多元拿地聚焦核心城市，销售增速领先行业

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 80.22 billion yuan in 2023, representing a year-on-year growth of 10.8%, while the net profit attributable to shareholders decreased by 19.4% to 3.19 billion yuan [1][3]. - The company has successfully expanded its sales, achieving a contract sales amount of 142 billion yuan in 2023, which is 107.6% of its annual target [1][2]. - The company has diversified its land acquisition channels, securing 28 new land parcels across 11 cities, with a total saleable resource of 130 billion yuan [2]. Financial Performance - The company's gross profit margin decreased to 15.3%, down by 5.2 percentage points, primarily due to low-margin projects and impairment provisions [1]. - The company’s total land bank reached 25.67 million square meters, with 95% located in first and second-tier cities [2]. - The company’s net debt ratio stands at 57.0%, with a cash-to-short-term debt ratio of 2.01 times, indicating strong liquidity [1]. Future Outlook - The company is expected to benefit from an improved competitive landscape and diversified land acquisition channels, which will support sales momentum and resilience [2]. - The report projects revenues for 2024, 2025, and 2026 to be 86.78 billion yuan, 92.70 billion yuan, and 99.27 billion yuan, respectively, with corresponding net profits of 3.29 billion yuan, 3.44 billion yuan, and 3.75 billion yuan [2][3].