Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 6.44 and a target value of HKD 9.98 [2]. Core Views - The company has maintained a high dividend payout ratio exceeding 100% for two consecutive years, reflecting strong dividend value [10]. - In 2023, the company achieved a revenue of HKD 3.3 billion, a year-on-year increase of 24.3%, and a net profit of HKD 970 million, up 30.8% year-on-year, slightly exceeding expectations [10][24]. - The company’s overall gross profit margin was 52.2%, with a slight decrease of 0.1% from the end of 2022, while the gross profit for 2023 was HKD 1.72 billion, up 24.0% year-on-year [22][24]. Summary by Sections Dividend and Value - The company reported a total dividend of HKD 1.01 billion for 2023, with a payout ratio of 103.2%, indicating a strong commitment to returning value to shareholders [10]. Order Expansion and Sales Performance - The company’s new signed construction fees exceeded HKD 10.37 billion in 2023, a year-on-year increase of 20.5%, with a significant portion coming from state-owned enterprises and financial institutions [2][10]. - The commercial construction revenue reached HKD 2.35 billion, a 40.5% increase year-on-year, while government construction revenue was HKD 790 million, showing a modest increase of 1% [13][18]. Profit Forecast and Investment Recommendations - The company is projected to achieve a net profit of HKD 1.22 billion and HKD 1.52 billion in 2024 and 2025, respectively, with a growth rate of 25% for both years [2][24]. - The report suggests a price-to-earnings ratio of 15x for 2024, leading to a target price of HKD 9.98, maintaining the "Buy" rating [2][24].
高分红高股息，地产新时代领军企业