单季利润转亏，盘活资产回笼现金

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stable performance in the coming years [2][8]. Core Insights - The company reported a revenue of 61.59 billion RMB in Q1 2024, a decrease of 10.1% year-on-year, and a net profit attributable to shareholders of -0.36 billion RMB, down 125.0% year-on-year [2]. - The decline in revenue and profit is primarily attributed to a decrease in the scale of development business settlements and a drop in gross profit margin [2]. - The company ranks third in the industry in terms of sales amount, with a total sales amount of 58 billion RMB in Q1 2024, down 42.8% year-on-year [2]. - The company has a significant amount of unsold but contracted sales, amounting to 350.1 billion RMB, which provides some support for revenue in the current year [2]. - The operational service business continues to grow, contributing 10.95 billion RMB in revenue, a year-on-year increase of 12.0%, with a gross profit margin of 18.9%, up 5.4 percentage points [2]. - The company has actively pursued multi-channel financing and asset disposal, achieving a cash return of 4.2 billion RMB from large assets in Q1 2024 [2]. Summary by Sections Financial Performance - Q1 2024 revenue: 61.59 billion RMB, down 10.1% year-on-year - Q1 2024 net profit: -0.36 billion RMB, down 125.0% year-on-year - Development business revenue: 46.67 billion RMB, down 13.8% year-on-year, with a gross margin of 10.5%, down 6.7 percentage points [2][5]. Operational Insights - The company’s operational service business revenue: 10.95 billion RMB, up 12.0% year-on-year - Logistics and warehousing revenue: 0.97 billion RMB, up 1.0% year-on-year - Rental housing revenue: 0.83 billion RMB, up 7.3% year-on-year [2]. Financing and Cash Flow - Cash return from large assets: 4.2 billion RMB in Q1 2024 - Total cash and cash equivalents: 83.07 billion RMB, covering short-term debt obligations - New financing cost: 3.33%, down 28 basis points from 2023 [2].