业绩高增，项目权益比例提升

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 12.88 CNY [2][4]. Core Insights - The company reported a revenue of 175.01 billion CNY in 2023, a year-on-year decrease of 4.4%, while the net profit attributable to shareholders increased by 48.2% to 6.32 billion CNY [1][3]. - The significant growth in net profit compared to revenue decline is attributed to reduced impairment pressures and an increase in project equity ratio, with asset impairment and credit impairment losses decreasing by 62.6% to 2.42 billion CNY [1]. - The company achieved a slight increase in sales, with a total contracted sales area of 12.23 million square meters (+2.49%) and a sales amount of 293.6 billion CNY (+0.35%), ranking among the top five in the industry [1]. - Financing costs have significantly decreased, with a comprehensive funding cost of 3.47%, down 42 basis points from the beginning of the year, while the return on held properties has improved [1]. Financial Summary - The company's financial performance shows a decline in revenue from 183.00 billion CNY in 2022 to 175.01 billion CNY in 2023, with a projected recovery to 187.95 billion CNY in 2024 [3][8]. - The net profit attributable to shareholders is projected to grow from 6.32 billion CNY in 2023 to 8.38 billion CNY in 2024, reflecting a year-on-year growth of 32.6% [3][8]. - The earnings per share (EPS) is expected to increase from 0.70 CNY in 2023 to 0.92 CNY in 2024 [3][8].