Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The company achieved a revenue of 131.38 billion RMB in 2023, representing a year-on-year growth of 3.3%, and a net profit attributable to shareholders of 3.12 billion RMB, up 13.1% year-on-year [5][9] - The company plans to distribute a cash dividend of 0.43 RMB per share, with a payout ratio of 35.2% [5] - The company has a strong financial position with cash reserves of 73.4 billion RMB, a year-on-year increase of 4.3%, and a net cash inflow from operating activities of 23 billion RMB, up 57.5% year-on-year [5][21] Revenue Performance - The company's main business revenue reached 131.38 billion RMB in 2023, with a 3.3% increase compared to the previous year [5][9] - The revenue from development business was 120.58 billion RMB, a 2.6% increase, while the revenue from construction management business grew by 28.0% to 3.14 billion RMB [5] Profitability Metrics - The gross margin for 2023 was 13.0%, down 4.3 percentage points year-on-year, while the net profit margin was 5.1%, down 1.9 percentage points [11][16] - The return on equity (ROE) increased by 1.0 percentage points to 8.6% [16] Debt and Financing - The company has a total interest-bearing debt of 146.14 billion RMB, a year-on-year increase of 4.3%, with a financing cost reduced to 4.3% [5][21] - The cash-to-short-term debt ratio is 2.3X, indicating a strong liquidity position [18] Sales and Market Position - The total contract sales for 2023 were 301.1 billion RMB, a slight increase of 0.3%, with self-invested projects contributing 194.3 billion RMB, down 8.7% year-on-year [5][21] - The company maintained a strong market position in high-tier cities, with 86% of sales coming from first and second-tier cities [5] Land Acquisition and Development - The company added 38 new projects in 2023, with a total construction area of approximately 5.57 million square meters, a 36.5% increase year-on-year [5][23] - The land acquisition amount was 59.5 billion RMB, a slight decrease of 0.3% year-on-year, with a land acquisition intensity of 30.6% [5][23] Future Outlook - The company expects revenue growth of 4% in 2024, with net profit projected to increase by 2% [6][7] - The company aims to maintain its sales target of 301.1 billion RMB for 2024, with a focus on high-quality projects [6][21]
营收业绩正增长，拿地成长性强；代建持续发力融资通道畅通