建发国际集团：当期业绩下滑，资产优、流动性高

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][9]. Core Insights - The company reported a revenue of 32.753 billion RMB for the first half of 2024, a year-on-year increase of 34.5%, while the net profit attributable to shareholders decreased by 36.4% to 0.817 billion RMB [2]. - Revenue growth was primarily driven by the development business, which accounted for 94.7% of total revenue, with a 36.4% year-on-year increase [2]. - The decline in net profit was attributed to several factors, including a decrease in gross margin due to a downturn in the real estate market, an increase in management expenses, and a decrease in the proportion of project settlements [2]. - The company achieved a total sales amount of 66 billion RMB, a decrease of 31% year-on-year, but improved its industry ranking to 7th place [2]. - The company maintained a strong cash flow, with a collection rate of 98% and total cash inflow of 64.7 billion RMB [2]. - The company led the industry in land acquisition, spending 42 billion RMB in the first half of 2024, with a land rights ratio of 78% [2]. - Financially, the company remains stable with a cash-to-short-term debt ratio of 5.0x and a declining average interest rate on debt of 3.65% [2]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 153.473 billion RMB, with a growth rate of 14.17% [5]. - Net profit for 2024 is estimated at 5.338 billion RMB, reflecting a growth rate of 6.02% [5]. - The diluted earnings per share for 2024 is expected to be 2.646 RMB [5]. Market Position - The company has entered over 70 cities, with 46 of them ranking in the local sales top 10 [2]. - The company’s market share has improved due to its focus on core cities and operational cash flow management [2]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 4.8 for 2024, decreasing to 3.9 by 2026 [5]. - The price-to-book (P/B) ratio is expected to decline from 0.76 in 2023 to 0.50 by 2026 [5].