VANKE(000002) 东方证券·2024-11-06 11:11Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted target price of 11.42 yuan [2][4]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue of 219.89 billion yuan, down 24.3% year-on-year, and a net loss of 17.94 billion yuan, down 231.7% year-on-year [1]. - The decline in performance is attributed to a decrease in development business settlement and gross margin, alongside impairment losses [1]. - The company has successfully repaid all public debts this year and has a low credit risk for short-term public debts due to strong cash flow management and asset monetization efforts [1]. - The diversified business segments, including property management and logistics, showed stable growth, with property and leasing revenues increasing by 12% and 4% respectively [1]. Financial Summary - The company's revenue for 2022 was 503.84 billion yuan, which decreased to 465.74 billion yuan in 2023, with projections of 372.01 billion yuan for 2024, reflecting a year-on-year decline of 20.1% [3]. - The gross margin has decreased from 19.6% in 2022 to 15.2% in 2023, with a projected drop to 5.0% in 2024 [3]. - The net profit attributable to the parent company is expected to be -20.71 billion yuan in 2024, compared to 12.16 billion yuan in 2023 [3].