Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][11]. Core Insights - The company's operational fundamentals are solid, with a slight decrease in revenue of 0.1% year-on-year, totaling RMB 73.56 billion in 2023. The revenue contributions from property development and sales, property management services, and commercial property investment were RMB 71.68 billion, RMB 1.52 billion, and RMB 0.36 billion, reflecting year-on-year changes of -0.7%, +33.3%, and +22.5% respectively [6][9]. - The net profit attributable to the parent company was RMB 0.914 billion, a decrease of 47.1% year-on-year, with gross and net profit margins at 11.53% and 1.24%, down by 2.96 percentage points and 2.73 percentage points respectively [6][10]. - The company has maintained a competitive dividend policy, proposing a dividend of HKD 0.36 per share for the year ending 2023, continuing a six-year trend since its listing in 2018 [6][11]. - The company has successfully reduced leverage, with total interest-bearing liabilities at RMB 38.07 billion, down RMB 10.39 billion from the previous year, and a net debt ratio of 35.8% [6][10]. - The company has optimized its land reserve structure, acquiring five plots in cities like Guangzhou and Changsha at a cost of RMB 2.24 billion, adding a value of approximately RMB 7 billion [6][7]. - The company is transitioning to a new growth model through an integrated ecosystem of "Development + Operation + Technology," with significant growth in commercial sales and service contract areas [7][11]. Financial Summary - The company reported total revenue of RMB 73.564 billion in 2023, with a slight year-on-year decrease of 0.09% [9]. - The net profit for 2023 was RMB 0.914 billion, reflecting a year-on-year decline of 47.08% [9][10]. - The gross profit margin decreased to 11.53%, while the net profit margin was 1.24% [10][15]. - The company’s total assets were RMB 201.579 billion, with a debt-to-asset ratio of 75.14% [10][15]. - The forecast for 2024 indicates a revenue increase of 2.4%, with an expected EPS of RMB 0.66 [8][11].
公司年报点评：经营基本盘稳健扎实，杠杆有序下降