莱纳建筑-A：现金充足，积极回报股东

Investment Rating - The report does not provide a specific investment rating for the company [2][3] Core Views - The company expects to deliver 20,500-21,000 units in FY2024Q3, representing a year-over-year growth of 10-13% [1] - The company's FY2024 full-year delivery target remains at 80,000 units, with stable profit margins [1] - The company has strong financial strength, is in a net cash position, and actively returns value to shareholders through buybacks and dividends [1] - The company's performance is sensitive to potential US interest rate cuts, which could enhance stock price elasticity [1] Financial Performance - In FY2024Q2, the company reported revenue of $8.766 billion, a 9.0$954 million, a 9.5% year-over-year increase [3][5] - The company's home sales revenue accounted for 95.6% of total revenue in FY2024Q2, reaching $8.381 billion [3][5] - The company delivered 19,690 homes in FY2024Q2, with an average delivery price of$426,000, representing a 15% increase in volume and a 9% increase in value year-over-year [6] - The company sold 21,293 homes in FY2024Q2, with an average selling price of $432,000, representing a 19$3.6 billion in cash and $2.2 billion in interest-bearing debt as of FY2024Q2 [8] - In FY2024Q2, the company repurchased 3.8 million shares for$603 million and paid a dividend of $0.5 per share [8] - The company has authorized a$5 billion share repurchase program, with $1.109 billion already repurchased in Q1 and Q2 of FY2024 [8] Historical Financials - From FY2020 to FY2023, the company's revenue grew from$22.489 billion to $34.233 billion, with a compound annual growth rate (CAGR) of 11.1$4.614 billion in FY2022 before declining to $3.939 billion in FY2023 [4] - The company's return on equity (ROE) was 15.5% in FY2023, down from a peak of 22.8% in FY2021 [4]