动态跟踪：积极调仓核心土储，销售保持增长信心

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved revenue of 80.2 billion RMB in 2023, a year-on-year increase of 10.8%, but the core net profit decreased by 17.5% to 3.49 billion RMB due to declining gross margins and investment property valuation losses [2][3] - Despite a challenging market, the company has maintained a strong sales performance, with a sales target of 147 billion RMB for 2024, representing a 3.5% increase from 2023 [2][3] - The company has actively adjusted its land reserves, focusing on core cities in East China and Central-West regions, with a total land reserve area of 25.67 million square meters as of the end of 2023 [2][3] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 80.2 billion RMB, with the real estate development segment contributing 75.2 billion RMB, a 9.4% increase year-on-year [2] - The gross margin declined by 5.2 percentage points to 15.3% due to low-margin project turnover and inventory impairment provisions of 1.57 billion RMB [2] - The company’s total debt was 104.4 billion RMB at the end of 2023, with a net debt ratio of 57% and a cash-to-short-term debt ratio of 2.01 times, indicating a stable financial position [2][3] Sales and Market Position - The company achieved sales of 142 billion RMB in 2023, a 13.6% increase, with significant growth in the Greater Bay Area and Central-West regions [2] - In Q1 2024, the company recorded a sales figure of 21.7 billion RMB, ranking 10th in the market despite a 50.1% year-on-year decline [2][3] - The company’s sales growth is diversified across multiple regions, with a strong focus on the Greater Bay Area [2] Land Reserves and Strategy - The company added 4.91 million square meters of land reserves in 2023, with a focus on 11 cities, particularly in East China and Central-West regions [2] - As of the end of 2023, the company’s total land reserve area was 25.67 million square meters, with 42% located in the Greater Bay Area [2][3] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2024 and 2025 have been adjusted to 0.89 RMB and 1.03 RMB respectively, with a new estimate for 2026 at 1.12 RMB [3] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 4.1 for 2024, indicating a favorable valuation given the company’s strong market position and financial health [3]