业绩仍旧承压，多业态拓展保持积极

Investment Rating - The report maintains an "Outperform" rating for the company [3][24]. Core Views - The company's performance remains under pressure, with a revenue growth of 20.4% year-on-year in 2023, while net profit attributable to shareholders decreased by 13.8% [3]. - The company is actively expanding across multiple business segments despite the challenges faced in profitability [3]. - The company has a strategic focus on non-residential property management, particularly in sectors such as education, public services, and aviation, where it has established a strong reputation [3]. Financial Summary - In 2023, the company achieved a total revenue of 3.13 billion yuan, with a gross profit margin of 12.8% and a net profit margin of 5.1% [3][13]. - The company plans to distribute a cash dividend of 2.85 yuan per 10 shares, corresponding to a dividend payout ratio of 40% and a dividend yield of 3% [3]. - The company reported a new project bidding amount of approximately 1.88 billion yuan in 2023, with an annualized contract amount of 970 million yuan [3]. Business Segment Performance - Revenue contributions from various segments in 2023 were as follows: office properties (41%), public properties (25%), educational properties (14%), residential properties (11%), and aviation properties (9%) [3]. - The company has seen significant growth in its public property segment, with a year-on-year increase of 40% [3]. - The company continues to enhance its national operational layout, with projects outside Chongqing accounting for 65.8% of its total projects by the end of 2023, an increase of 5.6 percentage points year-on-year [3]. Future Projections - The company has revised its net profit forecasts for 2024 and 2025 to 176 million yuan and 196 million yuan, respectively, down from previous estimates due to increased competitive pressures and economic headwinds [3]. - The projected net profit for 2026 is estimated at 210 million yuan [3].