公司信息更新报告：营收增长结转权益比下降，一季度拿地强度偏低

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company maintains a strong market position with optimized land reserve structure and advantageous financing channels, benefiting from relaxed real estate policies and industry optimization [5][6] - Revenue for Q1 2024 reached 49.75 billion yuan, a year-on-year increase of 24.5%, while net profit was 3.98 billion yuan, a slight increase of 0.4%. However, the attributable net profit decreased by 18.3% to 2.22 billion yuan due to declining gross margin and equity ratio [6][7] - The company remains the industry leader despite a decline in sales volume, with a sales return rate of 91.53% and a total land acquisition cost of 5.03 billion yuan in Q1 2024 [7][8] Financial Performance Summary - For Q1 2024, the company reported a total revenue of 497.5 billion yuan, with a gross margin of 18.64% and a net margin of 8.01%, both showing a decline compared to the previous year [6] - The company’s total assets decreased by 0.87% while the net assets increased by 0.75%, resulting in a debt-to-asset ratio of 75.88%, down 0.66 percentage points from the end of 2023 [8] - The forecast for attributable net profit for 2024-2026 is 13.19 billion, 14.25 billion, and 15.16 billion yuan respectively, with corresponding EPS of 1.10, 1.19, and 1.27 yuan [5][9]