Investment Rating - The report maintains a "Buy" rating for China Jinmao (0817.HK) [4] Core Views - The company has released its 2023 performance data, showing a significant reduction in revenue and a substantial net loss, but the impairment pressure has been adequately released, and there is active shareholding and management buy-in, indicating confidence in future development [2][4] - The diversified business strategy has stabilized profit margins, with non-development business revenues contributing significantly to overall profitability [2] - The company is facing short-term sales pressure due to weak market demand, but it is focusing on enhancing product quality to aid sales recovery [2] Summary by Sections Financial Performance - In 2023, the company achieved revenue of 72.4 billion RMB, a decrease of 13% year-on-year, with a net loss attributable to shareholders of 6.9 billion RMB, a decline of 448% [2][3] - The gross profit margin decreased by 3.4 percentage points to 12.5%, with significant impairment losses on inventory and receivables totaling 4.8 billion RMB [2] - The company has implemented a strategic upgrade focusing on "one core and three focuses," with non-development business revenues accounting for 15% of total revenue and gross profit from these segments increasing by 80.4% [2] Sales and Market Position - In Q1 2024, the company reported sales of 69.7 billion RMB, down 65.3% year-on-year, with an average selling price of 20,400 RMB per square meter, up 15.2% [2] - The company is concentrating on core cities for sales and has launched new product lines to enhance product competitiveness [2] Shareholder Confidence - The controlling shareholder and management have actively increased their stakes in the company, with significant purchases following the release of the 2023 performance announcement [2] - As of April 9, 2024, the controlling shareholder had acquired 17.5 million shares, representing 0.13% of total shares, while management purchased 26.8 million shares, representing 0.2% of total shares [2] Financial Health - As of the end of 2023, the company had interest-bearing liabilities of 127.4 billion RMB, a year-on-year increase of 3.8%, with a debt-to-asset ratio of 68.8% excluding advance receipts [2][3] - The overall financial condition is described as stable, with a cash-to-short-term debt ratio of 1.3 times [2] Profit Forecast and Valuation - The profit forecasts for 2024 and 2025 have been revised down to 1.16 billion RMB and 1.42 billion RMB, respectively, with a new forecast for 2026 at 1.9 billion RMB [2][3] - The current stock price corresponds to a PE ratio of 5.4 for 2024, 4.4 for 2025, and 3.3 for 2026, indicating a favorable valuation [2][3]
动态跟踪：业绩压力释放较充分，股东及管理层增持积极推进