业绩稳步增长，看好后续收入结转速度加快

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][4]. Core Viewpoints - The company has shown steady growth in performance, with a significant increase in new orders, which provides a solid foundation for future growth [8][9]. - The traditional core business is growing steadily, while new business integrations are continuously gaining momentum [2][3]. - The company's profitability has slightly improved, and it has demonstrated good cost control capabilities [3][10]. - The company is expected to benefit from the acceleration of urban village renovations, enhancing its overall profitability [8][9]. Financial Performance Summary - In 2023, the company achieved operating revenue of 91.24 billion yuan, a year-on-year increase of 13.88%, and a net profit attributable to the parent company of 1.55 billion yuan, up 12.57% year-on-year [8][11]. - The gross profit margin for 2023 was 12.4%, an increase of 0.77 percentage points year-on-year [10]. - The company’s new signed orders increased by 14% year-on-year, indicating a robust order backlog [8][9]. - The company’s cash dividend for 2023 was 446 million yuan, with a dividend payout ratio of 28.73%, resulting in a dividend yield of 5.25% as of March 26 [8]. Business Segmentation - Construction Business: In 2023, the company’s revenue from housing construction and infrastructure was 32 billion yuan and 39.6 billion yuan, respectively, with year-on-year growth of 27.2% and 8.1% [9]. - Real Estate Development: The company’s revenue from residential sales was 7.15 billion yuan, a decrease of 5.79% year-on-year, with a total sales area of 625,800 square meters [9]. - New Business: Other business segments generated revenue of 9.87 billion yuan, a year-on-year increase of 12.9% [9]. Financial Ratios and Projections - The company’s projected net profit for 2024 and 2025 is 1.81 billion yuan and 2.09 billion yuan, respectively, reflecting year-on-year growth rates of 16.4% and 15.5% [10][11]. - The company’s price-to-earnings (P/E) ratio is currently at 5.24, which is relatively low compared to historical levels [11].