Investment Rating - The report maintains a "Buy" rating for Poly Property (6049.HK) [1] Core Views - Poly Property achieved a revenue of 15.06 billion yuan in 2023, representing a year-on-year growth of 10.0%. The gross margin was approximately 19.6%, an increase of 0.8 percentage points year-on-year. The net profit attributable to shareholders was 1.38 billion yuan, up 24.0% year-on-year, with a proposed dividend of 0.998 yuan per share, significantly increasing the payout ratio by 15 percentage points to 40% [2][3] - The company continues to focus on market expansion, with stable business growth. The property management services segment generated revenue of 10.15 billion yuan, a year-on-year increase of 20.5%. Third-party revenue reached approximately 4.17 billion yuan, a substantial growth of 27.6%, accounting for 41.1% of total property management service revenue, up 2.4 percentage points year-on-year [2] - The company is optimizing its property system layout, accelerating the expansion of non-residential segments. The contract amount for newly signed third-party commercial and office projects increased significantly by 109.9% to 880 million yuan [2] Summary by Sections Business Performance - In 2023, the non-owner value-added services segment generated revenue of 2.09 billion yuan, a decrease of 4.6%, accounting for 13.9% of total revenue. The community value-added services segment's revenue was 2.82 billion yuan, down 8.1% [3] - The company expects a compound annual growth rate (CAGR) of 15% for net profit attributable to shareholders from 2024 to 2026, driven by the large property system and the advantages of being backed by a state-owned enterprise [3][4] Financial Projections - Revenue projections for 2024-2026 are as follows: 17.87 billion yuan in 2024, 20.70 billion yuan in 2025, and 23.60 billion yuan in 2026, with respective growth rates of 19%, 16%, and 14% [9][10] - The net profit attributable to shareholders is projected to be 1.61 billion yuan in 2024, 1.87 billion yuan in 2025, and 2.11 billion yuan in 2026, with growth rates of 16.9%, 15.8%, and 12.9% respectively [10]
2023年年报点评：管理规模稳定增长，分红比例大幅提升