YUEXIU PROPERTY(00123) 民生证券·2024-08-31 05:08Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company's net profit has been under pressure, with a core net profit of 1.74 billion RMB in the first half of 2024, a decrease of 18.8% year-on-year, despite a revenue increase of 10.1% to 35.34 billion RMB [1] - The company has a sufficient amount of sold but unrecognized revenue, totaling 190.91 billion RMB, which supports future performance [1] - The company has maintained a healthy financial status with all "three red lines" indicators in the green zone, indicating a stable financial health [1] Financial Performance - In the first half of 2024, the company achieved a revenue of 35.34 billion RMB, a year-on-year increase of 10.1% [1] - The gross profit margin decreased to 13.7%, down 4.1 percentage points year-on-year, attributed to increased sales and marketing costs [1] - The average borrowing rate decreased to 3.57%, down 41 basis points year-on-year [1] Sales and Market Position - The company reported a sales amount of 55.4 billion RMB in the first half of 2024, a decline of 33.8% year-on-year, ranking ninth nationally [1] - In the Greater Bay Area, the company achieved a contract sales amount of approximately 26.11 billion RMB, accounting for 47.1% of total sales [1] Land Acquisition and Development - The company has expanded its land reserves through a diversified acquisition model, adding 12 plots of land with a total construction area of approximately 1.72 million square meters [1] - As of the first half of 2024, 94% of the company's land reserves are located in first- and second-tier cities, with the Greater Bay Area and Guangzhou accounting for 77.9% [1] Future Projections - Revenue projections for 2024-2026 are estimated at 83.97 billion RMB, 86.84 billion RMB, and 92.08 billion RMB, with year-on-year growth rates of 4.7%, 3.4%, and 6.0% respectively [1][2] - The projected PE multiples for 2024-2026 are 4X for both 2024 and 2025, and 3X for 2026 [1]