Investment Rating - Buy rating maintained for China Resources Mixc Lifestyle Services (1209 HK) [4] Core Views - The company demonstrated strong resilience in commercial operations and significant dividend payouts, showcasing robust financial strength [4] - Revenue and profit growth met expectations, with a substantial increase in dividends reflecting the company's financial capabilities [5] - The shopping center segment showed remarkable resilience, with the company leading in the number of luxury malls, further solidifying its position as an industry leader [5] - Residential and other non-commercial properties saw revenue growth driven by scale expansion, with a continuous increase in third-party managed areas [6] - The company is positioned as a long-term investment target with both a "good track" and "good company" attributes, expected to maintain strong growth in the coming years [6] Revenue and Profit Growth - 2023 revenue reached 14 77 billion (+22 9%), with net profit attributable to shareholders of 2 93 billion (+32 8%) [5] - Core net profit attributable to shareholders was 2 92 billion (+31 2%), with a comprehensive gross margin of 31 8% (+1 7pct) [5] - Dividend payout ratio increased to 55 0% (+10 0pct), with total dividends per share of 0 704 yuan (+60 4%) [5] Shopping Center Segment - Retail sales grew by 43 3% to 181 2 billion, with monthly average sales per square meter increasing by 27 0% to 2,624 yuan [5] - Rental income from property owners reached 22 billion (+38 8%), with NOI increasing by 50 6% to 14 2 billion [5] - Revenue from commercial operations and subleasing grew by 33% and 65% respectively, with gross margins of 76 4% (+12 0pct) and 67 7% (-0 6pct) [5] - The company opened 13 new shopping centers in 2023, bringing the total to 98, with 13 luxury malls, ranking first in the industry [5] Residential and Non-Commercial Properties - Managed area for property management reached 3 7 billion square meters (+24 6%), with third-party managed areas accounting for 60 4% (+3 3pct) [6] - Residential property management revenue grew by 23 1% to 9 6 billion, driven by scale expansion [6] - Gross margin for property management was 17 5% (-1 4pct), with basic property management and non-owner value-added services declining by 0 4pct and 2 2pct respectively [6] Future Outlook - The company is expected to achieve net profit attributable to shareholders of 3 67 billion, 4 39 billion, and 5 14 billion in 2024, 2025, and 2026, with growth rates of 25%, 20%, and 17% respectively [6] - The P/E ratios for 2024-2026 are projected to be 14X, 12X, and 10X, maintaining a "Buy" rating [6]
华润万象生活2023年报点评：商业运营具备强劲韧性，大手笔分红彰显资金实力