Investment Rating - The report maintains a "Buy" rating for China Overseas Macro Yang Group (0081) [4] Core Views - The company's 2023 performance met expectations, with a focus on deepening its presence in third- and fourth-tier cities, while maintaining a "Buy" rating. The 2023 revenue was 56.4 billion RMB, and net profit was 2.3 billion RMB, representing a year-on-year decline of 1.9% and 26.9%, respectively [3][4] - The company is gradually increasing its market share in the 40 cities it operates in, with sufficient sellable resources to support future operations. In 2023, sales increased by 6.2% year-on-year, with 45% of cities ranking in the top three for sales and 18% being the market leader in their respective areas [3] - The gross profit margin dropped to 11.2% in 2023, down 3.2 percentage points year-on-year, primarily due to the property sales business, which accounted for 99.4% of revenue. However, improvements are expected as market conditions stabilize [3] - The company's asset-liability ratio decreased to 75% in 2023, indicating a solid financial position, with a net debt ratio of 46% and a weighted average financing cost of 4.6% [3] Financial Summary - 2023 revenue: 56.4 billion RMB, down 1.9% year-on-year [3] - 2023 net profit: 2.3 billion RMB, down 26.9% year-on-year [3] - 2023 gross profit margin: 11.2%, down 3.2 percentage points year-on-year [3] - 2023 asset-liability ratio: 75%, down 4 percentage points year-on-year [3] - 2023 net debt ratio: 46%, down 2.8 percentage points year-on-year [3]
2023年业绩点评：稳中求进，巩固下沉城市优势