多航道业务稳步发展，年内到期公开债务压力较轻

Investment Rating - The report adjusts the investment rating to "Accumulate" from "Buy" [1][2] Core Views - The company maintains financial stability with light public debt pressure due in 2024, having a cash balance of 60.42 billion and a short-term debt repayment pressure that is manageable [2] - The company experienced a significant decline in revenue and net profit in 2023, with total revenue of 180.74 billion, down 27.9% year-on-year, and a core net profit of 11.35 billion, down 49.4% year-on-year [2][3] - The company continues to face sales pressure, focusing land acquisitions in core first and second-tier cities, with total sales amounting to 173.49 billion, a decrease of 13.9% year-on-year [2][3] Financial Performance Summary - As of the end of 2023, the company had interest-bearing liabilities of 192.65 billion, a decrease of 7.4% year-on-year, with a cash-to-short-term debt ratio of 2.25 times [2] - The overall gross margin for the company was 16.9%, down 4.2 percentage points year-on-year, while the net profit margin was 7.1%, down 2.6 percentage points year-on-year [2] - The company’s land reserve stood at 45.39 million square meters, with a focus on higher-tier cities, and the land acquisition area decreased by 17.9% year-on-year [3] Revenue and Profit Forecast - The report forecasts revenues for 2024, 2025, and 2026 to be 171.52 billion, 164.15 billion, and 158.64 billion respectively, with corresponding net profits of 12.47 billion, 12.34 billion, and 12.51 billion [2][4]