Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 34.71, indicating significant upside potential from the current price of HKD 26.80 [4]. Core Insights - The company's performance slightly exceeded expectations, with 2023 revenue reaching RMB 14.77 billion, a year-on-year increase of 22.9%, and net profit attributable to shareholders of RMB 2.93 billion, up 32.8% year-on-year. The annual dividend was RMB 1.61 billion, with a payout ratio of 55%, and the company committed to increasing the dividend ratio in the future to enhance shareholder returns [2][14]. - The residential property management segment was the main driver of growth, with revenue of RMB 9.60 billion, accounting for 65% of total revenue, and a year-on-year increase of 23.1%. The managed area for residential properties reached 355 million square meters, a 25% increase year-on-year [2][18]. - The shopping center segment showed strong performance with a revenue of RMB 3.24 billion, up 30.5% year-on-year, while office building revenue was RMB 1.93 billion, an 11.3% increase. The shopping center's retail sales reached RMB 181.2 billion, reflecting a 43.3% year-on-year growth [2][19]. - Profitability forecasts indicate that the company is expected to achieve revenues of RMB 17.49 billion and RMB 20.24 billion in 2024 and 2025, respectively, with net profits of RMB 3.61 billion and RMB 4.37 billion, representing year-on-year growth of 23.1% and 21.3% [2][3]. Summary by Sections Performance Overview - The company reported a revenue of RMB 14.77 billion for 2023, a 22.9% increase year-on-year, and a net profit of RMB 2.93 billion, up 32.8% year-on-year. The core net profit was RMB 2.92 billion, reflecting a 31.2% increase [2][14]. Residential Property Management - Revenue from residential property management reached RMB 9.60 billion, contributing 65% to total revenue, with a year-on-year growth of 23.1%. The managed area increased to 355 million square meters, with an average management fee of RMB 1.70 per square meter per month, a 4.3% increase year-on-year [2][18]. Commercial Management - The shopping center segment generated RMB 3.24 billion in revenue, a 30.5% increase year-on-year, while office building revenue was RMB 1.93 billion, an 11.3% increase. The shopping center's retail sales reached RMB 181.2 billion, reflecting a 43.3% year-on-year growth [2][19]. Profitability Forecast and Investment Advice - The company is projected to achieve revenues of RMB 17.49 billion and RMB 20.24 billion in 2024 and 2025, respectively, with net profits of RMB 3.61 billion and RMB 4.37 billion, indicating year-on-year growth of 23.1% and 21.3% [2][3].
业绩略超预期，提升分红比例释放价值