Investment Rating - The report assigns a "Buy" rating for the company with a target price of 2.0 HKD, indicating a potential upside of 54% from the current price of 1.31 HKD [1][2][8]. Core Insights - The company reported a 10.9% year-on-year increase in net profit attributable to shareholders, with total revenue reaching 635 million HKD, a 13% increase from the previous year [1]. - The gross profit margin decreased to 52.5%, down 3.2 percentage points, primarily due to a decline in the gross margin of the leasing model, while the brand and management output model saw an increase [1]. - The company has maintained a strong cash position with cash on hand of 1.437 billion HKD, a 13% increase year-on-year, and achieved a net cash inflow from operations of 299 million HKD [1]. Financial Performance Summary - Revenue for 2023 was 635 million HKD, with a growth rate of 13% compared to 2022 [4][9]. - The net profit attributable to shareholders for 2023 was 171 million HKD, reflecting a 10.9% increase year-on-year [4][9]. - The company achieved a net profit margin of 25.6% in 2023, with a return on equity (ROE) of 13% [4][9]. Operational Highlights - The company operates 27 retail projects with a total area of 1.65 million square meters and has 20 projects in preparation, indicating a solid pipeline for future growth [1]. - Same-store sales increased by 18% and customer traffic rose by 39% year-on-year, demonstrating a recovery in market consumption post-pandemic [1]. - The overall occupancy rate improved to 92.8%, with a collection rate of 99.8% [1]. Dividend and Shareholder Returns - The company increased its dividend payout ratio to 70%, with a dividend of 0.13 HKD per share, marking a 23.8% increase from the previous year [1]. - Since the beginning of 2023, the company has repurchased approximately 384,700 shares, totaling 542,200 HKD, as part of its commitment to returning value to shareholders [1].
坚持有品质发展，提升派息率