Investment Rating - The report maintains a "Buy" rating for the company [1][4][7] Core Insights - The company reported a revenue of 5.4 billion RMB in 2023, reflecting a year-on-year growth of 4.7%, with a net profit of 450 million RMB, also up by 5.1% [1][2] - The dividend payout ratio has increased to 40%, resulting in an attractive dividend yield of 10% based on the closing price on March 28, 2024 [1][2] - The company has focused on non-cyclical business growth, reducing its reliance on real estate, with property management and community value-added services showing revenue growth of 17.5% and 2.3% respectively [1][2] Summary by Sections Financial Performance - Revenue for 2023 was 5.4 billion RMB, with a gross profit of 1.4 billion RMB, leading to a gross margin of 26.5%, an increase of 0.7 percentage points year-on-year [1][2] - The company’s operating cash flow improved significantly to 420 million RMB in 2023, compared to the previous year [1][6] Business Segments - The property management segment accounted for 65.5% of total revenue, while community value-added services contributed 24.2% [1][2] - The company has expanded its management area to 220 million square meters, with a notable increase in non-residential properties, which now represent 22.5% of the total managed area [1][2] Profitability and Valuation - The adjusted net profit forecasts for 2024 and 2025 are 550 million RMB and 640 million RMB respectively, with corresponding EPS estimates of 0.63 RMB and 0.73 RMB [1][2] - The company’s P/E ratios are projected to be 3.2 for 2024 and 2.8 for 2025, indicating strong valuation metrics [1][2]
2023年度业绩点评：非周期业务稳健增长，派息提升股息率达10%