Investment Rating - The investment rating for China Resources Vientiane Life is "Buy" (maintained) [2][6]. Core Views - The company reported a significant revenue growth of 22.9% year-on-year, achieving a total revenue of RMB 14.767 billion in 2023, with a core net profit increase of 31.5% to RMB 2.92 billion [2][4]. - The company has improved its profitability, with a gross margin of 31.8%, attributed to the financial consolidation of acquired property management companies and increased operational efficiency [2][4]. - The company is expanding its commercial operations, with a focus on enhancing operational efficiency and increasing the number of managed shopping centers, which reached RMB 181.2 billion in total managed assets [2][4]. Financial Performance Summary - Revenue Forecasts: - 2022A: RMB 12,037 million - 2023A: RMB 14,798 million - 2024E: RMB 18,067 million - 2025E: RMB 21,690 million - 2026E: RMB 25,601 million - Year-on-year growth rates are projected to be 23% in 2023 and 22% in 2024 [2][4]. - Net Profit Forecasts: - 2022A: RMB 2,206 million - 2023A: RMB 2,929 million - 2024E: RMB 3,626 million - 2025E: RMB 4,340 million - 2026E: RMB 5,086 million - Year-on-year growth rates are projected to be 33% in 2023 and 24% in 2024 [2][4]. - Earnings Per Share (EPS): - 2023: RMB 1.28 - 2024: RMB 1.59 - 2025: RMB 1.90 - 2026: RMB 2.23 [2][4]. - Return on Equity (ROE): - 2023: 19% - 2024: 20% - 2025: 20% - 2026: 19% [2][4]. - Price-to-Earnings (P/E) Ratio: - 2023: 17.5 - 2024: 14.1 - 2025: 11.8 - 2026: 10.1 [2][4]. - Price-to-Book (P/B) Ratio: - 2023: 3.2 - 2024: 2.6 - 2025: 2.1 - 2026: 1.8 [2][4]. Investment Recommendations - The report suggests that the company's strong developer background, high-quality residential and commercial projects, and efficient management will support sustained profitability and growth. The company is expected to maintain its competitive advantages in the commercial management sector [2][4].
业绩稳健增长，分红高位提升