毛利率下滑业绩承压，坚定降杠杆应对压力

Investment Rating - The investment rating for the company is downgraded to "Accumulate" [3]. Core Views - The company's net profit attributable to shareholders decreased by 46% year-on-year due to declining gross margins and increased impairment losses. The total revenue for 2023 was CNY 465.74 billion, down 7.6% year-on-year, with a net profit of CNY 12.16 billion [1][2]. - The company plans to reduce interest-bearing debt by CNY 100 billion over the next two years and is transitioning its financing model [1][2]. - The company is facing significant pressure from public debt maturity and needs effective and sustainable credit financing channels [1]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of CNY 465.74 billion, a decrease of 7.6% year-on-year, and a net profit of CNY 12.16 billion, down 46.4% year-on-year. The gross margin for real estate development and related asset operations fell by 4.4 percentage points to 15.4% [1][2]. - The company reported a decrease in sales area of 6.2% to 24.66 million square meters and a sales amount of CNY 376.12 billion, down 9.8% year-on-year [1]. Project Development - In 2023, the company acquired 43 new projects with a planned area of 3.333 million square meters, a decrease of 17.4% year-on-year. The land acquisition cost was CNY 46.32 billion, up 6.7% year-on-year [1]. - The company plans to start and complete 1.0718 million square meters and 2.2057 million square meters of existing projects in 2024, respectively, which is a decrease of 37.2% and 29.6% compared to 2023 [1]. Diversification and REITs - The company's property service segment generated revenue of CNY 33.42 billion in 2023, up 10.2% year-on-year. The logistics business revenue was CNY 4.18 billion, up 17.2% year-on-year [1]. - The company has made progress in issuing public REITs, with a planned fundraising of CNY 3.26 billion for its logistics REIT [1]. Debt Management - As of the end of 2023, the company's total assets were CNY 1,504.85 billion, a decrease of 14.4% year-on-year. The net debt ratio was 54.7%, an increase of 11 percentage points year-on-year [1][2]. - The company aims to reduce interest-bearing debt by CNY 100 billion over the next two years and is actively utilizing various financing tools [1].