Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant decline in performance, with a notable increase in sales and smooth financing channels [7] - In Q1 2025, the company achieved a revenue of 18.484 billion yuan, a year-on-year increase of 164.1%, while the net profit decreased by 46.1% [7] - The company maintained a strong sales performance, ranking 8th in the industry, with a sales amount of 29.49 billion yuan, up 45% year-on-year [7] - The company is focusing on core urban areas for investment and has a solid land reserve [7] - The company remains in the green zone for the "three red lines" policy, indicating a stable financial position [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 61.672 billion yuan, with a year-on-year growth rate of 2.8% [6] - The net profit forecast for 2025 is 980 million yuan, with a year-on-year growth rate of 3.1% [6] - The earnings per share for 2025 is projected to be 0.36 yuan [6] - The company’s gross profit margin is expected to be 14.3% in 2025 [6] - The return on equity (ROE) is projected to be 4.8% for 2025 [6]