园区开发稳健发展，产业投资规模扩大

Investment Rating - The investment rating for the company is "Hold" [1][3]. Core Insights - The company achieved a revenue of 2.03 billion yuan in 2023, representing a year-on-year growth of 6.2%, and a net profit attributable to shareholders of 950 million yuan, which is a 15.3% increase year-on-year [2]. - The total assets of the company reached 51.01 billion yuan, with a year-on-year growth of 19.4%, and the weighted average return on equity (ROE) was 7.9%, an increase of 0.6 percentage points year-on-year [2]. - The average financing cost for the company in 2023 was 3.15%, a decrease of 0.15 percentage points year-on-year, indicating a significant financing cost advantage [2]. - The park development business generated total revenue of 2.0 billion yuan in 2023, accounting for 98.8% of the company's total revenue, with real estate development and property leasing contributing 47.2% and 51.7% respectively [2]. - The company has expanded its direct investment scale, with a total of 52 projects and an investment amount of 3.86 billion yuan by the end of 2023 [2]. - The company is expected to maintain a compound annual growth rate (CAGR) of 10.5% in net profit from 2024 to 2026, supported by steady development in park development and continuous incubation of industrial investments [3]. Summary by Relevant Sections Financial Performance - In 2023, the company reported a revenue of 2.03 billion yuan and a net profit of 950 million yuan, with respective year-on-year growth rates of 6.2% and 15.3% [2]. - The company’s total assets increased to 51.01 billion yuan, reflecting a 19.4% year-on-year growth [2]. - The average financing cost was reduced to 3.15%, enhancing the company's financial efficiency [2]. Business Development - The park development business remains robust, with significant contributions from real estate development and property leasing [2]. - The company has been actively involved in the construction of 19 major projects, with a total building area of 3.24 million square meters [2]. - The company has successfully incubated several innovative enterprises, with notable achievements in the aerospace and automotive sectors [2]. Future Outlook - The company is projected to achieve a net profit CAGR of 10.5% from 2024 to 2026, driven by ongoing developments in park projects and industrial investments [3]. - Revenue from real estate development is expected to grow at rates of 6%, 4%, and 3% over the next three years, while property leasing revenue is anticipated to grow at 20%, 15%, and 12% respectively [10].