][12]. Sales and Market Position - The company achieved a total contracted sales amount of 188.9 billion yuan in 2023, with an equity contracted sales amount of 138 billion yuan, reflecting a year-on-year increase of 14% [6][7]. - The company’s equity sales accounted for approximately 73% of total sales, with a total saleable area of 6.664 million square meters, up 9.3% year-on-year [6][7]. Land Acquisition and Inventory Management - In 2023, the company acquired 78 new quality land parcels, with a total land acquisition amount of 116.9 billion yuan, representing a year-on-year increase of 42% [7][13]. - The total saleable land reserve area reached approximately 15.52 million square meters, with a total value of about 266.8 billion yuan, and 84% of the land is located in first and second-tier cities [7][13]. Investment Outlook - The company is expected to maintain a strong performance, with a forecasted EPS of 2.42 yuan for 2024, and a valuation range of 401-502 billion Hong Kong dollars, corresponding to a reasonable value range of 21.17-26.46 Hong Kong dollars per share [14][15].