2023年年报点评：业绩稳健增长，特别派发现金红利回报股东

Investment Rating - The report assigns a "Buy" rating for the company, specifically recommending an "Increase" rating for the first time [2][23]. Core Insights - The company achieved a revenue of 3.954 billion yuan in 2023, representing a year-on-year growth of 14.86%, and a net profit attributable to shareholders of 1.259 billion yuan, up 12.84% year-on-year [4][5]. - The company plans to distribute a special cash dividend of 1.3 yuan per share, with a dividend payout ratio of 104%, resulting in a dividend yield of 5.9% based on the closing price on March 28 [6][12]. - The property leasing and management business generated revenue of 3.385 billion yuan, growing by 6.8% year-on-year, maintaining a stable gross margin of 66.41% [10][21]. Financial Performance Summary - Revenue and profit growth: - 2023 revenue: 3.954 billion yuan, up 14.86% - 2023 net profit: 1.259 billion yuan, up 12.84% - Gross margin: 58.01%, up 1.48 percentage points year-on-year [5][7]. - Forecast for 2024-2025: - Expected EPS: 1.37 yuan in 2024 and 1.52 yuan in 2025 - Corresponding PE ratios: 16.0 times for 2024 and 14.5 times for 2025 [23][24]. Business Segment Analysis - Office leasing: - Revenue: 1.561 billion yuan, up 1.4% - Average rent: 638 yuan/sqm/month, up 1.8% - Occupancy rate: 95.9%, down 0.4 percentage points [13][16]. - Mall leasing: - Revenue: 1.275 billion yuan, up 10.0% - Average rent: 1,279 yuan/sqm/month, up 10.4% - Occupancy rate: 98.2%, down 0.6 percentage points [16][18]. - Apartment leasing: - Revenue: 183 million yuan, up 15.5% - Average occupancy rate: 85.9%, up 12.6 percentage points [18][19]. - Hotel operations: - Revenue: 569 million yuan, up 107.7% - Gross margin: 8.1%, marking a recovery since 2020 [21][23].