2024-03-28 16:00Investment Rating - The investment rating for Vanke A is "Recommended" (maintained) [2] Core Views - The company reported a revenue of 465.739 billion yuan in 2023, a year-on-year decrease of 7.56%, and a net profit attributable to shareholders of 12.163 billion yuan, down 46.39% year-on-year [2] - The decline in revenue was primarily due to a 9.6% drop in the settlement amount of development business [2] - The company recorded an asset impairment of 3.49 billion yuan in 2023, significantly higher than the 450 million yuan in 2022, impacting net profit [2] - Despite the challenges, the company maintained effective cost control, with a total expense ratio of 3.87%, down 0.49 percentage points from 2022 [2] Summary by Sections Financial Performance - In 2023, Vanke A achieved an operating income of 465.739 billion yuan, a decrease of 7.56% year-on-year, and a net profit of 12.163 billion yuan, down 46.39% year-on-year [2] - The basic earnings per share (EPS) was 1.03 yuan, a decline of 47.25% year-on-year [2] - The gross profit margin for 2023 was 15.23%, down 4.32 percentage points from 2022 [2] Sales and Operations - The company sold 24.66 million square meters in 2023, a decrease of 6.2% year-on-year, with a sales amount of 376.12 billion yuan, down 9.8% year-on-year [2] - The average sales price was 15,251 yuan per square meter, a decrease of 3.8% year-on-year [2] - Vanke A focused on core cities for new projects, adding 43 new projects with a total construction area of 5.96 million square meters [2] Financial Health - As of the end of 2023, the net debt ratio was 54.7%, and the asset-liability ratio excluding advance receipts was 65.5% [2] - The company had sufficient cash on hand, with cash and cash equivalents amounting to 99.81 billion yuan, resulting in a cash-to-short-term debt ratio of 1.6 times [2] - The average debt maturity was extended to 5.14 years, an increase of 0.35 years from the previous year [2] Operational Growth - The logistics business generated operating income of 4.18 billion yuan in 2023, a year-on-year increase of 17.2% [2] - The rental housing segment, under the "Boyu" brand, achieved revenue of 3.46 billion yuan, up 6.8% year-on-year, with a total of 233,300 rental units managed by the end of 2023 [2] - The commercial operations segment reported revenue of 9.11 billion yuan, a growth of 4.6% year-on-year, with a rental rate of 94.8% [2]