业绩双位数增长，投资持续聚焦

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a revenue of 23.747 billion yuan in Q1 2024, representing a year-on-year increase of 58.22%, and a net profit attributable to shareholders of 332 million yuan, up 22.22% year-on-year [2]. - The company's sales scale remains in the top five of the industry, with a total sales amount of 40.208 billion yuan in Q1 2024, down 44.36% year-on-year, and a sales area of 1.6659 million square meters, down 45.43% year-on-year [2]. - The company continues to focus on investment in key cities, acquiring four land parcels in Q1 2024, with a total land price of 9.912 billion yuan and an equity price of 8.456 billion yuan, maintaining a high equity ratio of 85.32% [2]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 23.747 billion yuan, a 58.22% increase year-on-year, and a net profit of 332 million yuan, a 22.22% increase year-on-year [2]. - The company expects net profits for 2024-2026 to be 9.11 billion yuan, 11.81 billion yuan, and 14.35 billion yuan, with year-on-year growth rates of 44.2%, 29.6%, and 21.6% respectively [3]. Sales and Market Position - The company’s total sales in Q1 2024 were 40.208 billion yuan, placing it fifth in the industry despite a year-on-year decline of 44.36% [2]. - The sales area for the same period was 1.6659 million square meters, reflecting a decrease of 45.43% year-on-year [2]. Investment Strategy - The company acquired four land parcels in Q1 2024, focusing on "strong cities" and maintaining a high equity ratio of 85.32% [2]. - The total land area acquired was 477,300 square meters, with a total land price of 9.912 billion yuan [2].