GZPR(SH:600684) Soochow Securities·2024-03-29 16:00Investment Rating - The investment rating for the company is "Buy" [10][5][12] Core Views - The company reported a revenue of 3.27 billion yuan in 2023, a decrease of 35.6% year-on-year, but the net profit attributable to shareholders improved to a loss of 62.96 million yuan, significantly reducing losses compared to the previous year [10][5] - The core business revenue is expected to grow rapidly, with a forecasted net profit of 82.28 million yuan in 2024 and 94.61 million yuan in 2025, indicating a strategic shift from real estate to urban services and cultural operations [10][5] - The company has a strong first-mover advantage in urban service projects, managing 371 projects with a total area of 35.99 million square meters, including various non-residential projects [10][5] Financial Summary - The total revenue forecast for 2024 is 1.51 billion yuan, with a projected year-on-year growth of 9.45% in 2025 and 10.34% in 2026 [10][5] - The earnings per share (EPS) are expected to be 0.10 yuan in 2024, 0.11 yuan in 2025, and 0.12 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 30.70, 26.70, and 24.01 respectively [10][5] - The company aims to reduce its interest expenses gradually, which, combined with the growth in core business and stable profit margins, is expected to lead to profitability in the coming years [10][5]