东兴证券东兴晨报

Group 1 - The report highlights that China Resources Land is strengthening its focus on key urban layouts, which supports stable organic growth for the company [2] - The shopping center opening plan indicates that the number of operational shopping centers will increase from 76 in 2023 to 117 by the end of 2027, emphasizing the company's commitment to core city projects [2] - The residential property management business is supported by the parent company, with a managed area of 355 million square meters as of the end of 2023, of which 38.6% comes from China Resources Land [6] Group 2 - Guanghui Energy is positioned as a private energy giant integrating upstream, midstream, and downstream operations, with a revenue of approximately 61.475 billion yuan in 2023, marking the highest in four years [23] - The company's revenue sources are primarily from natural gas (64.58%), coal (24.79%), and coal chemical business (12.90%), with corresponding gross profit contributions of 20.97%, 50.83%, and 18.03% respectively [23] - The report forecasts Guanghui Energy's revenue to reach 65.962 billion yuan in 2024, with net profit expected to be 5.887 billion yuan, indicating a strong growth trajectory [26]