Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a 10% YoY increase in operating revenue to RMB 15,062 million in 2023, with net profit attributable to shareholders rising 24% YoY to RMB 1,380 million [3] - The company's gross profit margin improved from 18.81% in 2022 to 19.61% in 2023, driven by optimized cost control and business structure [4] - The company's dividend payout ratio increased from 25% to 40%, with a proposed dividend of RMB 0.998 per share [4] - The company's third-party project expansion was strong, with new contracts worth RMB 2.97 billion and signed contracts worth RMB 2.77 billion (excluding renewal projects) [5] - The company's value-added services revenue declined due to structural adjustments, but this is seen as a positive long-term move to focus on core property management business [6] Financial Performance and Forecast - Revenue is expected to grow from RMB 15,070 million in 2023 to RMB 22,318 million in 2026, with a CAGR of 12% [1] - Net profit is forecasted to increase from RMB 1,380 million in 2023 to RMB 2,174 million in 2026, with a CAGR of 15% [1] - EPS is projected to grow from RMB 2.49 in 2023 to RMB 3.93 in 2026 [1] - ROE is expected to remain stable at around 16-17% from 2023 to 2026 [1] - The company's P/E ratio is forecasted to decrease from 9.7x in 2023 to 6.1x in 2026, indicating potential undervaluation [1] Business Highlights - The company's third-party project management area reached 580 million square meters, accounting for 62.9% of the total contracted management area [5] - The company secured several high-profile projects, including the National Development Bank Xi'an Data Center and JD.com's Beijing headquarters [5] - Public property projects saw significant growth, with new contracts worth RMB 1.51 billion, a 36.7% YoY increase [5] Industry and Market Position - The company is positioned as a leading player in the property services industry, with a strong focus on third-party project expansion and public property management [5] - The company's ability to secure high-profile projects and maintain stable growth in core property management services highlights its competitive advantage in the industry [5][6]
分红大幅提升，业绩稳健增长