业绩平稳增长，分红比例提升

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 10.81 CNY and a fair value of 13.58 CNY per share [26]. Core Insights - The company achieved stable growth in performance, with a revenue of 15.63 billion CNY in 2023, representing a year-on-year increase of 20%, surpassing the initial target of 15 billion CNY. The gross profit was 1.81 billion CNY, up 17% year-on-year, and the net profit attributable to shareholders was 740 million CNY, an increase of 24% year-on-year [18][23]. - The dividend payout ratio for 2023 was 25%, an increase of 4 percentage points compared to 2022, with a total dividend distribution of 180 million CNY [20][23]. Summary by Sections 1. Performance and Dividend Growth - The company reported a revenue of 15.63 billion CNY in 2023, a 20% increase year-on-year, exceeding the initial target of 15 billion CNY. The gross profit was 1.81 billion CNY, up 17%, and the net profit attributable to shareholders was 740 million CNY, a 24% increase year-on-year. The company plans to distribute a cash dividend of 1.7 CNY per 10 shares, totaling 180 million CNY, with a dividend payout ratio of 25%, up 4 percentage points from 2022 [18][23][24]. 2. Residential and Non-Residential Expansion - The residential property management revenue was 3.4 billion CNY, a year-on-year increase of 8%, while non-residential property management revenue reached 8.7 billion CNY, up 26% year-on-year. The growth in non-residential property management was driven by a 17% increase in managed area [24][53]. 3. Value-Added Services Profit Margin Improvement - The gross profit margin for value-added services has improved for two consecutive years. The revenue from value-added services was 2.06 billion CNY, a 10% increase year-on-year, with a significant contribution from asset management services, which saw a 50% increase in revenue [21][24]. 4. Profit Forecast and Investment Recommendations - The company is expected to maintain steady growth, with net profit forecasts of 900 million CNY and 1.08 billion CNY for 2024 and 2025, respectively, corresponding to growth rates of 22% and 20%. The report assigns a PE ratio of 16x for 2024, indicating a fair value of 14.4 billion CNY, or 13.58 CNY per share [25][26].