衢州发展：公司季报点评：结算推升营收，前三季度销售收入增加

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Views - The report highlights that the company's revenue for the first three quarters of 2024 reached 14.121 billion yuan, a year-on-year increase of 279.28%, with the third quarter alone generating 1.502 billion yuan, up 69.66% year-on-year [5]. - The net profit attributable to shareholders for the first three quarters was 1.983 billion yuan, with a third-quarter net profit of 448 million yuan, reflecting a year-on-year increase of 30.98% [5]. - The report indicates that the increase in revenue is primarily due to higher real estate settlement income, while the net profit growth is attributed to increased gross profit from real estate settlements and gains from changes in the fair value of financial assets [5]. Summary by Relevant Sections Financial Performance - The company achieved a weighted average return on equity of 4.59% for the first three quarters of 2024, a slight decrease of 0.02 percentage points year-on-year [5]. - The company reported a total revenue of 17.210 billion yuan for 2023, with projections of 21.617 billion yuan for 2024, reflecting a year-on-year growth of 25.6% [8][10]. - The net profit for 2024 is projected to be 2.208 billion yuan, representing a year-on-year increase of 35.3% [10]. Real Estate Operations - In the first nine months of 2024, the company did not acquire new land reserves, with new construction area at 359,000 square meters and completed area at 415,900 square meters, a decrease of 6.54% year-on-year [6]. - The company achieved a settlement area of 372,400 square meters and settlement revenue of 15.680 billion yuan, a year-on-year increase of 241.58% [6]. - Contract sales area reached 278,000 square meters with contract sales revenue of 6.758 billion yuan, marking increases of 25.35% and 186.36% year-on-year, respectively [6]. Valuation and Future Outlook - The reasonable value range for the company is estimated to be between 2.86 and 3.38 yuan, with an expected EPS of 0.26 yuan for 2024 [7]. - The report suggests that the company's investments in high-tech enterprises have exceeded 10 billion yuan, contributing to a more favorable valuation using the price-to-book (PB) ratio, projected at 0.55-0.65 times for 2024 [7].