Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company's core business continues to expand in the market, maintaining industry leadership and improving profitability. Although the growth rate is expected to slow down, the company is projected to achieve steady growth in performance. The share buyback initiated on March 27 is expected to provide some support to the stock price. The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is estimated at 1.589 billion, 1.879 billion, and 2.179 billion yuan, respectively, representing year-on-year growth of 18.4%, 18.3%, and 16.0% [1][2]. Financial Performance Summary - In 2023, the company achieved revenue of 13.051 billion yuan, a year-on-year increase of 19.7%. The gross profit margin was 15.9%, remaining stable compared to the previous year. The net profit attributable to shareholders was 1.343 billion yuan, reflecting a year-on-year growth of 22.8%, slightly below expectations. The annual dividend per share was 0.14 HKD, corresponding to a payout ratio of 31% [3][4]. - The property management service revenue grew by 16.0% to 9.41 billion yuan in 2023. Excluding the impact of the cessation of additional management income from community isolation facilities, the core property management service revenue increased by 25.7%. The company improved operational efficiency, achieving a gross profit margin of 12.7% for property management services, up 2.1 percentage points year-on-year [3][4]. - The revenue from value-added services for residents reached 1.29 billion yuan, a significant year-on-year increase of 70.9%, primarily driven by new retail and community group purchases. However, the gross profit margin for these services declined by 12.3 percentage points to 26.1% due to the increased proportion of lower-margin businesses [4]. Market Expansion and Client Acquisition - The company has been actively deepening its client resources and expanding its business model. In 2023, the newly acquired external contract area was 1.09 million square meters, a year-on-year increase of 32.8%, with 61% being non-residential areas. By the end of 2023, the managed area reached approximately 4.02 million square meters, a year-on-year increase of 25.4%, with the proportion of non-residential areas increasing by 5.6 percentage points to 30.1% [4].
市拓稳健增长，核心业务盈利能力提升