Investment Rating - The report maintains a rating of "Buy" for the company, with a target price adjusted to HKD 2.12 [3][4]. Core Insights - The company reported a slight decline in revenue for 2023, down 1.6% to HKD 7.01 billion, while gross profit increased by 4.0% to HKD 1.668 billion. The net loss attributable to the parent company decreased by 9.7% to HKD 435 million, and the core net profit rose by 3.0% to HKD 793 million [2][3]. - The core business remains stable despite external pressures, with non-owner value-added services continuing to shrink. The core business now accounts for 95% of total revenue, up from 85% [2][3]. - The company has focused on reducing receivables and has made significant provisions for bad debts, amounting to HKD 850 million in 2023, primarily related to receivables from related parties [2][3]. Financial Performance Summary - Revenue for 2021 was HKD 7.904 billion, which decreased to HKD 7.126 billion in 2022, and is projected to be HKD 7.010 billion in 2023, with an expected recovery to HKD 7.613 billion in 2024 and HKD 8.347 billion in 2025 [2][3]. - Operating profit showed a significant decline from HKD 1.637 billion in 2021 to a loss of HKD 730 million in 2022, with a projected recovery to HKD 894 million in 2024 and HKD 982 million in 2025 [2][3]. - The net profit attributable to the parent company was HKD 1.276 billion in 2021, dropping to a loss of HKD 482 million in 2022, with forecasts of HKD 727 million in 2024 and HKD 806 million in 2025 [2][3]. Market Position and Strategy - The company has maintained a stable management area of 273 million square meters, with a year-on-year growth of 12% as of the end of 2023. The focus is on core cities, which accounted for approximately 84% of the basic property income [2][3]. - The average property management fee in core cities reached approximately RMB 3.1 per square meter per month, indicating a strong market position [2][3]. - The company has actively withdrawn from poorly performing projects, with 80% of the withdrawn area being third-party projects [2][3].
核心业务稳健增长，关联方影响持续消化