Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 14.77 billion yuan for 2023, representing a year-on-year growth of 22.9%, and a net profit attributable to shareholders of 2.93 billion yuan, up 32.8% year-on-year, exceeding market expectations [3] - The company maintains a strong position as a commercial management leader with robust control over core resources, having opened 13 new shopping centers in 2023 and managing a total of 101 projects [3] - The company emphasizes shareholder returns, with a 60.4% increase in dividends per share to 0.704 yuan and a significant rise in the dividend payout ratio to 55% [3] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 12,016, for 2023A was 14,767, and projections for 2024E, 2025E, and 2026E are 18,587, 23,078, and 28,286 respectively, showing a growth rate of 35.39%, 22.89%, 25.87%, 24.16%, and 22.57% [2] - Net profit attributable to shareholders (in million yuan) for 2022A was 2,206, for 2023A was 2,929, with projections for 2024E, 2025E, and 2026E at 3,619, 4,414, and 5,314 respectively, reflecting growth rates of 27.90%, 32.76%, 23.57%, 21.95%, and 20.39% [2] - The latest diluted EPS for 2023A is 1.28 yuan, with projections for 2024E, 2025E, and 2026E at 1.59, 1.93, and 2.33 respectively [2] - The P/E ratio for 2023A is 16.69, with projections for 2024E, 2025E, and 2026E at 13.51, 11.08, and 9.20 respectively [2] Business Segment Performance - The property management segment generated revenue of 9.6 billion yuan in 2023, accounting for 65% of total revenue, with a year-on-year growth of 23.1% [3] - The commercial management segment achieved revenue of 5.17 billion yuan, growing by 22.6% year-on-year [3] - The overall gross margin for 2023 was 31.8%, an increase of 1.7 percentage points year-on-year, with the property management gross margin at 17.5% and the commercial management gross margin at 58.4% [3] Market Position and Strategy - The company has a strong market presence, with 82 projects ranking in the top three for retail sales in their respective locations, representing 81.2% of managed projects [3] - The company has increased its third-party management area by 5.652 million square meters in 2023, with 60.4% of managed area coming from third-party contracts [3] - The company continues to enhance its service offerings, with community value-added services contributing significantly to revenue [3]
2023年业绩公告点评：商管龙头地位稳固，分红率大幅提升