新项目拖累2023年经营业绩表现，一季度经营平稳

Investment Rating - The investment rating for Wangfujing (600859.SH) is upgraded to "Accumulate" [1][9]. Core Views - The 2023 annual report performance is near the midpoint of the forecast range, with a focus on "dividends + buybacks" reflecting a positive attitude from state-owned enterprises. The company achieved revenue of 12.224 billion yuan, a year-on-year increase of 13.19%, and a net profit attributable to shareholders of 709 million yuan, a year-on-year increase of 264.14% [1][4]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (including tax), with a dividend payout ratio of 32% and a dividend yield of 1.60% [1][4]. - New tax-free and taxable projects have negatively impacted the company's performance in 2023, with estimated losses of approximately 450 million yuan affecting short-term operational performance [1][4]. Summary by Relevant Sections Financial Performance - In 2023, the company reported revenue of 12.224 billion yuan, up 13.19%, and a net profit of 709 million yuan, up 264.14%. The non-recurring profit was 635 million yuan, indicating a turnaround from losses [1][4]. - The company’s performance is estimated to have recovered only about 50% compared to 2019 levels, primarily due to gradual consumer recovery and losses from new projects [1][4]. Business Segments - The company's various business segments showed mixed results in 2023, with outlet revenue increasing by 35.09%, while supermarket revenue declined by 18.51% due to reduced scale and intensified competition [1][4]. - The new tax-free project in Hainan generated 187 million yuan in revenue, accounting for 1.53% of total revenue, but is still in the cultivation phase with expected cumulative losses exceeding 200 million yuan [1][5]. Future Outlook - The company has adjusted its earnings forecasts downward due to ongoing pressure in the overall consumption environment and the Hainan tax-free market. The EPS estimates for 2024-2026 have been revised to 0.74, 0.85, and 1.00 yuan, respectively [1][6]. - The company is expected to continue facing challenges from new projects under the new leasing standards, which have resulted in significant upfront costs [1][6].