业绩双位数增长，销售拿地聚焦核心

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][10]. Core Insights - The company reported a revenue of 202.52 billion RMB for 2023, a year-on-year increase of 12.3%, and a net profit attributable to shareholders of 25.61 billion RMB, up 10.1% year-on-year [3][4]. - The company achieved a contract sales amount of 309.8 billion RMB in 2023, representing a 5.1% increase year-on-year, ranking third in the industry with a market share of 2.66% [5]. - The company focused on high-capacity cities for land acquisition, with a total land purchase amount of 144 billion RMB in 2023, a 19.1% increase year-on-year, leading the industry in investment scale [5][4]. Financial Performance - The company's gross profit margin for 2023 was 20.32%, a slight decrease of 0.97 percentage points from 2022, but still above the industry average [4]. - The average financing cost for the company in 2023 was 3.55%, maintaining the lowest range in the industry [5]. - The company’s net debt ratio stood at 38.7% and the asset-liability ratio at 51.8%, indicating a stable financial structure [5]. Future Projections - The report adjusts the company's net profit forecasts for 2024 and 2025 to 29.0 billion RMB and 32.2 billion RMB, respectively, with a new forecast for 2026 at 35.0 billion RMB, reflecting growth rates of 13.2%, 11.1%, and 8.7% [5][4]. - The company's stock is currently valued at a PE ratio of 3.9 for 2024, 3.5 for 2025, and 3.3 for 2026, indicating strong valuation metrics [5].