Workflow
2023年报点评:销售稳健增长,精准投拓核心城市

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 72.145 billion yuan in 2023, representing a year-on-year growth of 19.4%, while the net profit attributable to shareholders decreased by 29.6% to 1.84 billion yuan, which was in line with expectations [2][3] - The revenue growth was steady, but the performance was under pressure due to several factors, including a decline in gross margin by 2.3 percentage points to 18.0%, an increase in sales expenses by 26.6%, and a rise in the proportion of minority shareholders' profit [2][3] - The company has maintained its leading position in Zhuhai and has entered the "trillion" sales club for four consecutive years, achieving a sales amount of 125.99 billion yuan in 2023, a year-on-year increase of 4.8% [3] - The company has focused on acquiring quality land reserves through various methods, with an investment amount of 68.24 billion yuan in 2023, significantly up from 46.5 billion yuan in 2022, and has targeted core cities [3] - Financing costs have been on a downward trend, with the average financing cost in 2023 at 5.5%, a decrease of 28 basis points year-on-year, supported by the controlling shareholder [3] Financial Forecasts and Valuation - The net profit forecasts for 2024 and 2025 have been revised down to 1.97 billion yuan and 2.11 billion yuan, respectively, with an expected net profit of 2.24 billion yuan in 2026 [4] - Corresponding EPS for 2024, 2025, and 2026 are projected to be 0.72 yuan, 0.77 yuan, and 0.81 yuan, with P/E ratios of 8.7X, 8.2X, and 7.7X respectively [4] - The company is expected to benefit from its state-owned shareholder advantage and steady sales performance, maintaining a "Buy" rating [4]