Southwest Securities·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109.HK) [1] Core Views - The company achieved a revenue of 251.14 billion yuan in 2023, representing a year-on-year growth of 21.3%. The core net profit reached 27.77 billion yuan, with a growth of 2.9% [2][3] - The company focuses on high-quality land reserves in major cities, with a total land reserve of 62.5 million square meters, of which 52.45 million square meters are for property development [2] - The operational resilience of the company's commercial projects is strong, with a significant increase in revenue from investment properties [3] Summary by Sections Financial Performance - In 2023, the company reported operating income of 251.14 billion yuan, with development business income of 212.08 billion yuan (up 20.4%), operational real estate income of 22.23 billion yuan (up 30.6%), and light asset management income of 10.64 billion yuan (up 27.7%) [2] - The company’s core net profit contribution from various segments is as follows: development business (65.6%), operational real estate (28.3%), light asset management (3.5%), and ecosystem factor business (2.6%) [2] Sales and Land Acquisition - The company signed sales of 307.03 billion yuan in 2023, a year-on-year increase of 1.9%, with a signed area of 13.07 million square meters, down 8.3% [2] - The company acquired 68 new projects, adding 13.25 million square meters of land, with 92.8% of investments in first- and second-tier cities [2] Operational Resilience - The operational real estate business generated revenue of 22.23 billion yuan, up 30.6% year-on-year, with shopping center revenue of 17.85 billion yuan (up 29.7%) and an occupancy rate of 96.5% [3] - The company has a robust pipeline of commercial projects, with 50 shopping centers under construction or planned [3] Profit Forecast and Investment Advice - The forecast for the company's net profit growth from 2024 to 2026 is a compound annual growth rate of 4%, supported by rapid expansion of commercial projects and steady growth in residential development [3]