Investment Rating - The investment rating for the company is "Outperform the Market" [2][18] Core Insights - The company achieved resilient growth in operating performance, with total revenue reaching 14.767 billion RMB, a year-on-year increase of 22.9%, and net profit attributable to shareholders of 2.929 billion RMB, up 32.8% year-on-year [6][10] - The company has solidified its industry-leading position, reaching a milestone of 101 operational shopping malls, with retail sales of 181.2 billion RMB, a 43.3% increase year-on-year [6][14] - The company is actively transforming into a "city space operation service provider," managing a total area of 370 million square meters, a 24.6% increase year-on-year [6][15] - The membership program has expanded significantly, with the total number of members growing by 36% to 46.25 million, enhancing cross-industry service experiences [7][17] Financial Performance Summary - In 2023, the company reported total revenue of 14.767 billion RMB, with a year-on-year growth of 22.9% [8][10] - The net profit for 2023 was 2.929 billion RMB, reflecting a year-on-year increase of 32.8% [8][10] - The company’s EPS for 2024 is projected to be 1.48 RMB, with a valuation range of 66.3 to 73.6 billion HKD, corresponding to a share price range of 29.0 to 32.3 HKD [18][20]
韧性增长，商业规模迈入百座里程碑