Investment Rating - The investment rating for the company is "Outperform the Market" [1][16] Core Insights - The company achieved a revenue of 1313.83 billion RMB in 2023, representing a year-on-year increase of 3.33%. The net profit attributable to the parent company was 30.92 billion RMB, up 19.63% year-on-year [3][6][7] - The company maintained a strong financial structure with a total debt weighted average interest cost reduced to 4.3% in 2023, down 10 basis points from 2022 [4][13] - The company has a robust land reserve with 168 projects, totaling approximately 37.2 million square meters, with 80% of the value located in first and second-tier cities [11][12] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1313.83 billion RMB, with property development revenue at 1205.80 billion RMB, hotel business revenue at 10.46 billion RMB, and project management revenue at 31.35 billion RMB [3][6][7] - The gross profit margin for 2023 was 12.99%, a decrease of 4.32 percentage points year-on-year, while the net profit margin increased to 2.35%, up 0.32 percentage points [4][14] Sales and Contracts - The company achieved a contract sales amount of 3011 billion RMB in 2023, a slight increase of 0.3% year-on-year, ranking third in the industry [8][9] - The average selling price for self-invested projects was approximately 28,334 RMB per square meter, maintaining a high industry level [8] Land Reserves and Investment - As of December 31, 2023, the company had a total land reserve of 168 projects, with a total building area of approximately 37.2 million square meters, and 80% of the value located in first and second-tier cities [11][12] - The company actively participated in land auctions in key cities, acquiring 38 new projects with an estimated new value of 1425 billion RMB [11] Management and Profitability - The management business covered 122 cities, with a net profit of 9.7 billion RMB in 2023, reflecting a year-on-year growth of 30.8% [12] - The company plans to distribute a dividend of 0.43 RMB per share for the fiscal year ending December 31, 2023 [6][7]
营收和归母净利双增，财务结构稳健