TANDE(600665) 华创证券·2024-07-19 04:31Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 3 yuan, corresponding to a PE ratio of 14.8 times for 2024 [9][24][26]. Core Insights - The company is expected to report a net profit attributable to shareholders of between -22.8 million yuan and -34.2 million yuan for the first half of 2024, indicating a significant decline in performance due to low-margin project settlements and a decrease in delivered project areas [4][9]. - The company's sales amount is projected to decline by 55% year-on-year in the first half of 2024, with the core market in Xi'an accounting for approximately 67% of total sales [25][26]. - The company has focused its investments in Xi'an, particularly in the Central Innovation Zone, acquiring a residential land plot with a total price of 1.082 billion yuan [12][26]. Financial Performance Summary - Total revenue for 2024 is estimated at 10.942 billion yuan, a decrease of 5.1% compared to 2023 [10]. - The net profit attributable to shareholders is projected to recover to 175 million yuan in 2024, following a loss of 390 million yuan in 2023 [10]. - Earnings per share (EPS) are forecasted to be 0.20 yuan in 2024, 0.27 yuan in 2025, and 0.43 yuan in 2026 [10][26]. Market Position and Strategy - The company has established a strong reputation and operational capability in Xi'an, which is expected to support its long-term recovery despite current market pressures [26]. - The company plans to acquire land totaling 510,000 square meters in 2024, with an expected investment of 5.6 billion yuan, focusing on the Xi'an high-tech zone [12][26].