Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [1][6]. Core Insights - The company reported a 2023 revenue of 13.051 billion, reflecting a year-on-year growth of 19.7%, with a net profit of 1.343 billion, up 22.9% year-on-year [2][3]. - The revenue growth is attributed to an increase in managed area under the fixed-price model and growth in both residential and non-residential value-added services [3]. - The overall profitability remains stable, with a gross profit margin of 15.86% and a net profit margin of 10.22%, showing slight improvements from the previous year [3]. - The company has expanded its managed area by 8.12 million square meters, with a total managed area of 402 million square meters, marking a 25.4% increase year-on-year [3]. - The report highlights a shift in the structure of value-added services, with a slight pressure on profit margins due to changes in business composition [3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 15.662 billion, 18.011 billion, and 20.352 billion respectively, with growth rates of 18.5%, 15.0%, and 13.0% [1][4]. - Net profit is projected to reach 1.608 billion, 1.861 billion, and 2.125 billion for the same years, with corresponding growth rates of 19.8%, 15.7%, and 14.1% [1][4]. - Earnings per share (EPS) are forecasted to be 0.49, 0.57, and 0.65 for 2024, 2025, and 2026 respectively [1][4]. Market Position - The company has increased its proportion of third-party projects, with independent third-party managed area rising to 40.5% from 32.8% in the previous year [3]. - The report notes that the company’s non-residential projects now account for 30.1% of its managed area, up from 24.5% [3]. - The company’s stock is currently priced at 4.33 HKD, with a market capitalization of 14.232 billion HKD [1][2].
基石业务稳健增长，增值服务结构调整