2024年1季报点评：结转提速

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 13.65 [1][2]. Core Insights - The company achieved a revenue of 23.7 billion yuan in Q1 2024, representing a year-on-year growth of 58.2%. The net profit attributable to shareholders was 3 billion yuan, an increase of 22.2% year-on-year [1][2]. - The company is focusing on core cities for land acquisition, with a land acquisition intensity higher than the industry average. In Q1 2024, the company acquired land worth 9.9 billion yuan, a year-on-year increase of 9.2% [1][2]. - The report highlights that while the company is experiencing a speed-up in revenue recognition, profit margins are still stabilizing. The gross profit margin improved by 1.9 percentage points to 14.5% [1][2]. Financial Performance Summary - The company reported total revenue of 175.008 billion yuan for 2023, down 4% from the previous year, while the net profit attributable to shareholders was 6.319 billion yuan, up 48% year-on-year [2][3]. - The earnings per share (EPS) for 2024 is projected to be 0.79 yuan, with a growth forecast of 13% for the following year [1][2]. - The company’s operating profit margin for 2023 was 7.2%, with a projected increase to 9.2% in 2024 [2][3]. Business Strategy - The company is diversifying its operations, with the development business's revenue share dropping below 90% for the first time, while asset operation and urban services are increasing their contributions [1][2]. - The report emphasizes the company's commitment to sustainable and diversified operations, aiming to provide comprehensive solutions for urban development and industrial upgrades [2][3].