越秀地产：大股东计划增持，坚定看好公司价值

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The major shareholder plans to increase their stake in the company, indicating strong confidence in its intrinsic value [4][5] - Despite a decline in sales, the company has improved its industry ranking, focusing investments on core first and second-tier cities [4][5] - The company is classified as a green enterprise, maintaining low financing costs while actively expanding [4][5] Financial Summary - The company reported a sales amount of 30.01 billion yuan from January to April 2024, a year-on-year decrease of 47.5%, with a sales area of 1.023 million square meters, down 38.7% [4] - The company achieved a total sales target completion of 20.4% for the year [4] - The company acquired five land parcels in Shanghai, Guangzhou, and Hefei, with a total investment of 7.42 billion yuan, a year-on-year decrease of 48% [4] - The company's land reserve at the end of 2023 was 25.67 million square meters, distributed across 29 cities [4] Profit Forecast - The report forecasts net profits for 2024-2026 to be 3.20 billion yuan, 3.54 billion yuan, and 3.91 billion yuan respectively [5][6] - The current price corresponds to a price-to-earnings ratio of 6.1 for 2024 and 5.5 for 2025 [5][6] Revenue and Profit Trends - The company's revenue is projected to grow from 80.22 billion yuan in 2023 to 91.85 billion yuan in 2024, reflecting a year-on-year growth rate of 14.5% [6][8] - The net profit is expected to slightly increase from 3.18 billion yuan in 2023 to 3.20 billion yuan in 2024, indicating a minimal growth rate of 0.6% [6][8]