中国海外发展：聚焦核心城市，经营保持稳健

Investment Rating - The investment rating for the company is "Outperform the Market" [4][16]. Core Views - The company reported a 23.5% decline in net profit attributable to shareholders, with a revenue of 86.9 billion yuan, down 2.5% year-on-year. The core net profit, excluding foreign exchange gains and property revaluation, was 10.6 billion yuan, also down 23% [5][11]. - Despite the decline in overall sales amounting to 148.4 billion yuan (down 17.6%), the company maintained a leading position in the industry with a sales area of 5.44 million square meters, down 32.3%. The average selling price increased by 21.7% to 27,279 yuan per square meter, driven by strong performance in first-tier cities [8][11]. - The company has a solid financial position with a gross margin of 22.1%, a debt-to-asset ratio of 50.0%, and a net debt ratio of 38.7%. The average financing cost was 3.5%, with a significant portion of loans in RMB [11][13]. Financial Performance and Forecast - The company is expected to achieve revenues of 221.6 billion yuan and net profits of 26.1 billion yuan in 2024, with earnings per share (EPS) projected at 2.38 yuan [2][14]. - The company’s market share increased by 0.49 percentage points to 3.15%, with 83% of sales coming from first-tier and strong second-tier cities [8][11]. - The company has a total land reserve of 49.05 million square meters, sufficient for approximately three years of development needs, with unsold but recognized revenue of 254.1 billion yuan, a 7.1% increase from the end of 2023 [8][11].