CMSK(SZ:001979)2024-10-14 10:34Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its long-term value and development prospects [5]. Core Views - The chairman's proposal to repurchase shares demonstrates confidence in the company's sustainable development and long-term value recognition. The repurchase plan involves a total amount of no less than RMB 3.51 billion and no more than RMB 7.02 billion, with a buyback price cap of 150% of the average trading price over the previous 30 trading days [5]. - In the first nine months of 2024, the company reported a sales amount of RMB 145.17 billion, a year-on-year decrease of 36%, ranking fifth in the industry. The land acquisition to sales ratio stands at 20%, focusing on core cities [5][6]. - The company remains in the green zone for the "three red lines" financial metrics, with a debt-to-asset ratio of 62% and a net debt ratio of 59%. The weighted financing cost is 3.25%, indicating a continuous optimization of financing costs [6]. - The company is expected to benefit from its financing advantages and focus on core cities, with a projected net profit of RMB 6.6 billion, RMB 7.3 billion, and RMB 8.1 billion for 2024, 2025, and 2026 respectively [5][7]. Financial Summary - For 2024E, the total revenue is projected to be RMB 179.25 billion, with a year-on-year growth rate of 2.4%. The net profit attributable to the parent company is expected to be RMB 6.65 billion, reflecting a growth rate of 5.2% [7]. - The company’s earnings per share (EPS) for 2024E is forecasted at RMB 0.73, with a price-to-earnings (PE) ratio of 14 times based on the current price [7][9].