Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady revenue growth of 19.7% in 2023, reaching 13.05 billion RMB, with gross profit increasing by 19.3% to 2.07 billion RMB [2] - Operating profit rose by 24.4% to 1.80 billion RMB, and net profit attributable to shareholders increased by 22.8% to 1.34 billion RMB [2] - The management scale continues to grow, with a focus on diversifying value-added services [2][3] Summary by Relevant Sections Revenue and Profitability - The company's overall revenue increased by 19.7% to 13.05 billion RMB, with a gross profit of 2.07 billion RMB, reflecting a 19.3% year-on-year growth [2] - The operating profit rose by 24.4% to 1.80 billion RMB, and net profit attributable to shareholders increased by 22.8% to 1.34 billion RMB [2] - The gross margin improved to 15.9%, with property management, non-residential value-added, and residential value-added service gross margins at 15.0%, 13.1%, and 26.1% respectively [2] Business Segments - Property management services revenue grew by 16.0% to 9.41 billion RMB, accounting for 72.1% of total revenue, with a gross profit of 1.41 billion RMB, up 29.6% [2] - The company expanded its presence to 164 cities, managing 1,999 properties with a total area of 400 million square meters, a 25.4% increase from the end of 2022 [2] - Value-added services generated revenue of 3.44 billion RMB, a 33.7% increase, with non-residential and residential value-added services contributing 2.14 billion RMB and 1.29 billion RMB respectively [2] Future Earnings Forecast - The company is expected to achieve net profits of 1.62 billion RMB, 1.92 billion RMB, and 2.24 billion RMB for 2024, 2025, and 2026, representing growth rates of 21%, 18%, and 17% respectively [3][4] - The forecast assumes continued growth in management scale and diversification of value-added services [3][9]
2023年业绩公告点评：管理规模稳步增长，增值业务多元化拓展