新大正：24Q2营收同增14%，多业态稳健发展

Investment Rating - The report downgrades the investment rating to "Accumulate" based on lower-than-expected actual performance in 2023 and revised revenue and profit forecasts for 2024-2026 [4][5]. Core Insights - The company reported a revenue increase of 14% year-on-year in Q2 2024, with a total revenue of 8.59 billion yuan and a net profit attributable to the parent company of 42.37 million yuan, reflecting a 9.1% increase [2]. - The company is experiencing steady growth across multiple business segments, with office properties showing significant growth [4]. - The report highlights the impact of intensified industry competition and minimum price bidding policies on the gross margin of mature projects, which has decreased by 0.25 percentage points [2][4]. Financial Performance Summary - Revenue (in million yuan) is projected to grow from 3,126.91 in 2023 to 4,551.76 in 2026, with growth rates decreasing from 20.35% in 2023 to 12.84% in 2026 [1]. - The net profit attributable to the parent company is expected to decline from 160.13 million yuan in 2023 to 213.82 million yuan in 2026, with a notable drop of 13.75% in 2023 [1][4]. - The company's EBITDA is forecasted to increase from 202.78 million yuan in 2023 to 288.92 million yuan in 2026 [1]. Business Segment Performance - Revenue from office properties reached 7.23 billion yuan, growing by 23.9% year-on-year, while public properties and school properties also showed positive growth [2]. - The company has successfully developed new projects in various sectors, including finance, healthcare, and education, indicating a diversified growth strategy [2][4].