营收利润同比下滑，拿地聚焦一线城市

Investment Rating - The report maintains a "Buy" rating for the company, with expected growth in stock price over the next 6-12 months exceeding 15% [2][6]. Core Views - The company reported a significant decline in revenue and profit in Q1 2024, with revenue at 7.0 billion RMB, down 41.5% year-on-year, and net profit at 0.35 billion RMB, down 35.3% year-on-year [1]. - The decline in revenue is attributed to a decrease in the delivery and turnover of real estate projects, while net profit decline was slightly mitigated by an increase in investment income from joint ventures [1]. - The company is focusing on acquiring land in first-tier cities, having secured two plots in Shanghai and Guangzhou, totaling a construction area of 37,000 square meters [1]. - The company anticipates a recovery in performance as quality projects are delivered, with net profit forecasts for 2024-2026 at 2.01 billion RMB, 2.26 billion RMB, and 2.56 billion RMB, representing growth rates of 9.4%, 12.2%, and 13.5% respectively [2]. Summary by Sections Revenue and Profit Analysis - Q1 2024 revenue decreased by 41.5% year-on-year to 7.0 billion RMB, while net profit fell by 35.3% to 0.35 billion RMB [1]. - The gross margin for Q1 2024 was 15.09%, down 2.03 percentage points year-on-year [1]. Sales and Land Acquisition - Sales amount in Q1 2024 was 20.4 billion RMB, down 59% year-on-year, with a sales area of 685,000 square meters, also down 58% [1]. - The company acquired two land parcels in first-tier cities, focusing on strategic locations [1]. Construction Activity - New construction area in Q1 2024 was 400,000 square meters, up 164% year-on-year, while completed area was 1.29 million square meters, up 94% [1]. - As of March 2024, the total area under construction was 11.42 million square meters, a decrease of 470,000 square meters from the end of 2023 [1]. Financial Forecast - The company’s revenue projections for 2024-2026 are 79.29 billion RMB, 84.68 billion RMB, and 90.50 billion RMB, with growth rates of 9.91%, 6.79%, and 6.87% respectively [3]. - The projected net profit for 2024-2026 is 2.01 billion RMB, 2.26 billion RMB, and 2.56 billion RMB, with corresponding growth rates of 9.43%, 12.18%, and 13.50% [3].