2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][21]. Core Views - The company demonstrated solid performance with a revenue of 251.14 billion yuan in 2023, reflecting a year-on-year growth of 21.3%. The core net profit attributable to shareholders was 27.77 billion yuan, up 2.9% year-on-year. The total dividend per share for the year was 1.441 yuan, also a 2.9% increase, with a payout ratio of 37% of core net profit, resulting in a dividend yield exceeding 6% [5][19]. - The company is focusing on core cities, maintaining sales scale with contract sales of 307.03 billion yuan in 2023, a 1.9% increase year-on-year. The company added 13.25 million square meters of land reserves in 2023, with 93% of investments in first- and second-tier cities. By the end of 2023, total land reserves reached 62.5 million square meters, with sufficient saleable value of 530.8 billion yuan for 2024, 88% of which is located in high-tier cities [12][19]. - The company accelerated the opening of shopping centers, achieving rental income of 17.9 billion yuan in 2023, a 29.7% increase year-on-year, with a compound annual growth rate of 17.5% from 2019 to 2023. The company opened 10 new shopping centers in 2023, bringing the total to 76, with 16 more expected to open in 2024 [15][19]. - The establishment of a large asset management platform is expected to enhance asset value release. The successful issuance of public REITs in March is seen as an effective attempt to release asset value. The company has a wealth of quality assets and an experienced management team, which supports the integration of quality industry assets [15][19]. Financial Summary - As of the end of 2023, the company's net debt ratio decreased by 6.2 percentage points to 32.6%, and the average financing cost fell by 19 basis points to a new low of 3.56% [19][21]. - The projected revenues for 2024 and 2025 are 263.3 billion yuan and 276.5 billion yuan, respectively, with expected year-on-year growth of 4.8% and 5.0%. The core net profit is projected to be 27.8 billion yuan and 29.4 billion yuan for the same years, with growth rates of 0.1% and 6.0% [3][21].