GRANDJOY(000031) 长江证券·2024-05-14 04:01Investment Rating - The investment rating for the company is "Accumulate" and is maintained [2][18]. Core Views - The company's revenue decreased by 7.1% in 2023, totaling 36.78 billion, primarily due to a reduction in the scale of development business settlements. The net profit attributable to the parent company was a loss of 1.47 billion, largely due to impairment provisions of 4.61 billion, which increased from 1.57 billion the previous year. Despite a 2.4 percentage point increase in gross margin to 26.5%, the overall performance was negatively impacted [2][18]. - The company has a robust pre-revenue balance of 31.99 billion, which is 1.1 times the development business revenue for 2023, ensuring future revenue settlements. However, the outlook remains cautious due to weak demand and ongoing impairment pressures [2][3][18]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 36.78 billion, with development business revenue at 29.04 billion (down 13.3%), self-owned business revenue at 5.39 billion (up 24.4%), and hotel revenue at 0.97 billion (up 75.1%). The net profit attributable to the parent company was a loss of 1.47 billion, with a significant increase in impairment provisions [2][18]. - The gross margin improved to 26.5%, but the net profit after deducting non-recurring items was a loss of 3.76 billion, indicating a worsening trend compared to the previous year [2][18]. Sales and Investment - The company's total sales in 2023 were 46.1 billion, down 18.8%, with both sales volume and price declining. The company acquired three new projects in high-tier cities, with a total land acquisition cost of 6.33 billion, reflecting a 34% decrease year-on-year [3][18]. - The shopping center business showed stable development, with sales of 34.7 billion (up 37%) and a foot traffic increase of 66% to over 300 million visitors [3][18]. Debt and Financing - As of the end of 2023, the company had interest-bearing debt of 73.51 billion, a slight decrease of 3.8%. The proportion of short-term debt increased, raising short-term repayment pressure. The comprehensive financing cost decreased to 4.61% [33][18].