经营表现稳定，业绩增长、股息收益值得期待

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.39 CNY per share, reflecting a potential upside from the current price of 6.54 CNY [4][23]. Core Views - The company has significantly increased its dividend payout ratio to 55%, with a planned total dividend of 1.02 billion CNY for 2023, despite a decline in net profit [2][8]. - The company's total revenue for 2023 reached 72.14 billion CNY, representing a year-on-year growth of 19.4%, while the net profit attributable to shareholders decreased by 29.6% to 1.84 billion CNY [2][3]. - The company has focused on high-potential markets, achieving a sales amount of 126 billion CNY in 2023, a 4.8% increase year-on-year, and improving its national sales ranking to 14th [2][16]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 72.14 billion CNY, up 19.4% from the previous year, and a net profit of 1.84 billion CNY, down 29.6% [3][8]. - The gross profit margin for the company and its real estate segment was 18.1% and 18.0%, respectively, both down from the previous year [2][11]. - The company plans to distribute a total dividend of 1.02 billion CNY, which corresponds to a dividend payout ratio of 55%, significantly higher than the previous year's 30% [2][8]. Sales and Market Position - The company achieved a sales amount of 126 billion CNY in 2023, with a market share increase from 0.9% to 1.1%, ranking 14th nationally [2][16]. - The average selling price per square meter increased by 5.2% to 31,545 CNY, driven by a strategic shift towards high-potential markets [2][16]. Investment and Land Acquisition - In 2023, the company acquired land worth 57.5 billion CNY, with a land acquisition intensity of 46%, which is 21 percentage points higher than the average of 44 mainstream real estate companies [2][20]. - The company has focused its investments in the East China region, which accounted for 73% of its total land acquisitions, with an average project gross margin of 31.2% [2][20]. Financial Management - As of December 31, 2023, the company's total interest-bearing debt was 144 billion CNY, a slight decrease of 1% year-on-year, with a comprehensive financing cost reduced to 5.48% [2][21]. - The company maintains a green rating under the "three red lines" policy, indicating a stable financial position [2][21]. Profit Forecast and Investment Advice - The company is expected to achieve net profits of 2.35 billion CNY and 2.80 billion CNY in 2024 and 2025, respectively, reflecting year-on-year growth of 28% and 19% [2][23]. - The report suggests that the company's focus on core markets and the gradual realization of high-margin projects will support its profitability recovery [2][23].