Investment Rating - The investment rating for Poly Property (6049.HK) is "Recommended" [2][7] Core Views - The company reported a revenue of 15.062 billion yuan in 2023, representing a year-on-year growth of 10%, and a net profit of 1.38 billion yuan, which is a 24% increase compared to the previous year [4][5] - The company plans to distribute a final dividend of 0.998 yuan per share (before tax) [4] - The management efficiency has improved, with a decrease in management expense ratio by 0.7 percentage points, leading to an increase in gross margin and net margin by 0.8 percentage points and 1 percentage point, respectively [5] - The company has a strong market position, with its total contracted area and managed area reaching 920 million square meters and 720 million square meters, respectively, both showing significant growth [5] Financial Summary - In 2023, the company's gross margin was 19.6%, and the net margin was 9.3%, with both margins showing an upward trend [6][9] - The earnings per share (EPS) for 2023 was 2.49 yuan, with forecasts for 2024, 2025, and 2026 being 2.91 yuan, 3.29 yuan, and 3.68 yuan, respectively [6][7] - The price-to-earnings (P/E) ratio is projected to be 7.8 times for 2024, 6.9 times for 2025, and 6.1 times for 2026 [6][7] Business Development - The company is focusing on enhancing its value-added services and has seen a 27.6% increase in revenue from third-party property management services, which now accounts for 41.1% of total revenue [5] - The company is actively optimizing its service offerings by exiting low-margin projects and enhancing its core product capabilities [5] - The company has increased its dividend payout ratio to 40%, up by 15 percentage points from the previous year, reflecting its commitment to returning value to shareholders [5]
业绩稳健双位数增长，分红比例提升回报股东