Investment Rating - The report maintains a "Buy" recommendation for the company [2][5] Core Views - The company achieved a revenue of 5.42 billion RMB in 2023, representing a year-on-year growth of 4.7%, and a net profit of 0.45 billion RMB, up 5.1% year-on-year [3][4] - The property management service revenue reached 3.56 billion RMB, growing by 17.5% year-on-year, while community value-added services generated 1.31 billion RMB, increasing by 2.3% year-on-year [3][4] - The company’s gross profit margin improved slightly to 26.5%, with community value-added services showing a significant increase in gross margin to 35.7% [3][4] Financial Performance Summary - The company reported a total managed area of 220 million square meters by the end of 2023, with a net increase of 25.43 million square meters from the previous year [3][4] - Non-cyclical community value-added services generated 1.05 billion RMB in revenue, marking a 12.8% increase year-on-year, accounting for 80% of community value-added service revenue [3][4] - The company’s EPS for 2024-2025 has been revised down to 0.53 RMB and 0.55 RMB respectively, with a new EPS forecast for 2026 set at 0.57 RMB [3][4]
规模业绩稳健增长，综合服务能力强化