业绩双位数增长，销售稳增、拿地积极

Investment Rating - The report maintains a "Buy" rating for China Overseas Land & Investment Limited (00688.HK) [2][3] Core Views - The company achieved a double-digit growth in performance, with revenue increasing by 12.3% year-on-year to RMB 202.5 billion and net profit rising by 10.1% to RMB 25.6 billion, slightly exceeding market expectations [2] - The company has a robust land reserve and focuses on core first and second-tier cities, which positions it well for future growth despite industry challenges [2][3] - The financing cost remains low at 3.55%, and the company maintains a healthy financial position with key metrics in the "green zone" [2] Financial Performance Summary - Revenue for 2023 was RMB 202,524 million, with a year-on-year growth rate of 12.3% [3] - Net profit for 2023 was RMB 25,610 million, reflecting a year-on-year increase of 10.1% [3] - Earnings per share (EPS) for 2023 was RMB 2.34, with projections for 2024 and 2025 at RMB 2.41 and RMB 2.53 respectively [3] - The company’s gross margin and net profit margin were 20.3% and 12.6%, respectively, showing slight declines compared to the previous year [2] Sales and Land Acquisition Summary - The company reported sales of RMB 30,980 million in 2023, a year-on-year increase of 5.1% [2] - The land acquisition amount for 2023 was RMB 134.2 billion, up 21% year-on-year, with a focus on first and second-tier cities [2] - The total land reserve at the end of 2023 was 54.03 million square meters, with a significant portion located in high-potential urban areas [2] Future Outlook - The company aims for a sales target that remains stable in 2024, with an expected available-for-sale value of RMB 702.4 billion [2] - The commercial property revenue is projected to grow by 25% year-on-year in 2024, indicating a positive outlook for the commercial segment [2]