CMSK(SZ:001979) KAIYUAN SECURITIES·2024-10-11 05:38Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has experienced a decrease in sales scale, but its industry ranking remains stable. The sales during the National Day holiday were strong, contributing to a recovery in multiple business lines [2][4] - The company is focusing on acquiring land in core cities, with a total of three plots acquired in September 2024, amounting to a total cost of 6.544 billion yuan [3][13] - The company’s sales performance in September 2024 showed a signed sales amount of 14.358 billion yuan, a year-on-year decrease of 29.07%, and a cumulative signed sales amount of 145.171 billion yuan for the first nine months of 2024, down 35.85% year-on-year [10][11] Financial Summary - The company’s projected operating revenue for 2024 is 190.022 billion yuan, with a year-on-year growth of 8.6%. The projected net profit attributable to the parent company is 6.391 billion yuan, reflecting a slight increase of 1.1% year-on-year [5] - The average selling price in September 2024 was 20,664.94 yuan per square meter, down 21.43% year-on-year, while the cumulative average selling price for the first nine months was 22,596.82 yuan per square meter, down 8.37% year-on-year [10][11] - The company’s total market capitalization is approximately 94.776 billion yuan, with a circulating market capitalization of about 87.054 billion yuan [2] Sales Performance - During the National Day holiday, the company attracted over 51,100 customers for offline visits and activities, achieving sales of 12.5 billion yuan [4] - The company’s sales area in September 2024 was 694,800 square meters, a year-on-year decrease of 9.73%, with a cumulative sales area of 6.4244 million square meters for the first nine months, down 29.99% year-on-year [10][12] Land Acquisition Strategy - The company’s investment strategy for 2024 emphasizes regional focus and deep cultivation in key cities, particularly the top 10 core cities. The three plots acquired in September are located in Shanghai, Guangzhou, and Xi'an [3][13]