2023年度业绩点评：核心优势持续夯实，利润率有待企稳

Investment Rating - The report maintains a "Buy" rating for the company, indicating an attractive valuation in the non-residential property management sector in A-shares [2][4]. Core Insights - The company reported a revenue of 3.1 billion yuan in 2023, a year-on-year increase of 20.4%, while the net profit attributable to the parent company was 160 million yuan, a decrease of 13.8% [9]. - The company is a leading third-party public building management firm, expanding its operations beyond Chongqing to strategic areas such as the Yangtze River Delta and the Greater Bay Area, with 90% of its projects acquired through bidding [2][8]. - The report adjusts the net profit forecasts for 2024-2026 to 190 million, 210 million, and 240 million yuan respectively, with corresponding EPS estimates of 0.82, 0.93, and 1.03 yuan [2][10]. Financial Performance Summary - Revenue and Profitability: - 2023 revenue reached 3.1 billion yuan, up 20.4% year-on-year [9]. - Net profit attributable to the parent company was 160 million yuan, down 13.8% year-on-year [9]. - The company's gross margin decreased by 3.4 percentage points to 12.77% due to budget cuts from public building clients and increased market competition [8]. - Earnings Forecast: - The company expects EPS of 0.82, 0.93, and 1.03 yuan for 2024, 2025, and 2026 respectively, with P/E ratios of 10, 9, and 8 [2][10]. - Cash Flow: - The operating cash flow for 2023 was 226 million yuan, indicating a healthy cash generation despite the profit decline [10]. Business Expansion and Strategy - The company has actively expanded its project portfolio, with a total bid amount of 1.88 billion yuan for new projects in 2023, leading to a 30.3% increase in revenue from regions outside Chongqing [8]. - The company has diversified its service offerings, achieving positive growth across various sectors, including office, public, school, residential, and aviation services [8]. - The report highlights the company's strategic acquisitions in the aviation sector, enhancing its specialized service capabilities [8].