Gelonghui, May 20 | Orient Securities released a research report to give Xingsheng Commercial (6668.HK) a “buy” rating, giving a price-earnings ratio of 11 times 2024, corresponding to a target price of HK$2.05. I am optimistic that the company will get more opportunities for high-quality projects in the future. The parent company, Galaxy Holdings, has stable finances, sufficient land storage in the Greater Bay Area, sufficient Xingsheng commercial reserve projects, and high potential for future performance growth. The research report mentioned that in 23 years, the company achieved revenue of 635 million yuan, an increase of 13.0% over the previous year, and a net profit of 171 million yuan to mother, an increase of 10.9% over the previous year. The increase in performance was due to the opening of six high-quality projects, particularly stable performance in the outsourcing, brand and management export business. Although the gross margin of the entire rental model declined due to new openings, the overall business structure remained steady. The company's ongoing projects are operating well. Same-store sales and customer flow increased by 18% and 39% respectively, and the occupancy rate increased to 92.8%, demonstrating strong operational capacity. According to the research report, as a leading commercial operation service provider in the Greater Bay Area, the operating performance of active projects continued to improve. In '23, same-store sales increased 18%, same-store customer traffic increased 39%, and occupancy rate increased 0.3% to 92.8% year on year. Benefiting from the Hong Kong consumer boom, Futian Galaxy COCO Park passenger traffic increased 60% year on year, and merchant sales increased 40% year on year. At the end of 23, the company had 27/55 opened/contracted projects, with an opening/contract area of 165/2.84 million square meters, of which the Greater Bay Area contract area was about 1.59 million square meters, accounting for 56%, and the Yangtze River Delta contract area was 420,000 square meters, accounting for 15%. Providing certainty for future development.