布局北京核心商圈，分红比例大幅提升

Investment Rating - The report assigns a "Hold" rating for the company, China International Trade Center (600007) [1]. Core Insights - The company has a strong presence in Beijing's core business district, with a significant increase in dividend payout ratio, reaching a total cash dividend ratio of 104% for 2023 [2][3]. - The company reported a revenue of 3.95 billion yuan in 2023, a year-on-year increase of 14.9%, with a compound annual growth rate (CAGR) of 4.5% from 2018 to 2023 [2][3]. - The net profit attributable to shareholders was 1.26 billion yuan, up 12.8% year-on-year, with a CAGR of 10.2% from 2018 to 2023 [2][3]. - The company’s financial health is robust, with a decrease in long-term borrowings by 31% to 1.14 billion yuan and an asset-liability ratio dropping to 24.7% [3][21]. Summary by Sections Business Performance - The company operates in a diversified business model, including office buildings, shopping malls, hotels, and apartments, with office and mall revenues contributing 39.5% and 32.3% respectively to total revenue [24][25]. - The office rental income grew by 1.4% to 1.56 billion yuan, with an occupancy rate of 95.9%, maintaining stability compared to pre-pandemic levels [25][26]. - The shopping mall's average rental increased by 10.4% to 1,279 yuan per square meter per month, with a high occupancy rate of 98.2% [26][28]. Financial Metrics - The gross margin improved to 58.0%, and the net margin reached 31.9%, reflecting effective cost control and operational efficiency [3][20]. - The company’s operating cash flow increased by 5.2% to 1.92 billion yuan, indicating strong cash generation capabilities [21][22]. - The average financing cost decreased from 4.8% to 3.6% from 2018 to 2023, showcasing improved financial management [21]. Market Position - The company is strategically located in Beijing's CBD, benefiting from a unique geographical advantage that enhances its competitive edge [23]. - The company has a high concentration of ownership, with the controlling shareholder holding approximately 80.65% of the shares, ensuring stability in governance [14][15].