CHIXIA DEVELOPMENT(600533) 开源证券·2024-04-30 14:30Investment Rating - The investment rating for the company is "Outperform" (previously downgraded) [24][26]. Core Insights - The company's performance is under pressure due to the real estate development sector, but financing channels remain open [9][26]. - In 2023, the company reported a significant decline in revenue and net profit, with a revenue of 4.77 billion and a net loss of 130 million, representing year-on-year changes of -31.0% and -171.2% respectively [11][27]. - The first quarter of 2024 saw further declines, with revenue of 510 million and a net loss of 30 million, reflecting year-on-year changes of -72.4% and -362.3% respectively [11][27]. - The company plans to issue up to 2.286 billion in medium-term notes to repay maturing debt financing tools [6][12]. Financial Summary - The company's operating cash flow turned negative in Q1 2024, with a net cash flow of -290 million, a decrease of 133.49% compared to the same period in 2023 [6][12]. - As of the end of Q1 2024, the company had cash and cash equivalents of 2.5 billion, insufficient to cover short-term borrowings and non-current liabilities due within one year totaling 4.79 billion [6][12]. - The company has issued a total of 100.8 billion in bonds and asset-backed securities from 2023 to Q1 2024 [6][12]. - The projected net profit for 2024-2026 is revised to 50 million, 100 million, and 200 million respectively, with corresponding EPS of 0.05, 0.09, and 0.19 [11][27]. Sales Performance - In 2023, the company reported real estate development, construction services, and property management revenues of 4.0 billion, 300 million, and 210 million respectively, with year-on-year changes of -39.4%, +231.4%, and +13.1% [27]. - The first quarter of 2024 showed a drastic decline in sales, with a sales area of 6000 square meters and sales amounting to 148 million, down 85.6% and 91.5% year-on-year [27].