华发股份：当期业绩承压，回购股份提振市场信心

Investment Rating - The report assigns a "Buy" rating to the company [2][4]. Core Insights - The company reported a revenue of 31.559 billion yuan for the first three quarters of 2024, a year-on-year decrease of 33.21%, and a net profit attributable to shareholders of 1.331 billion yuan, down 39.56% year-on-year. The decline in performance is primarily due to reduced project delivery and a decrease in gross profit margin, which stood at 15.81%, down 1.91 percentage points from the same period in 2023 [2][6]. - The company has improved its sales ranking, now positioned 11th in the industry, an increase of three places compared to the full year of 2023. The sales amount for the first three quarters was 65.12 billion yuan, a decrease of 37% year-on-year [2][6]. - A share repurchase plan was announced, with an amount between 300 million to 600 million yuan intended for employee stock ownership plans or equity incentives, aimed at boosting market confidence [2][6]. - Future performance is expected to improve under the support of policies aimed at stabilizing the real estate sector, leading to the "Buy" rating [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 31.559 billion yuan, down 33.21% year-on-year, and a net profit of 1.331 billion yuan, down 39.56% year-on-year. The gross profit margin was 15.81%, a decline of 1.91 percentage points from the previous year [2][6]. - The sales amount for the third quarter alone was 6.716 billion yuan, reflecting a year-on-year decrease of 57.42%, with a net profit of 66 million yuan, down 75.98% year-on-year [6]. Market Position - The company’s sales ranking improved to 11th in the industry, up three places from 2023, with a total sales amount of 65.12 billion yuan for the first three quarters, which is a 37% decrease year-on-year [2][6]. Share Repurchase - The company announced a share repurchase plan on October 29, 2024, intending to buy back shares worth 300 million to 600 million yuan within 12 months, all for employee stock ownership plans or equity incentives, with a repurchase price not exceeding 9.83 yuan per share [2][6]. Future Outlook - The report anticipates that the company’s revenue for 2024-2026 will be 78.141 billion, 83.700 billion, and 85.615 billion yuan, representing year-on-year growth rates of 8.31%, 7.11%, and 2.29% respectively. The net profit for the same period is projected to be 1.551 billion, 1.685 billion, and 1.815 billion yuan, with respective year-on-year changes of -15.63%, +8.65%, and +7.75% [2][6].