VANKE(000002) 开源证券·2024-11-11 13:00Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company maintains a leading position in sales scale despite a year-on-year contraction in sales volume and price. The land reserve is relatively sufficient, and financing support is robust, with frequent loan guarantees [3][4] - The company achieved a sales area of 1,439,000 square meters in October 2024, a year-on-year decrease of 28.05%, with a sales amount of 21.36 billion yuan, down 32.89% year-on-year. Cumulatively, from January to October 2024, the company sold 14,744,000 square meters, a decrease of 26.94%, with a total sales amount of 202.55 billion yuan, down 35.17% year-on-year [3][6][7] - The company acquired two plots of land in September 2024, totaling 69,000 square meters, with a total equity land price of 335 million yuan. One plot is located in Hangzhou, and the other in Qingdao [3][4] Financial Summary and Valuation Indicators - The company's projected net profit for 2024-2026 is estimated at -6.05 billion yuan, 0.75 billion yuan, and 2.755 billion yuan, respectively. The corresponding EPS is projected to be -0.51 yuan, 0.01 yuan, and 0.23 yuan [3][4] - The current stock price corresponds to a PE ratio of -18.8, 1504.2, and 41.2 times for the years 2024, 2025, and 2026, respectively [3][4] - The company's total revenue for 2024 is projected to be 354.09 billion yuan, reflecting a year-on-year decrease of 24.0% [4][9]