Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 5.424 billion yuan for 2023, representing a year-on-year growth of 4.7%, and a net profit attributable to shareholders of 445.05 million yuan, up 5.1% year-on-year [3] - Core business revenue showed steady growth, with property management service revenue reaching 3.56 billion yuan, a 17.5% increase year-on-year, while community value-added services revenue was 1.31 billion yuan, up 2.3% year-on-year [3] - The company has reduced its reliance on real estate, with community value-added services growing rapidly, particularly in the group meal business, which saw a revenue increase of 26.4% to 450 million yuan [3] - The company has improved its cash flow, with operating cash flow of 420 million yuan for 2023 and contract liabilities of 830 million yuan, a 10.5% increase year-on-year [3] Financial Summary - Total revenue and net profit forecasts for 2024 and 2025 have been adjusted downwards to 4.9 billion yuan and 5.4 billion yuan respectively, with an expected net profit of 5.9 billion yuan in 2026 [3] - The company's earnings per share (EPS) are projected to be 0.57 yuan for 2024, 0.62 yuan for 2025, and 0.68 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 3.6X, 3.3X, and 3.0X [2][3] - The company maintained a gross margin of 26.5% in 2023, with a slight increase in community value-added service gross margin to 35.7% [3]
2023年业绩公告点评：核心业务稳健增长，关联方影响持续降低