Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company's performance in 2023 met expectations, with revenue reaching 3,302 million yuan, a year-on-year increase of 24.3%. The gross margin was 52.2%, and the net profit attributable to shareholders was 974 million yuan, reflecting a 30.8% year-on-year growth [7]. - The company maintains a high dividend payout due to ample cash flow, with a net cash inflow from operations of 955 million yuan in 2023, a 31.8% increase year-on-year. The total cash and cash equivalents stood at 2,044 million yuan, up 5.8% year-on-year, resulting in a dividend per share of 0.4 yuan plus a special dividend of 0.1 yuan, corresponding to a dividend yield of 8.9% as of March 22 [7]. - The company anticipates steady growth in construction fees from new projects, with a total of 10.37 billion yuan in new project fees, a 20.5% increase year-on-year. State-owned enterprises are becoming the main clients, with a project reserve that includes approximately 52.5 million square meters under construction, representing an 11.4% year-on-year increase [7]. - The company is positioned as a leader in the construction agency industry, with sufficient project reserves and a focus on operational efficiency to ensure project conversion. Future net profits are projected to be 1,238 million yuan, 1,556 million yuan, and 1,897 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.2%, 25.7%, and 21.9% [7]. Financial Metrics Summary - Revenue (million yuan): 3,302 in 2023, projected to be 4,029 in 2024, 4,968 in 2025, and 5,977 in 2026, with year-on-year growth rates of 24.3%, 22.0%, 23.3%, and 20.3% respectively [5]. - Net profit attributable to shareholders (million yuan): 974 in 2023, projected to be 1,238 in 2024, 1,556 in 2025, and 1,897 in 2026, with year-on-year growth rates of 30.8%, 27.2%, 25.7%, and 21.9% respectively [5]. - Gross margin: 52.2% in 2023, projected to be 51.6% in 2024 and 2025, and 51.7% in 2026 [5].
业绩符合预期，逆势增长高派息