建发股份：拟收购建发房产股权，规划增强股东回报

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company announced plans to acquire a 10% stake in its subsidiary, Jianfa Real Estate, for a valuation of 3.066 billion yuan, which will increase its ownership to 64.654% [2][11] - The acquisition is expected to enhance the company's profitability and increase net profit attributable to shareholders, maintaining the "Buy" rating [2][11] - The company plans to distribute at least 30% of the distributable profits to shareholders in cash annually, with a minimum dividend of 0.7 yuan per share for 2024-2025 [2][11] Summary by Sections Acquisition Details - The acquisition price for the 10% stake in Jianfa Real Estate is based on a valuation of 30.66 billion yuan, with the total assessed value of Jianfa Real Estate at 306.63 billion yuan [11] - Post-acquisition, the company's stake in Jianfa Real Estate will rise from 54.654% to 64.654%, while Jianfa Group's stake will decrease from 43.346% to 35.346% [11] Financial Performance - The company reported a projected net profit attributable to shareholders of 3.621 billion yuan for 2024, a decrease of 72.36% year-on-year, followed by increases of 14.47% and 9.60% in 2025 and 2026, respectively [11] - Earnings per share (EPS) are expected to be 1.23 yuan in 2024, 1.41 yuan in 2025, and 1.54 yuan in 2026 [11] Market Position - Jianfa Real Estate achieved a total sales amount of 116.4 billion yuan from January to November 2024, ranking 7th in the industry, a significant improvement from 61st in 2017 [11] - The company maintained a high land acquisition intensity, with a total land acquisition amount of 37 billion yuan, ranking 5th in the industry [11]