Gelonghui, May 9 | According to Orient Securities Research Report, Poly Development (600048.SH)'s revenue in 2023 was 346.83 billion yuan, up 23.4% year on year; net profit was 12.07 billion yuan, down 34.1% year on year. Revenue increased steadily, and declining gross margin compounded asset impairment, putting pressure on performance. In '23, the company achieved sales of 422.2 billion yuan, ranking first in the industry, and its market share increased to 3.6%. The 38 core cities contributed nearly 90% of sales, and the Pearl River Delta and Yangtze River Delta sales contributions exceeded 110 billion yuan and 140 billion yuan respectively, with remarkable results. In 23 years, the company achieved a return amount of 43.4 billion yuan, a sales return rate of 102%, maintained a positive cash flow from operating activities for 6 consecutive years, and maintained the green level of the three red line indicators. According to the company's annual report, the bank adjusted the company's revenue growth rate, lowered the 24-year gross profit margin for the development business, adjusted the cost ratio for the period, maintained the purchase rating, and adjusted the target price to 11.22 yuan.