$Agree Realty Corp (ADC.US)$ 🎯 2024.4.13 Current price 56.9...

New data: 23Q3 and 23Q4. Revenue, operating profit, and net profit continued to grow.

In 2023, revenue increased 25%, operating profit increased 21.5%, net profit increased 11.4%, return on net assets fell to 9%, and the average net profit growth rate in the past 3 years fell to 20.9%.

The balance ratio increased from 31% to 33, and both total assets and net assets increased dramatically. On the asset side, mainly real estate increased by 1 billion to 6.8 billion yuan, and long-term loans on the debt side increased by 500 million yuan.

Currently, the price-earnings ratio is 33.4, which is slightly overestimated compared to the recent year's growth rate. There is still a discount on the medium- to long-term growth rate, so no adjustments will be made for the time being.