业绩符合预期，销售目标稳中有增

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [2][3]. Core Insights - The company's 2023 performance met expectations, with revenue of 80.22 billion yuan, a year-on-year increase of 10.8%. However, the gross margin decreased by 5.1 percentage points to 15.3% due to lower-than-expected project prices and impairment provisions of approximately 1.57 billion yuan for development and held-for-sale properties. The net profit attributable to shareholders was 3.19 billion yuan, down 19.4% year-on-year [1][2]. - The sales target for 2024 is set at 147 billion yuan, reflecting a year-on-year growth of approximately 3.5%. The company achieved a contract sales amount of 142 billion yuan in 2023, exceeding its target by 7.6% [1][2]. - The company actively increased its land reserves, adding 4.91 million square meters in 2023, all located in first-tier and key second-tier cities. This includes a diverse approach to land acquisition, with 53% through methods such as TOD, industrial land purchases, state-owned enterprise cooperation, and urban renewal [1][2]. - Urban renewal projects are expected to commence a supply cycle in 2024, with significant projects in Guangzhou and Shanghai contributing to future sales [1][2]. - Financing costs have been optimized, with the weighted average borrowing cost decreasing by 34 basis points to 3.82% by the end of 2023. All three red line indicators remain in the green zone [1][2]. Financial Summary - For 2023, the company reported a core net profit of 3.49 billion yuan, a decrease of 17.5% year-on-year. The projected core net profits for 2024 and 2025 are 3.25 billion yuan and 3.66 billion yuan, respectively, indicating a recovery in 2025 with a growth of 12.7% [2][6]. - The gross margin is expected to decline to 13.2% in 2024, with a gradual recovery to 13.9% by 2026. The return on equity (ROE) is projected to improve from 5.7% in 2023 to 6.5% in 2026 [2][6]. - The company plans to distribute a dividend of 0.38 Hong Kong dollars per share for 2023, with a dividend payout ratio of 40% [1][2].