Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Views - The company's performance in 2023 exceeded expectations, with revenue of 40,932 million yuan, a year-on-year decrease of 0.5%. The gross profit was 8,360 million yuan, down 24.6%, resulting in a gross margin of 20.4%, a decline of 6.5 percentage points. The net profit attributable to shareholders was 1,445 million yuan, a year-on-year increase of 77.0%, while the core net profit was 1,761 million yuan, up 15.9% [6][5]. - The company's land reserve structure continues to improve, with total equity land reserves of 11.52 million square meters as of the end of 2023. The proportion of reserves in the Yangtze River Delta and Greater Bay Area increased by 5 percentage points to 48%, while the proportion in first-tier cities rose by 4 percentage points to 26% [6][5]. - Contract sales showed steady growth, with a total sales amount of 53.6 billion yuan in 2023, a year-on-year increase of 7%. The company achieved a sales recovery rate of 100%, indicating good cash flow management [6][5]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 40,932 million yuan, with a projected revenue of 41,060 million yuan for 2024, indicating a slight growth of 0.3% [4][10]. - The core net profit is expected to decline to 1,517 million yuan in 2024, a decrease of 13.9% year-on-year, before slightly recovering to 1,520 million yuan in 2026 [5][9]. - The average financing cost decreased to 3.88% by the end of 2023, down 0.39 percentage points from the end of 2022, and the net debt ratio fell by 22.8 percentage points to 93.1% [4][6].
业绩超预期，土储、融资结构持续优化