Jinwu Financial News | According to Everbright Securities Research Report, CNOOC Properties (02669) issued the 2023 annual results announcement, achieving operating income of 13.05 billion yuan, +19.7% year over year (2022 financial data was adjusted retroactively); gross profit of 2.07 billion yuan, up 19.3% year on year; realized net profit to mother of 1.34 billion yuan, up 22.8% year on year; and a final dividend of HK 8.5 cents per share (HK8.0 cents in 2022). The company is actively expanding, new orders are growing rapidly, personnel structure is being optimized, and per capita efficiency is improved.
According to the bank, the company's own brand strength is strong, the competitiveness of external development is constantly improving, and the amount of new contracts is growing rapidly. At the same time, related parties operate steadily and continue to deliver high-quality residential property management projects, and there is a strong guarantee for future performance growth. Considering the increase in the company's expansion of non-residential projects and the restructuring of basic property management business, the company's 2024-2025 net profit forecast was adjusted to $16.3/1.88 billion (based on HK$1 = RMB 0.9055, the original forecast was $18.2/2.19 billion), adding a 2026 forecast of $2.09 billion, corresponding to the 2024-2026 EPS of $0.50/0.64. The PE valuation was 8/7/6 times, respectively. The valuation was attractive and maintained a “buy” rating.