Investment Rating - The report maintains a "Buy" rating for China Overseas Property (02669.HK) [2] Core Views - The company's revenue growth has slightly slowed, but expansion remains positive. The company achieved a revenue of 13.05 billion RMB in 2023, a year-on-year increase of 19.7%, and a net profit of 1.34 billion RMB, up 22.8% year-on-year, although below market expectations [2][3] - The company plans to distribute a final dividend of 0.085 HKD per share, with a total annual dividend of 0.14 HKD, corresponding to a payout ratio of 31% [2] - The management area under the company increased by 25% year-on-year, reaching 402 million square meters by the end of 2023, with new management area added increasing by 35% year-on-year [2] Financial Performance Summary - In 2023, the company reported a revenue of 13,051 million RMB, with a year-on-year growth rate of 19.7% [3] - The net profit for 2023 was 1,343 million RMB, reflecting a year-on-year increase of 22.8% [3] - The basic earnings per share (EPS) for 2023 was 0.41 RMB, up 22.8% year-on-year [2][3] - The return on equity (ROE) was 36.8%, a decrease of 2.2 percentage points year-on-year [2] Revenue Breakdown - The revenue from property management services was 9,415 million RMB, a year-on-year increase of 16.0% [2] - Non-residential value-added services generated 2,145 million RMB, up 18.3% year-on-year, while residential value-added services saw a significant increase of 70.9% to 1,290 million RMB [2] - The gross profit margins for property management services, non-residential value-added services, and residential value-added services were 15.0%, 13.1%, and 26.1%, respectively [2] Future Projections - The report projects the company's net profit to be 1.67 billion RMB in 2024 and 2.06 billion RMB in 2025, with corresponding growth rates of 24.6% and 23.3% [3] - The price-to-earnings (PE) ratio for 2024 is estimated at 8.0X, compared to the average PE of comparable companies at 11.1X [2]
业绩增速略有放缓，但扩张仍保持积极