LJZ(SH:600663) KAIYUAN SECURITIES·2024-08-28 03:09Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has expanded its commercial and office property portfolio, resulting in a significant increase in signed sales amount [4] - The company reported a revenue of 4.598 billion yuan for the first half of 2024, representing a year-on-year growth of 15.5% [4] - The net profit attributable to shareholders decreased by 21.2% year-on-year to 555 million yuan [4] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 1.26 billion, 1.43 billion, and 1.62 billion yuan respectively [4] - The current price-to-earnings (P/E) ratios are projected to be 29.6, 26.0, and 23.0 for 2024, 2025, and 2026 respectively [4] Financial Performance - The company achieved a signed sales inflow of 4.308 billion yuan in the first half of 2024, a remarkable year-on-year increase of 583% [6] - The residential property sales contributed 2.702 billion yuan, with a contract sales area of 20,900 square meters, reflecting a 21% increase year-on-year [6] - The overall sales rate for the projects on sale was 84% [6] - The rental income from office leasing decreased by 10% to 1.676 billion yuan [5] - The hotel property performance improved, with an occupancy rate of 73%, up by 8 percentage points year-on-year [5] Property Portfolio - The company holds a total of 2.05 million square meters of operational Grade A office space, an increase of 139,000 square meters year-on-year [5] - The total area of commercial properties increased to 606,000 square meters, with rental income rising by 2% to 220 million yuan [5] - The company has a strong pipeline of residential properties, with ample resources available for sale [4]