Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved revenue growth in 2023, with operating income reaching 131.38 billion yuan, a year-on-year increase of 3.3%. However, net profit decreased by 24.9% to 6.68 billion yuan, primarily due to a decline in gross margin and asset impairment provisions [1]. - The company’s financing channels remain open, with a positive operating cash flow of 23 billion yuan in 2023. The average interest rate for bonds issued was 3.93%, and the overall financing cost decreased by 10 basis points to 4.3% [1]. - The company’s sales performance remains strong, ranking 7th among the top 100 real estate companies in China, with a contract sales amount of 301.1 billion yuan, a slight increase of 0.3% year-on-year [1]. Financial Performance Summary - In 2023, the company reported operating income of 131.38 billion yuan, with a year-on-year growth rate of 3.3%. The net profit attributable to shareholders was 3.12 billion yuan, reflecting a growth of 13.1% [2]. - The core net profit remained stable at 6.42 billion yuan, with a gross margin of 13.0%, down 4.3 percentage points from the previous year [1][2]. - The company’s earnings per share (EPS) for 2023 was 1.22 yuan, with projected EPS for 2024, 2025, and 2026 at 1.24, 1.28, and 1.35 yuan respectively [2][3]. Land Acquisition and Sales Strategy - The company focused on acquiring land in core cities, with 38 new projects added in 2023 and a land acquisition amount of 59.5 billion yuan. The sell-through ratio was 46.6%, ensuring a projected saleable value of 142.5 billion yuan [1]. - The company’s land reserves at the end of 2023 amounted to 37.2 million square meters, with a saleable area of 24.99 million square meters, of which 80% is located in first and second-tier cities [1].
业绩增长融资畅通，拿地聚焦销售稳健