CMSK(SZ:001979) KAIYUAN SECURITIES·2024-07-29 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a slight decline in revenue and stable non-net profit, primarily due to a decrease in gross profit margin from project handovers. The company focuses on core cities for land acquisition and has sufficient saleable resources. Financing channels remain open, and the company plans to issue rental housing REITs to revitalize assets, indicating a positive outlook for market share growth [3][4] - Due to a decrease in sales scale and pressure on gross profit margin, the profit forecast has been revised downwards. The expected net profit for 2024-2026 is projected to be 6.39 billion, 7.03 billion, and 7.44 billion yuan, respectively, with corresponding EPS of 0.71, 0.78, and 0.82 yuan. The current stock price corresponds to a PE of 11.6, 10.6, and 10.0 times [3][4] Financial Performance Summary - In the first half of 2024, the company achieved total operating revenue of 51.27 billion yuan, a year-on-year decrease of 0.3%. The net profit attributable to the parent company was 1.42 billion yuan, down 34.2%, while the non-net profit was 1.40 billion yuan, up 0.45% year-on-year. The basic earnings per share were 0.11 yuan, a decrease of 50.0% [4][7] - The company ranked fifth in sales in the industry, with a sales amount of 100.95 billion yuan and a sales area of 4.387 million square meters, both showing year-on-year declines of 39.3% and 35.9%, respectively. The land acquisition intensity has weakened, with a total land price of 14.61 billion yuan for seven plots acquired in the first half of 2024, a year-on-year decrease of 64.9% [5][6] - The company announced a cash dividend distribution plan, proposing a cash dividend of 3.20 yuan for every 10 shares, totaling 2.899 billion yuan, with a payout ratio of 45.88%. The company has also issued short-term financing of 4 notes totaling 4.7 billion yuan, with a maximum coupon rate of 2.52% [6][10]