业绩低于预期，融资优势明显

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's Q1 2024 performance was below expectations, with a year-on-year revenue decline of 41.5% to 7 billion yuan and a net profit decrease of 45.7% to 430 million yuan [6] - Despite the decline in performance, the company has a strong financing advantage, with a diversified financing channel and successful completion of equity financing [6] - The company has a solid land reserve and focuses on core urban areas, which supports future growth potential [6] Financial Performance Summary - Q1 2024 revenue was 7 billion yuan, down 41.5% year-on-year, while net profit was 430 million yuan, down 45.7% [6][7] - The company's gross margin and net margin for Q1 2024 were 15.1% and 6.2%, respectively, showing a decline compared to the previous year [6] - The company reported a pre-revenue of 97.82 billion yuan, which is 1.4 times the revenue for 2023, indicating a secured future revenue stream [6] Sales and Market Position - In Q1 2024, the company achieved sales of 20.37 billion yuan, a decrease of 59% year-on-year, but improved its national ranking to 11th place [6] - The company has a land reserve of 4.34 million square meters and is focused on strategic acquisitions in major cities [6] Financing and Debt Management - As of Q1 2024, the company maintained a healthy financial position with a net debt ratio of 70% and a cash-to-short-term debt ratio of 1.5 times [6] - The company successfully completed a public offering of A-shares, raising 5.1 billion yuan, and has issued various debt instruments totaling 2.21 billion yuan in 2024 [6]