建发国际集团（01908）：高质高效，逆势进阶

Investment Rating - The report assigns a "Buy" rating for the company [11]. Core Insights - The company benefits from the brand, credit, and resource support of its controlling shareholder, Xiamen C&D Group, and has achieved a significant sales scale ranking improvement to sixth place in the first half of 2025 despite industry downturns [3][6]. - The company's asset quality and turnover efficiency remain leading, with a robust performance outlook and a focus on shareholder returns, indicating substantial room for valuation recovery and a high dividend yield [3][9]. Company Overview - The company is a state-owned enterprise in Xiamen that has achieved significant growth, leveraging the support of its controlling shareholder and its own investment strategies to emerge as a quality leader in the real estate market [6][19]. - Since its listing in 2016, the company has transitioned from a "dark horse" to a "white horse" in quality, with a sales scale ranking that has improved significantly [20]. Competitive Advantages - The company maintains leading asset quality and turnover efficiency, with a focus on rapid inventory turnover and a healthy inventory structure, which reduces pressure during industry downturns [7][42]. - The company has a strong regional presence, particularly in Fujian Province, and has been enhancing its product offerings, which supports its competitive edge in project turnover [7][42]. Investment Recommendations - The company is positioned as a potential winner in the industry, with strong short-term operational performance and a solid competitive position [8]. - The company aims to achieve a total land acquisition target of 150 billion yuan for the year, with a strong performance in the first half of 2025, indicating a positive sales outlook [8][9]. - The projected net profit for 2025-2027 shows steady growth, with corresponding price-to-earnings ratios indicating that the market has not fully reflected the company's long-term competitiveness [9].