经营短期有所承压，期待建发协同发展

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 3.55 CNY, while the current stock price is 3.26 CNY [5]. Core Views - The company is experiencing short-term operational pressure but is expected to benefit from synergies with its major shareholder, Jianfa Group, which may help restore profitability over time [10]. - The company reported a significant decline in revenue and net profit for 2023, with total revenue of 11.515 billion CNY, down 18.55% year-on-year, and a net loss of 2.216 billion CNY, down 496.78% year-on-year [2][9]. - The company is focusing on diversifying its business model by integrating home decoration and furniture, and enhancing customer service through digital upgrades and new retail models [4][10]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 11.515 billion CNY, a decrease of 18.55% year-on-year, and a net profit of -2.216 billion CNY, a decline of 496.78% year-on-year [2][9]. - The gross profit margin for 2023 was 56.74%, a decrease of 1.62 percentage points year-on-year, with a net profit margin of -20.59% [9][10]. - The company’s operating income for Q1 2024 was 2.112 billion CNY, down 19.30% year-on-year, with a net loss of 372 million CNY [2][9]. Business Operations - As of the end of 2023, the company operated 87 self-managed malls and 275 managed malls, with a total of 448 home furnishing stores [3]. - The self-operated business segment generated 6.781 billion CNY in rental and related income, down 13.8% year-on-year, primarily due to a decrease in the number of self-operated malls and a decline in average occupancy rates [3]. - The company is actively expanding its business model by integrating various consumer categories, including automotive and home furnishings, to enhance customer experience [4]. Future Outlook - The company aims to implement a "light asset, heavy operation, and reduce leverage" strategy, which is expected to gradually restore its profitability [10]. - Revenue projections for 2024-2026 are estimated at 11.055 billion CNY, 11.127 billion CNY, and 11.255 billion CNY, respectively, with a forecasted net profit of 262 million CNY in 2024 [10][11].