业绩承压投销稳健，高分红提升股息率

Investment Rating - The report maintains a "Buy" rating for Poly Developments [1][2][8] Core Views - The company's revenue for 2023 reached 346.83 billion RMB, a year-on-year increase of 23.4%, while the net profit attributable to shareholders was 12.07 billion RMB, a decline of 34.1% [1][2] - The decline in net profit is primarily attributed to pressure on gross margins and asset impairments, with a gross margin of 16.01% for 2023, down 5.98 percentage points year-on-year [2] - The company has a leading sales scale in the market, with a total contracted sales amount of 422.2 billion RMB in 2023, a decrease of 7.7% year-on-year, but still maintaining the top position in the industry with a market share of 3.6% [2] - The company is focusing on core cities for investment, with 99% of new project expansions located in these areas, and the land reserve structure continues to optimize [2] - The asset-liability structure is improving, with a financing cost that has decreased to 3.56%, down 36 basis points year-on-year [2] Summary by Sections Financial Performance - Revenue for 2023 was 346.83 billion RMB, with a growth rate of 23.4% compared to 2022 [5] - Net profit attributable to shareholders was 12.07 billion RMB, reflecting a decline of 34.23% year-on-year [5] - The diluted earnings per share for 2023 was 1.008 RMB, down from 1.533 RMB in 2022 [5] Sales and Market Position - The company achieved a total contracted sales amount of 422.2 billion RMB in 2023, with a market share increase of 0.2 percentage points year-on-year [2] - The sales recovery rate for the year was 102%, with a year-on-year increase of 11.2 percentage points [2] Investment Strategy - In 2023, the company expanded 103 projects with a total land price of 163.2 billion RMB, a year-on-year increase of 26% [2] - The land reserve area at the end of 2023 was 77.9 million square meters, with 85% being existing projects [2] Financial Health - The company's asset-liability ratio, excluding advance receipts, was 67.1%, and the net debt ratio was 61.2% [2] - The short-term interest-bearing debt was 73.7 billion RMB, accounting for 20.82% of total liabilities, a decrease of 0.46 percentage points year-on-year [2]