Investment Rating - The report downgrades the investment rating of the company to "Accumulate" [1][8] Core Views - The company reported a revenue of 131.38 billion RMB in 2023, a year-on-year increase of 3.3%, and a net profit attributable to shareholders of 3.12 billion RMB, up 13.1% year-on-year [5][6] - The company has maintained a strong operational performance, with a comprehensive gross margin of 13% in 2023, despite a decline of 4.3 percentage points from 2022 [6][8] - The company has focused on core cities, achieving a sales amount of 301.1 billion RMB, with a slight increase in sales area to 15.47 million square meters [7][8] - The financing cost has decreased, with the weighted average interest cost dropping from 4.4% in 2022 to 4.3% in 2023, indicating a stable debt structure [8] Financial Performance Summary - Revenue Forecast: - 2022A: 128.15 billion RMB - 2023A: 131.95 billion RMB - 2024E: 136.10 billion RMB - 2025E: 139.31 billion RMB - 2026E: 142.26 billion RMB - Net Profit Forecast: - 2022A: 2.58 billion RMB - 2023A: 3.09 billion RMB - 2024E: 3.44 billion RMB - 2025E: 3.62 billion RMB - 2026E: 3.74 billion RMB - EPS Forecast: - 2024E: 1.36 RMB - 2025E: 1.43 RMB - 2026E: 1.48 RMB [4][11][12] Investment Recommendations - The company is expected to continue to perform well in core cities, leveraging its strong shareholder background and product reputation to achieve stable growth [8][9] - The report predicts a decline in EPS forecasts for 2024-2026 due to uncertainties in the industry, leading to the downgrade of the rating [8][9]
业绩增长稳健，盈利能力全方位改善