Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 15.06 billion yuan for 2023, representing a year-on-year growth of 10.0%, and a net profit attributable to shareholders of 1.38 billion yuan, which is a 24.0% increase compared to the previous year, slightly exceeding market expectations [3] - Revenue growth is steady, with a recovery in gross margin. The property management service revenue reached 10.15 billion yuan, up 20.5% year-on-year, accounting for 67.4% of total revenue. Non-owner value-added service revenue decreased by 4.6% to 2.09 billion yuan, while community value-added service revenue fell by 8.1% to 2.82 billion yuan, mainly due to the company's strategic adjustments [3] - The company has a clear external expansion strategy, focusing on third-party projects and deepening its presence in key cities. The contracted area in 2023 was 920 million square meters, an increase of 150 million square meters from 2022, with a new contract amount of 2.97 billion yuan, up 7.4% year-on-year [3] - The company is reducing the influence of related parties and moving towards sustainable internal development. By the end of 2023, third-party projects accounted for 64.7% of the managed area, an increase of 3.4 percentage points from 2022 [3] - Cash flow has significantly improved, with operating net cash flow reaching 2.42 billion yuan, a 63.9% increase year-on-year, and a dividend payout ratio of 40%, up 15 percentage points from 2022 [3] - The profit forecast for 2024-2025 has been adjusted to 1.67 billion yuan and 2.01 billion yuan respectively, with an expected net profit of 2.37 billion yuan in 2026. The corresponding EPS is projected to be 3.02, 3.64, and 4.28 yuan, with P/E ratios of 11.7X, 9.7X, and 8.2X [3] Financial Summary - Total revenue for 2023 was 15,061 million yuan, with a year-on-year growth of 10.05% [2] - Net profit attributable to shareholders for 2023 was 1,380 million yuan, reflecting a year-on-year increase of 24.01% [2] - The company’s gross margin for 2023 improved to 19.6%, up 0.8 percentage points from 2022 [3] - The operating cash flow for 2023 was 2,419.76 million yuan, indicating a strong cash position [10] - The company’s total assets for 2023 were 14,877.26 million yuan, with a debt-to-equity ratio of 40.33% [10]
2023年业绩公告点评：不疾不徐稳健增长，分红提升回报股东