Guoxin Securities·2024-03-27 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company achieved a revenue of 251.1 billion yuan in 2023, representing a year-on-year increase of 21%. The core net profit was 27.8 billion yuan, up 2.9% year-on-year [3][6] - The company emphasizes shareholder returns, with a dividend of 1.441 yuan per share in 2023, maintaining a payout ratio of 37% and a dividend yield of 4.8% based on the average stock price for the year [3][6] - The company's recurring business effectively smooths out fluctuations in development sales, with recurring revenue accounting for 15.6% of total revenue, up 0.7 percentage points year-on-year [11][6] - The company maintains a healthy financial position with a cash-to-short-term debt ratio of 1.49 and a net interest-bearing debt ratio of 32.6%, down 6.2 percentage points year-on-year [33][6] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 251.1 billion yuan, with development sales contributing 212.1 billion yuan and recurring business revenue at 39.1 billion yuan [3][6] - The gross profit margin for the year was 25.2%, slightly down by 1 percentage point, but still among the industry's top tier [11][6] Sales and Development - The company signed sales contracts totaling 307 billion yuan in 2023, a 2% increase year-on-year, maintaining its 4th position in the industry [17][6] - The company added 13.25 million square meters of land reserves in 2023, a 21% increase year-on-year, with a total land reserve of 62.5 million square meters at the end of 2023 [17][6] Investment Property Performance - Investment property revenue reached 22.2 billion yuan in 2023, a 31% increase, with shopping center rental income contributing 17.6 billion yuan [26][6] - The overall occupancy rate of shopping centers remained high at 96.5% [26][6] Financial Health - The company’s weighted average financing cost was 3.56% in 2023, down 19 basis points year-on-year [33][6] - The recurring business revenue covers dividends and interest payments with a ratio of 1.9, while rental income covers these costs with a ratio of 1.08 [33][6] Investment Recommendations - The company is expected to achieve core net profits of 30.4 billion yuan and 31.9 billion yuan in 2024 and 2025, respectively, with corresponding earnings per share of 4.26 yuan and 4.47 yuan [38][6]