Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [4]. Core Insights - The company reported a robust revenue growth of 17.1% year-on-year, achieving a total revenue of 17.393 billion RMB in 2023, with projections of 20.350 billion RMB in 2024 [1][3]. - The core operating profit increased by 32.1% year-on-year, reaching 1.296 billion RMB, while the net profit attributable to shareholders rose by 10.6% to 605 million RMB [1][3]. - The company has shown a strong performance in its property services segment, which remains the largest source of revenue and profit, contributing 63.8% to total revenue [1][3]. Summary by Relevant Sections Financial Performance - Total revenue for 2023 was 17.411 billion RMB, with a projected increase to 20.362 billion RMB in 2024, reflecting a growth rate of 17% [1][3]. - Net profit for 2023 was reported at 605 million RMB, with expectations to rise to 773 million RMB in 2024, indicating a year-on-year growth of 28% [1][3]. - Earnings per share (EPS) is projected to be 0.24 RMB for 2024, increasing to 0.30 RMB in 2025 [1][3]. Business Segments - The property services segment generated 11.102 billion RMB, accounting for 63.8% of total revenue, while consulting services and park services contributed 2.295 billion RMB and 1.369 billion RMB, respectively [1][3]. - The company has expanded its managed area, with a total of 4.48 billion square meters under management, despite a slight decrease in reserve area due to strategic exits from non-core projects [1][3]. Investment Outlook - The company is positioned as a leading property service provider with stable profitability and a return to normal operations. The report adjusts the EPS forecast for 2024-2025 to 0.24 and 0.30 RMB per share, maintaining the "Buy" rating [1][3].
收入业绩稳健增长，各业务板块利润率修复