Investment Rating - The investment rating for the company is "Buy" [1][14]. Core Views - The company achieved a revenue growth of 31% year-on-year, with a dividend payout ratio increased to 55% [1][2]. - The net profit attributable to shareholders reached 2.93 billion yuan, reflecting a year-on-year increase of 33% [1][2]. - The core net profit was 2.92 billion yuan, also up by 31% year-on-year, with a core net profit margin of 19.8%, an increase of 1.3 percentage points [1][2]. - The company emphasized shareholder returns, with a weighted ROE of 19.3%, up by 3.5 percentage points year-on-year, and a dividend per share of 0.704 yuan, a 60% increase year-on-year [1][2]. Revenue and Profitability - The company reported total revenue of 14.77 billion yuan for 2023, a year-on-year increase of 23% [1][2]. - The core net profit margin improved to 19.8%, with a gross profit margin of 31.8%, up by 1.7 percentage points year-on-year [1][2]. - Management efficiency improved, with the management expense ratio decreasing by 2.3 percentage points to 6.8% [1][2]. Business Segments - Residential property management revenue accounted for 65% of total revenue, while commercial property management contributed 35% [5][9]. - The residential property management revenue was 9.6 billion yuan, growing by 23% year-on-year, although the gross margin slightly decreased to 17.5% [5][9]. - The commercial property management revenue was 5.2 billion yuan, also up by 23% year-on-year, with a gross margin of 58.4%, an increase of 7.7 percentage points [9][10]. Future Outlook - The company maintains its profit forecast for 2024-2025, expecting net profits of 3.65 billion yuan and 4.41 billion yuan, respectively [14]. - Corresponding earnings per share are projected to be 1.60 yuan and 1.93 yuan, with PE ratios of 13.3 and 11.0 [14].
全年业绩增长31%，派息率提升至55%