业绩双位数增长，拿地聚焦核心城市

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company achieved a revenue of 23.75 billion yuan in Q1 2024, representing a year-on-year increase of 58.2%, and a net profit of 3.3 billion yuan, up 22.2% year-on-year, which aligns with expectations [6] - The company focuses on land acquisition in core cities, with a land acquisition amount of 9.91 billion yuan in Q1 2024, a 9% increase year-on-year, while the sales amount decreased by 44% [6] - The company has a strong financial position with a debt-to-asset ratio of 49% and a net debt ratio of 45%, indicating a solid capital structure [6] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 23.75 billion yuan, a 58.2% increase year-on-year, and a net profit of 3.3 billion yuan, a 22.2% increase year-on-year [6][7] - The gross profit margin was 14.5%, an increase of 1.9 percentage points year-on-year, while the net profit margin was 1.4%, a decrease of 0.4 percentage points year-on-year [6] - The company’s total revenue for 2023 was 175.008 billion yuan, with a net profit of 9.106 billion yuan [8] Land Acquisition and Sales - The company’s sales amount in Q1 2024 was 40.21 billion yuan, down 44% year-on-year, ranking fifth in the industry [6] - The average land price was 20,800 yuan per square meter, accounting for 86% of the sales average price [6] - The company’s land acquisition strategy is focused on first and second-tier cities such as Shanghai, Chengdu, Hefei, and Nanjing [6] Future Projections - The projected net profit for 2024 is 8.032 billion yuan, with subsequent projections of 12.066 billion yuan for 2025 and 13.437 billion yuan for 2026 [7][8] - The company’s earnings per share are expected to be 0.89 yuan in 2024, increasing to 1.33 yuan in 2025 and 1.48 yuan in 2026 [7][8]