CMSK(SZ:001979) Ping An Securities·2024-04-30 03:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company achieved a revenue of 23.75 billion yuan in Q1 2024, representing a year-on-year increase of 58.2%, while the net profit attributable to shareholders was 330 million yuan, up 22.2% year-on-year [2][3] - The significant revenue growth is primarily attributed to an increase in the scale of real estate development business turnover [3] - The gross margin improved slightly to 14.5%, an increase of 1.9 percentage points year-on-year [3] Financial Performance Summary - Revenue (in million yuan): - 2022A: 183,003 - 2023A: 175,008 - 2024E: 183,758 (5.0% YoY growth) - 2025E: 189,271 (3.0% YoY growth) - 2026E: 193,056 (2.0% YoY growth) [4] - Net Profit (in million yuan): - 2022A: 4,264 - 2023A: 6,319 - 2024E: 7,306 (15.6% YoY growth) - 2025E: 7,972 (9.1% YoY growth) - 2026E: 8,759 (9.9% YoY growth) [4] - Gross Margin (%): - 2022A: 19.3 - 2023A: 15.9 - 2024E: 15.9 - 2025E: 16.1 - 2026E: 16.6 [4] - Earnings Per Share (EPS): - 2022A: 0.47 - 2023A: 0.70 - 2024E: 0.81 - 2025E: 0.88 - 2026E: 0.97 [4] Investment Strategy - The report maintains the original forecast for the company, expecting EPS of 0.81 yuan, 0.88 yuan, and 0.97 yuan for 2024-2026, with corresponding P/E ratios of 11.0x, 10.0x, and 9.1x [3][4] - The company is viewed positively for its solid financial condition and focused investment strategy, which is expected to support future growth [3]