Investment Rating - Buy (Maintained) [1] Core Views - The company achieved a revenue of RMB 14.77 billion in 2023, a year-on-year increase of 22.9%, driven by acquisitions and market expansion, leading to significant growth in property management area and commercial operations [2] - Gross margin increased by 1.7 percentage points to 31.8%, with core net profit attributable to shareholders reaching RMB 2.92 billion, up 31.2% year-on-year [2] - The company's residential property management service revenue grew by 23.1% to RMB 9.6 billion, while commercial operation and property management service revenue increased by 22.6% to RMB 5.17 billion, with a notable gross margin improvement of 7.7 percentage points to 58.4% [2] - The company's property management scale continued to grow, with the total contracted area of residential and non-commercial properties reaching 406 million square meters, and the total managed area reaching 355 million square meters, up 15.9% and 24.6% year-on-year, respectively [2] - The company's commercial management scale expanded, with 13 new shopping centers opened in 2023, bringing the total number of shopping centers to 98, with a total gross floor area of 10.59 million square meters [3] - The company's office building occupancy rate increased by 3.2 percentage points to 83.9%, with 195 office projects under management, covering 14.82 million square meters [3] Business Performance - Residential property management service revenue: RMB 9.6 billion, up 23.1% year-on-year, with a gross margin of 17.5%, down 1.4 percentage points [2] - Commercial operation and property management service revenue: RMB 5.17 billion, up 22.6% year-on-year, with a gross margin of 58.4%, up 7.7 percentage points [2] - Community value-added services revenue: RMB 1.53 billion, up 21.5% year-on-year, driven by the growth in property management scale and rapid development of services such as decoration and butler services [2] - Urban space operation revenue: RMB 1.34 billion, up 42.6% year-on-year, with a managed area of 104 million square meters, up 51.7% year-on-year [2] Commercial Management - Total retail sales of shopping centers reached RMB 181.2 billion, up 43.3% year-on-year, with 82 projects ranking in the top three in their local markets [3] - The number of high-end luxury shopping centers increased to 13, maintaining the leading position in the industry [3] - The company's membership program, "Wanxiang Star," saw a 36% increase in members to 46.25 million, with monthly active users of the "Yidian Wanxiang" app increasing by 52% [3] Financial Projections - Revenue is expected to grow at a compound annual growth rate (CAGR) of 20.2% from 2024 to 2026, driven by steady growth in management scale and the company's unique position as a listed commercial management company [3] - Net profit is projected to grow at a CAGR of 20.2% from 2024 to 2026, with EPS expected to increase from RMB 1.28 in 2024 to RMB 2.23 in 2026 [4][8] Valuation Metrics - The company's PE ratio is expected to decrease from 20.03 in 2024 to 10.07 in 2026, reflecting strong earnings growth [4] - ROE is projected to increase from 18.36% in 2023 to 21.72% in 2026, indicating improving profitability [4][8]
2023年业绩公告点评：管理规模稳健增长，商管保持领先