业绩低于预期，销售跑赢行业

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 revenue decline of 21.6% year-on-year and a net profit decrease of 23.9% year-on-year. However, the company outperformed the industry in sales [6] - The company is expected to benefit from a recovery in its real estate division and stable growth in its supply chain operations, supported by a strong project portfolio and brand effect [6] Financial Summary - For Q1 2024, the company reported revenue of 1,313.4 billion yuan, a decrease of 21.6% year-on-year, and a net profit of 6.0 billion yuan, down 23.9% year-on-year. The adjusted net profit was 2.8 billion yuan, a decline of 15.8% year-on-year [6][7] - The company's gross margin for Q1 2024 was 3.9%, an increase of 1.5 percentage points year-on-year, while the net margin was 0.3%, a decrease of 0.2 percentage points year-on-year [6] - The real estate division's revenue for Q1 2024 was 65.9 billion yuan, up 13.3% year-on-year, but it reported a net loss of 0.15 billion yuan [6] - The supply chain division's revenue for Q1 2024 was 1,226.4 billion yuan, down 24.1% year-on-year, with a net profit of 7.9 billion yuan, an increase of 1.3% year-on-year [6] Sales Performance - The company's real estate sales for Q1 2024 were 395 billion yuan, a decrease of 34% year-on-year, ranking 6th in the industry, which is an improvement from the previous year [6] - The company has a land reserve of 23.09 million square meters, corresponding to a value of 333 billion yuan, indicating a need for further land acquisition [6] Future Projections - The report forecasts the company's net profit for 2024 to be 5.03 billion yuan, with a projected PE ratio of 6.2X for 2024 and 5.2X for 2025, indicating a favorable valuation [6][7]