Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of HKD 11, compared to the current price of HKD 6.24 [2][3]. Core Insights - The company achieved a revenue of CNY 131.38 billion in 2023, representing a year-on-year growth of 3.3%, and a net profit of CNY 3.12 billion, up 13.1% year-on-year [2]. - Despite revenue and profit growth, the gross margin remains under pressure, with a comprehensive gross margin of 13% and a property sales gross margin of 11.3%, down 5 percentage points from 2022 [2][3]. - The company focuses on core cities and high equity ratio investment strategies, maintaining an advantageous land reserve structure [2][3]. Financial Performance Summary - In 2023, the company's self-invested project sales amounted to CNY 194.3 billion, a decrease of 8.7% year-on-year, with expectations to maintain around CNY 190 billion in 2024 [2][3]. - The company’s land acquisition in 2023 totaled CNY 59.5 billion, with an equity ratio of approximately 74%, an increase of 5 percentage points from 2022 [2][3]. - The average financing cost for the company in 2023 was 4.3%, a decrease of 10 basis points from the previous year [3]. Financial Projections - The projected total revenue for 2024 is CNY 137.13 billion, with a year-on-year growth rate of 3.9% [4]. - The estimated net profit for 2024 is CNY 3.20 billion, reflecting a growth of 3.3% compared to 2023 [4]. - The earnings per share (EPS) for 2024-2026 are projected to be CNY 1.26, CNY 1.41, and CNY 1.31 respectively [3][4].
2023年业绩报告点评：用高效率对抗行业下行