Economic Observation Network Jinyu Group (02009. HK) conducted research and evaluation on the feasibility of share repurchases, and the cash receipts in the first half of the year increased by 21.9% year-on-year, with the current stock price deeply breaking through net.

Business related situation:
The company has clearly stated that it will "study and evaluate the feasibility of share repurchases" in the second half of the year Considering that the current A-share stock price of 1.42 yuan (closing on July 31st) has deeply broken through the net asset value (net asset value per share of 3.51 yuan) If the repurchase plan is implemented, it will be the most direct support signal for the stock price. On the policy front, market value management of central and state-owned enterprises is a hard task, and this line can be continuously tracked.

Financial and project situation:
In the first half of the year, cash receipts amounted to 7.92 billion yuan, a year-on-year increase of 21.9%, and contract liabilities increased to 10.859 billion yuan The progress of the transfer of projects such as Huaxi Yunjin in Beijing in the second half of the year, as well as the development pace of the Tongzhou Tuqiao plot (with a premium of 27%) that was just acquired on August 27th It will directly affect when the real estate sector will shift from "losing blood" to "recovering blood".

Debt financing situation:
The company's interest bearing debt balance is 130.157 billion yuan, with an asset liability ratio of 68.91% Whether the scale of bond issuance will recover in the second half of the year and how financing costs will change will determine whether financial expenses will continue to erode profits.

Core operating logic:
The main cement industry is experiencing a simultaneous decline in both quantity and price, making it difficult to reverse in the short term The catalyst for stock prices mainly depends on two points - the landing of repurchases and the turning point of real estate carry over. Before these two signals appear, the fundamentals are likely to maintain a bottoming state.

The above content is based on publicly available information and does not constitute investment advice.