营收增长分红稳定，销投融表现优秀

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - Revenue growth is stable with consistent dividends, but profit margins and impairment losses have negatively impacted performance. In 2023, the company achieved operating revenue of 80.22 billion RMB, a year-on-year increase of 10.8%, while net profit attributable to shareholders was 3.19 billion RMB, down 19.4% year-on-year. The core net profit was 3.49 billion RMB, a decrease of 17.5% year-on-year. The company plans to distribute dividends of 1.4 billion RMB, maintaining a payout ratio of 40% of core net profit [11][12]. - Sales have shown positive growth for two consecutive years, with a strong investment focus on core cities. The total sales amount reached 142 billion RMB, a year-on-year increase of 14%, achieving 108% of the sales target. The company improved its national ranking to 12th, with sales in first-tier cities accounting for 62%, an increase of 10 percentage points from 2022 [19][21]. - The company has seen a significant increase in interest-bearing debt, with a total of 104.4 billion RMB at the end of 2023, up 18% year-on-year. The weighted average financing cost improved to 3.82%, falling below 4% for the first time [11][12]. - Profit forecasts indicate steady growth in sales and revenue, with net profit projected at 3.5 billion RMB and 4 billion RMB for 2024 and 2025, respectively, reflecting year-on-year increases of 10% and 14%. The report assigns a reasonable valuation of 0.6 times the net asset value at the end of 2023, translating to a target price of 9.14 HKD per share [11][12]. Summary by Sections Revenue Growth and Dividend Stability - In 2023, the company reported operating revenue of 80.22 billion RMB, a 10.8% increase year-on-year. However, net profit attributable to shareholders fell to 3.19 billion RMB, a 19.4% decline, with core net profit at 3.49 billion RMB, down 17.5% [11][12]. Sales Performance and Investment Focus - The company achieved total sales of 142 billion RMB, marking a 14% increase and surpassing its target by 8%. The sales in first-tier cities rose to 62%, reflecting a strategic focus on high-potential urban areas [19][21]. Debt and Financing Cost - Interest-bearing debt reached 104.4 billion RMB, an 18% increase from the previous year. The financing cost improved to 3.82%, indicating better financial management [11][12]. Profit Forecast and Valuation - Future profit estimates suggest a net profit of 3.5 billion RMB in 2024 and 4 billion RMB in 2025, with corresponding price-to-earnings ratios of 4.6x and 4.0x. The target price is set at 9.14 HKD per share based on a valuation of 0.6 times the net asset value [11][12].