NVR Inc：季度业绩符合预期，回购力度加大

Investment Rating - The report does not provide a specific investment rating for the company [3]. Core Views - The company's new home sales volume and average price remain stable, leading to consistent cash inflows. The company holds cash significantly exceeding its interest-bearing debt, allowing for ongoing business development and stock buybacks. Since 2021, the company has repurchased over $1 billion annually, with $1.136 billion repurchased in the first half of 2024 alone, indicating strong shareholder returns [1][3]. - The company's stock price corresponds to a valuation of approximately 17.5X PE for 2023, and with increasing expectations of interest rate cuts in the U.S., the company's performance sensitivity to these cuts and stock price elasticity will become evident, suggesting active monitoring [1]. Financial Performance Summary - As of the end of Q2 2024, the company's total capital debt ratio is 18.1%, indicating a low level of leverage. The company holds $2.53 billion in cash and equivalents against $912 million in interest-bearing debt, providing a solid financial foundation for operations and stock buybacks [1][6]. - In Q2 2024, the company reported total revenue of $2.61 billion, a year-on-year increase of 11.7%. Home sales revenue and loan fees were $2.548 billion and $64.566 million, respectively. Net profit was $401 million, a slight decrease of 0.8% year-on-year, with an EPS of $128.2, reflecting a 3.5% increase [3][4]. - The new home sales volume in Q2 2024 was 6,067 units, up 3% year-on-year, with an average selling price of $458,800, also up 3%. The revenue from home sales reached $2.55 billion, a 12% increase year-on-year, driven by an 11% increase in the number of new homes delivered [3][4]. - The company’s loan business also showed growth, with total loans completed in Q2 2024 amounting to $1.53 billion, a 10.7% increase year-on-year, and loan fee income rising by 18.3% to $64.566 million [3][4]. Share Buyback and Capital Management - The company has ample buyback capacity, having repurchased $639 million in Q2 2024 and a total of $1.136 billion in the first half of 2024, exceeding the total buyback amount for the previous year. A new long-term buyback plan of $750 million was authorized on May 7, 2024 [3][8].