当期营收利润下滑，销售投资积极稳健

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][8]. Core Insights - The company's revenue and net profit declined in Q1 2024, with revenue at 131.34 billion RMB, down 21.6% year-on-year, and net profit at 600 million RMB, down 23.9% year-on-year [2]. - The supply chain segment experienced a revenue drop of 24.1% to 122.64 billion RMB, while the real estate segment saw a revenue increase of 13.3% to 6.59 billion RMB, but still reported a net loss [2]. - The company is focusing on core cities for real estate investments, with land acquisition amounting to 4.3 billion RMB in Q1 2024, ranking 12th in the industry [2]. Summary by Sections Financial Performance - Q1 2024 revenue was 131.34 billion RMB, a decrease of 21.6% year-on-year; net profit was 600 million RMB, down 23.9% [2]. - Supply chain revenue was 122.64 billion RMB, with a net profit of 770 million RMB, while the real estate segment had a revenue of 6.59 billion RMB but reported a net loss of 57.78 million RMB [2]. - The company expects net profits for 2024-2026 to be 6.76 billion RMB, 8.40 billion RMB, and 9.32 billion RMB, with year-on-year growth rates of -48.4%, 24.2%, and 11.0% respectively [2]. Investment Strategy - The company is focusing on strengthening its supply chain risk control and maintaining a steady investment approach in real estate [2]. - The current stock price corresponds to a PE ratio of 4.6, 3.7, and 3.3 for 2024-2026, indicating potential undervaluation [2]. Market Position - The company ranks 7th in real estate sales with a total of 31.5 billion RMB, down 31% year-on-year, while its subsidiary ranked 26th with 8 billion RMB, down 44% [2]. - The report highlights the company's strong market position despite the overall decline in the real estate sector [2].