Huachuang Securities·2024-03-27 16:00Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of HKD 25, compared to the current price of HKD 17.08 [1][3][11]. Core Views - The company achieved a revenue of HKD 98.624 billion in 2023, representing a year-on-year increase of 6.51%. Operating profit was HKD 6.171 billion, up 13.8%, while net profit attributable to shareholders decreased by 9.31% to HKD 4.809 billion [1][11]. - The second half of 2023 saw revenue of HKD 47.506 billion, a 5.87% increase year-on-year, with net profit rising by 15.28% to HKD 1.789 billion [1][11]. - The company focuses on quality growth, with a target of mid-single-digit revenue growth for 2024 and an operating profit margin (OPM) increase of 30-50 basis points [1][11]. Financial Summary - Total revenue for 2023 was HKD 98,624 million, with a projected growth rate of 6.5% for 2024 [1][11]. - Net profit for 2023 was HKD 4,809 million, with an expected growth of 13.5% in 2024 [1][11]. - Earnings per share (EPS) are forecasted at HKD 1.39 for 2024, with a PE ratio of 11 times [1][11]. - The company’s total assets were HKD 115.220 billion in 2023, with a debt-to-asset ratio of 56% [4][11].