23Q3 revenue / deduction of non-homing year-on-year-5% Universe 5%, maintaining the "overweight" rating

The company's 9M23 realized revenue of 16.47 billion yuan, year-on-year-5.9%, realized return net profit / deducted non-net profit 8.5 / 600 million yuan, year-on-year-29.2% Charley 18.5% (retroactive), of which 23Q3 realized revenue of 5.9 billion, year-on-year-4.8%, homed net profit / deducted non-net profit 240.13 billion yuan, year-on-year-29.2% cusp 5.3% (retroactive), mainly due to the provision for impairment of receivables. Taking into account the slow recovery of the real estate industry since the beginning of this year, we have adjusted the company's 23-25 return net profit forecast to 1.02 billion yuan (the previous value is 15.1 pound 1.75 billion).

Comparable company's 23-year Wind consensus expected average 13xPE, taking into account the company as an industry leader in income, profit scale, the future demand recovery phase performance flexibility or less than comparable companies, approved to give the company 23-year 12xPE, adjust the target price to 5.40 yuan (the previous value 6.25 yuan), maintain the "overweight" rating.

The 23Q3 expense rate is optimized, and the individual impairment is reduced over the same period last year, driving the deduction of non-net interest rate to improve year-on-year. 9M23's comprehensive gross profit margin is 15.0%, year-on-year-0.7pctJet Q3 comprehensive gross profit margin is 14.3%, year-on-year-1.1pct, month-on-month-2.3pct. The expense rate of 9M23 during the period is 7.7%, compared with the same period last year-0.03pct.

Among them, the sales / management / R & D / financial expense rate is 7.6% during the period of sales / management / R & D / financial expense rate compared with the same period last year + 0.15max / 0.17max / 0.41max / 0.06pctje 23Q3, which is 7.6% compared with the same period last year-0.39pct. The impairment expense of 9M23 accounts for 1.61% of revenue ratio from + 1.26pct to 1.61%, of which 23Q3 is year-on-year-0.24pct, while the impairment of individual provision is prepared to return to 108 million yuan, a decrease of 62 million yuan compared with the same period last year. 9M23 income tax expenditure is 53 million, year-on-year-22 million, of which Q3 expenditure is 20 million yuan, 22Q3 is-26 million. Under the combined impact, 9M23 deducts 3.7% non-net interest rate, year-on-year-0.6pct, of which Q3 is 2.3%, year-on-year + 0.2pct, month-on-month-2.3pct.

The operating cash flow of 9M23 improved compared with the same period last year, and the interest-bearing debt ratio reduced the operating net cash flow of 9M23 by-490 million yuan, with an outflow of 90 million yuan less than the same period last year, mainly due to a decrease of 364 million yuan in taxes and other cash related to business activities compared with the same period last year. The interest-bearing liability ratio / asset-liability ratio at the end of 23Q3 is 2.8% and 64.0%, which is higher than that at the end of 23H1 and 0.19/+0.50pct compared with the same period of last year-0.5/-1.9pct.

23Q3 newly signed orders + 14.8% compared with the same period last year, actively adjust the structure to promote the upgrading of 9M23 Company's cumulative newly signed / unsigned contracts: 18.45 billion, year-on-year + 7.5%, 11.4%, including public / residential / design + 5.6%, 7.1%, 29.9%. 23Q3 signed 6.41 billion yuan in a single quarter, a year-on-year increase of 14.8%. By the end of 23Q3, the company had signed unfinished orders of 24.04 billion,-3.3% of the same period last year, or about 1.1 times the 22-year operating income. Under the premise of ensuring risk control, the company accelerates business transformation and upgrading, and the assembly business continues to develop. At the same time, the company focuses on the development of medical care and education plates, optimizes the downstream structure, obtains the special equipment industrial pipeline (GC2) qualification and medical device business license, and has opened the clean mechanical and electrical engineering market segment.

Risk hint: the order growth is not as expected; the project payback is not as expected.