建发国际集团（01908）：业绩靓眼、销投改善、资产质量优异

Investment Rating - The report maintains a "Buy" rating for the company [2][7][17] Core Views - The company has demonstrated strong performance with a revenue increase of 4.3% year-on-year in H1 2025, achieving a total revenue of 34.16 billion yuan [7] - The company's asset quality is excellent, with a significant increase in sales and land acquisition, indicating a robust market position [7] - The financial health remains strong, with all three red lines maintained in the green zone, and a decreasing financing cost [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 134.43 billion yuan - 2024: 142.99 billion yuan - 2025E: 149.85 billion yuan - 2026E: 157.19 billion yuan - 2027E: 172.28 billion yuan - Year-on-year growth rates for revenue are projected at 34.9% for 2023, 6.4% for 2024, and gradually decreasing thereafter [6][8] - Net profit attributable to the parent company is forecasted as follows: - 2023: 5.035 billion yuan - 2024: 4.804 billion yuan - 2025E: 5.064 billion yuan - 2026E: 5.327 billion yuan - 2027E: 5.882 billion yuan [6][8] - Earnings per share (EPS) is projected to be 2.36 yuan in 2023, decreasing to 2.10 yuan in 2025E, and then increasing to 2.44 yuan by 2027E [6][8] Sales and Investment Highlights - The company achieved a total sales amount of 70.7 billion yuan in H1 2025, a year-on-year increase of 7% [7] - The average selling price increased by 25% year-on-year to 26,500 yuan per square meter [7] - The company acquired 26 new land parcels with a total investment of 49.5 billion yuan, reflecting an 18% increase year-on-year [7] Financial Health - The company's asset-liability ratio stands at 58.9%, with a net debt ratio of 33.4% and a cash-to-short-term debt ratio of 3.9 times [7] - The weighted average financing cost has decreased to 3.17%, indicating improved financial conditions [7]