开工同比提升，投资持续聚焦

Investment Rating - The investment rating for the company is "Recommended" (maintained) [2] Core Views - The company reported a significant decline in revenue and net profit for Q1 2024, with revenue at 7 billion yuan, down 41.5% year-on-year, and net profit at 350 million yuan, down 35.3% year-on-year. This decline is attributed to a decrease in the scale of real estate project deliveries compared to the same period last year [4][5] - Despite the revenue drop, the company has a relatively sufficient amount of unrecognized resources, with contract liabilities at 97.32 billion yuan, up 6.2% year-on-year. The controlling shareholder has shown confidence in the company's future by increasing its stake by 31.68 million shares, representing 1.15% of the total share capital, with a total investment of 290 million yuan [5] - The company has focused its investments, with new construction area increasing by 162.8% year-on-year to 404,000 square meters in Q1 2024. The total area under construction at the end of the quarter was 11.425 million square meters [5] Financial Summary - For the years 2024 to 2026, the expected earnings per share (EPS) are projected to be 0.70 yuan, 0.75 yuan, and 0.79 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 9.3x, 8.7x, and 8.2x [5][6] - The company's total revenue for 2024 is estimated at 74.309 billion yuan, with a year-on-year growth of 3.0%. The net profit for the same year is projected to be 1.936 billion yuan, reflecting a year-on-year increase of 5.3% [6][8] - The company's asset-liability ratio stands at 71.4%, indicating a high level of debt relative to its assets [2][8]