Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a revenue growth of 20% year-on-year in 2023, with a net profit increase of 23% [1]. - The company is actively expanding its market presence, with a significant increase in new contracts and operational efficiency [2]. - The company has optimized its personnel structure, leading to improved per capita efficiency and operational effectiveness [2]. Financial Performance - In 2023, the company reported a total revenue of 13.05 billion yuan, a year-on-year increase of 19.7% [1]. - The gross profit reached 2.07 billion yuan, reflecting a growth of 19.3% [1]. - The net profit attributable to shareholders was 1.34 billion yuan, up 22.8% from the previous year [1]. - The company declared a final dividend of 0.085 HKD per share, compared to 0.080 HKD in 2022 [1]. Operational Highlights - The company has expanded its managed area to approximately 400 million square meters, with third-party management accounting for 40.5% of this area, an increase of 7.7 percentage points year-on-year [2]. - New contracts signed in 2023 amounted to approximately 7 billion yuan, up from 5.2 billion yuan in the previous year, with 70.6% of new projects coming from independent third parties [2]. - The company’s revenue from value-added services saw a significant increase, with residential value-added services growing by 71% year-on-year [2]. Efficiency Improvements - The company achieved an annual revenue per employee of 300,000 yuan and a profit per employee of 31,000 yuan, both showing significant improvement from 2022 [2]. - The administrative and marketing expense ratio was reduced to 3%, down 0.7 percentage points year-on-year [2]. Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been adjusted to 1.63 billion yuan and 1.88 billion yuan, respectively, with a new forecast for 2026 set at 2.09 billion yuan [2]. - The estimated EPS for 2024-2026 is projected to be 0.50, 0.57, and 0.64 yuan, respectively, with corresponding P/E ratios of 8, 7, and 6 times [2].
动态跟踪：新签订单快速增长，人均效能持续提升