YUEXIU PROPERTY(00123) 开源证券·2024-08-29 03:18Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company has a stable investment outlook with ample land reserves, maintaining its annual sales target. The mid-term dividend payout ratio remains stable. The company reported a revenue growth of 10.1% year-on-year for the first half of 2024, despite a decline in net profit by 15.9% [2][3] - The company’s gross margin is under pressure, decreasing by 4.1 percentage points year-on-year to 13.7%. The operating cash flow for the first half of 2024 was 61.3 billion, with cash at the end of the period amounting to 481.4 billion, an increase of 4.4% from the beginning of the year [2][3] - The company achieved a contract sales amount of 554.0 billion, a decrease of 33.8% year-on-year, but improved its sales ranking to 9th place. The sales target for the year remains unchanged at 1,470 billion [2][3] - The company has diversified its land acquisition strategies, adding 12 plots of land with a total construction area of 1.72 million square meters, focusing on high-tier cities. The total land reserve is 25.03 million square meters, with significant portions in the Greater Bay Area and Guangzhou [2][3] - The company’s commercial properties generated rental income of 297 million, a year-on-year increase of 41.3%. The average financing cost decreased by 41 basis points to 3.57% [2][3] Financial Summary and Valuation Indicators - For the first half of 2024, the company reported revenue of 353.4 billion, net profit of 18.3 billion, and core net profit of 17.4 billion. The expected net profits for 2024-2026 are projected at 35.2 billion, 39.7 billion, and 44.3 billion respectively, with corresponding EPS of 0.88, 0.99, and 1.10 [3][4] - The company’s P/E ratios for 2024, 2025, and 2026 are projected at 4.0, 3.5, and 3.2 respectively, indicating a favorable valuation compared to earnings growth [3][4]