Investment Rating - The report maintains an "Outperform" rating for the company [6][17]. Core Views - The company's overall revenue increased by 19.7% year-on-year to 13.051 billion yuan in 2023, with a gross profit increase of 19.3% to 2.070 billion yuan, maintaining a gross margin of 15.9% [8][10]. - The net profit attributable to shareholders rose by 22.8% to 1.343 billion yuan, with basic and diluted earnings per share of 0.4084 yuan, also reflecting a 22.8% year-on-year growth [8][10]. - The company has seen a robust growth in property management and value-added services, with property management service revenue reaching 9.415 billion yuan, a 16.0% increase, and value-added service revenue increasing by 33.7% to 3.426 billion yuan [11][16]. Financial Performance Summary - In 2023, the company reported total revenue of 13.051 billion yuan, with a breakdown showing property management service revenue at 9.415 billion yuan (72.1% of total revenue), value-added services at 3.426 billion yuan (26.4%), and parking space sales at 200 million yuan (1.5%) [8][11]. - The gross margin for the property management service segment improved to 15.0%, up 1.6 percentage points from 2022, while the gross margin for non-residential value-added services decreased to 13.1% [15][16]. - The company’s total assets increased by 17.36% to 10.611 billion yuan, and the net assets attributable to shareholders rose by 27.76% to 4.121 billion yuan [9][10]. Business Development Analysis - As of the end of 2023, the managed area increased by 25.4% to 402 million square meters, with 70.6% of new projects coming from independent third parties [11][12]. - The company’s revenue growth is attributed to the increase in managed area under the fixed-price contracts and growth in both non-residential and residential value-added services [8][11]. - The company plans to maintain a dividend payout of 14 cents per share, with a total dividend amounting to 14.0 cents for the year [17]. Investment Recommendations - The report projects an EPS of 0.51 yuan for 2024, with a valuation range of 6.09 to 7.61 yuan per share, corresponding to a dynamic PE of 12-15 times [17][18].
业务发展稳中向好，业态拓展量增质升