SBGCL(600827) 光大证券·2024-04-13 16:00Investment Rating - The report maintains a "Buy" rating for the company [4][35]. Core Insights - The company reported a revenue decrease of 5.47% year-on-year for 2023, with a net profit attributable to shareholders declining by 40.79% [2][33]. - The overall gross profit margin for 2023 was 26.54%, an increase of 1.58 percentage points year-on-year, although the gross profit margin for Q4 2023 was 26.60%, down 2.72 percentage points year-on-year [3][21]. - The company has adjusted its earnings forecast downward, reflecting increased competition in the industry, but it retains a strong competitive position in regions like Shanghai [35]. Revenue and Profit Analysis - The total revenue for 2023 was 305.19 billion yuan, with a net profit of 3.99 billion yuan, translating to a fully diluted EPS of 0.22 yuan [33]. - The company’s revenue for Q4 2023 was 69.60 billion yuan, a decrease of 3.06% year-on-year, with a net profit of 0.55 billion yuan, resulting in a fully diluted EPS of 0.03 yuan, down 93.63% year-on-year [33][39]. - The company’s operating income by region shows a total of 29.64 billion yuan, with a gross margin of 24.42%, reflecting a year-on-year decrease of 5.68% in revenue but an increase of 1.45 percentage points in gross margin [6][27]. Expense Management - The company’s expense ratio for 2023 was 23.87%, a decrease of 0.26 percentage points year-on-year, with specific rates for sales, management, financial, and R&D expenses reported [34]. - In Q4 2023, the expense ratio was 26.06%, also showing a year-on-year decrease of 0.37 percentage points [34]. Strategic Developments - The company has successfully opened the Bai Lian West Suburb Shopping Center, marking its first "commercial + community" space product, which has undergone comprehensive upgrades [22][14]. - The company is actively pursuing REITs projects, with the Shanghai Youyi City Shopping Center public REITs project approved and submitted to regulatory authorities [22][14].