Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has experienced a decline in gross profit margin, leading to short-term pressure on performance, with a 31% year-on-year decrease in net profit attributable to shareholders for the first three quarters of 2024 [1]. - Despite a decrease in sales, the company remains ranked fifth in total sales among peers, with a total sales amount of 145.14 billion yuan, down 36% year-on-year [2]. - The company continues to focus on acquiring land in core cities, with a total land acquisition cost of 28.88 billion yuan in the first three quarters of 2024 [2]. - Financial indicators remain healthy, with total assets of 918.8 billion yuan and a debt-to-asset ratio of 60.4% as of the end of Q3 2024 [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 78.01 billion yuan, a year-on-year increase of 2.9%, while net profit attributable to shareholders was 2.601 billion yuan, a decrease of 31% [1]. - The gross profit margin decreased by 8.3 percentage points to 10% due to industry downturns and changes in revenue recognition [1]. - Investment income increased significantly by 131.7% year-on-year to 3.7 billion yuan, partially offsetting the decline in net profit [1]. Sales and Land Acquisition - The company’s total sales for the first three quarters of 2024 were 145.14 billion yuan, with a year-on-year decline of 36%, which is slightly better than the overall decline of 38.6% for the top 100 real estate companies [2]. - The company acquired 14 plots of land with a total land price of 28.88 billion yuan, focusing on first and second-tier cities such as Shanghai, Guangzhou, and Chengdu [2]. Financial Health - As of the end of Q3 2024, the company reported total assets of 918.8 billion yuan, a decrease of 4.6% year-on-year, and total liabilities of 630.5 billion yuan, down 5.5% year-on-year [2]. - The company’s net debt ratio was 48.3%, and the cash-to-short-term debt ratio was 2.07 times, indicating a solid financial position [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.57 yuan [2] Core Views - The company's Q3 revenue increased by 9.64% YoY to 26.737 billion yuan, while net profit attributable to shareholders decreased by 26.78% YoY to 1.183 billion yuan [1] - The company's gross margin for the first three quarters of 2024 was 9.95%, down 2.03 percentage points from the first half of 2024 and 8.3 percentage points from the same period in 2023 [1] - The company's sales remained stable, with a cumulative contracted sales area of 6.4244 million square meters and a cumulative contracted sales amount of 145.171 billion yuan in the first three quarters of 2024 [1] - The company acquired 14 land parcels in the first three quarters of 2024, with a total planned construction area of 1.3997 million square meters and a total land price of 28.884 billion yuan [1] - The company's operating cash flow improved, with a net cash flow from operating activities of 12.971 billion yuan in the first three quarters of 2024 [1] - The company's REIT for rental housing was listed on the Shenzhen Stock Exchange, raising 1.3635 billion yuan [1] - The company announced a share repurchase plan with a total amount of 351 million to 702 million yuan, demonstrating management's confidence in the company's future development [1] Financial Performance - The company's revenue for the first three quarters of 2024 was 78.009 billion yuan, an increase of 2.88% YoY, while net profit attributable to shareholders was 2.601 billion yuan, a decrease of 31% YoY [1] - The company's EPS for the first three quarters of 2024 was 0.22 yuan, a decrease of 43.59% YoY [1] - The company's sales, management, and R&D expense ratio was 4.41%, down 0.36 percentage points YoY, while the financial expense ratio was 2.11%, up 0.38 percentage points YoY [1] - The company's net profit attributable to shareholders for 2024E, 2025E, and 2026E is forecasted to be 5.5896 billion yuan, 6.20966 billion yuan, and 7.82952 billion yuan, respectively [4] - The company's EPS for 2024E, 2025E, and 2026E is forecasted to be 0.62 yuan, 0.69 yuan, and 0.86 yuan, respectively [4] Valuation and Ratios - The company's P/E ratio for 2024E, 2025E, and 2026E is forecasted to be 18.30, 16.47, and 13.07, respectively [4] - The company's P/B ratio for 2024E, 2025E, and 2026E is forecasted to be 0.84, 0.82, and 0.78, respectively [4] - The company's P/S ratio for 2024E, 2025E, and 2026E is forecasted to be 0.55, 0.52, and 0.49, respectively [4] - The company's EV/EBITDA ratio for 2024E, 2025E, and 2026E is forecasted to be 11.57, 9.86, and 8.36, respectively [4] Industry and Market Position - The company ranks fifth in terms of full-caliber and equity-caliber sales among the top 100 real estate companies tracked by CRIC [1] - The company's land acquisitions in Q3 2024 were concentrated in core first- and second-tier cities such as Shanghai, Guangzhou, Hangzhou, Xi'an, and Zhengzhou, maintaining its advantage in high-quality land reserves [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company achieved operating revenue of 78.009 billion yuan in the first three quarters of 2024, a year-on-year increase of 2.88%. However, the net profit attributable to shareholders decreased by 31% to 2.601 billion yuan, primarily due to a decline in gross profit margin from project transfers. It is expected that the company's profitability will gradually recover as low-margin projects are completed [2][6] - Sales figures showed a decline, with total sales amounting to 145.14 billion yuan, down 35.9% year-on-year, and sales area decreasing by 30.5% to 6.38 million square meters. The decline in sales has narrowed compared to the first half of the year [2][7] - The company plans to repurchase shares to boost market confidence, with an expected repurchase amount between 351 million yuan and 702 million yuan [2][8] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported operating revenue of 78.009 billion yuan, a 2.88% increase year-on-year. The gross profit margin was 9.95%, down 8.3 percentage points year-on-year, and the net profit attributable to shareholders was 2.601 billion yuan, a 31% decrease [6] - For the third quarter alone, the company achieved revenue of 26.737 billion yuan, a 9.64% increase year-on-year, with a gross profit margin of 6.05%, down 16.4 percentage points year-on-year [6] Sales and Land Acquisition - The company maintained a strong position in the industry, with sales of 145.14 billion yuan in the first three quarters, down 35.9% year-on-year, and a sales area of 6.38 million square meters, down 30.5% year-on-year. The decline in both sales and area has narrowed compared to the first half of the year [7] - The company focused on acquiring land in core cities, with seven land acquisitions in the third quarter, primarily in Shanghai, totaling a planned construction area of 598,400 square meters. The equity land acquisition amount for the first three quarters was 16.02 billion yuan, down 39.9% year-on-year [7] Share Repurchase Plan - On October 16, 2024, the company announced a share repurchase plan using its own or raised funds through centralized bidding, with a maximum repurchase price of 15.68 yuan per share. The total repurchase amount is expected to be between 351 million yuan and 702 million yuan, potentially repurchasing approximately 22.3852 to 44.7704 million shares, representing 0.25% to 0.49% of the company's total share capital [8] Future Projections - The company is projected to achieve operating revenues of 186.837 billion yuan, 200.382 billion yuan, and 212.932 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 6.76%, 7.25%, and 6.26%. The net profit attributable to shareholders is expected to be 6.356 billion yuan, 7.481 billion yuan, and 9.042 billion yuan for the same years, with growth rates of 0.57%, 17.71%, and 20.86% [9][10]

证 券 研 究 报 告 招商蛇口（001979）2024 年三季报点评 推荐（维持） 毛利率下滑，聚焦高质量土储 目标价：13 元 当前价：11.57 元 事项： 公司 2024 年前三季度实现营业收入约 780.09 亿元，同比增长 2.88%，归母净 利润约 26.01 亿元，同比下降 31%。其中第三季度实现营业收入约 267.37 亿 元，同比增长 9.64%，归母净利润约 11.83 亿元，同比下降 26.78%。 评论： 毛利率下滑，归母净利承压。公司前三季度实现营业收入约 780.09 亿元，同 比增长 2.88%，归母净利润约 26.01 亿元，同比下降 31%。营收与归母净利润 增速不一致，主因开发业务项目结转毛利率同比下降。公司前三季度毛利率为 9.95%，相较去年同期 18.25%、上半年 11.98%，分别下滑 8.3pcts、2.03pcts。 前三季度权益销售金额 1002 亿元，同比下降 29%。2024 年 1-9 月，公司累计 签约面积 642.44 万方，同比下降 30%，实现销售金额 1451.71 亿元，同比下降 35.9%，其中权益销售额 1002 亿元，同比下降 2 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2024-114 招商局蛇口工业区控股股份有限公司 回购报告书 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 重要内容提示： 1、回购方案基本情况： （1）回购股份目的：招商局蛇口工业区控股股份有限公司（以下简称"公 司"或"招商蛇口"）基于对公司未来发展的信心，为增强投资者信心，有效维 护广大投资者的利益、增强投资者对公司的投资信心、稳定及提升公司价值，公 司拟以自有资金或自筹资金通过深圳证券交易所交易系统以集中竞价交易方式 进行股份回购，本次回购的股份将全部予以注销并减少公司注册资本。 （2）拟回购价格：不超过人民币15.68元/股，该价格不超过董事会审议通 过本次回购股份决议前30个交易日公司股票交易均价的150%。 （3）拟回购金额：不低于人民币3.51亿元，不超过人民币7.02亿元，具体 回购资金总额以回购期满时实际回购股份使用的资金总额为准。 （4）回购资金来源：本次回购股份的资金来源为公司自有资金或自筹资金。 5、相关风险提示： （1）本次回购方案需征询债权人同意，存在债权人不同意而要 ...

法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12层 邮政编码：518038 11&12/F., TaiPing Finance Tower, NO. Yitian Road 6001, Futian District，ShenZhen, P.R. CHINA 电话(Tel.)：(0755) 88265064, 88265288 传真(Fax.)：(0755)83243108 网址（Website）：http:// www.sundiallawfirm.com 致：招商局蛇口工业区控股股份有限公司 广东信达律师事务所 关于招商局蛇口工业区控股股份有限公司 二〇二四年第三次临时股东大会的法律意见书 信达会字(2024)第286号 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东大 会规则》（下称"《规则》"）等法律、法规、规范性文件以及现行有效的《招商 局蛇口工业区控股股份有限公司章程》（下称"《公司章程》"）的规定，广东信 达律师事务所（下称"信达"）接受招商局蛇口工业区控股股份有限公司（下称"贵 公司"）的委托，指派张森林律师、金川律师（下称"信达律师"）参加贵公司20 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2024-112 招商局蛇口工业区控股股份有限公司 2024 年第三次临时股东大会决议公告 公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述 或重大遗漏。 特别提示： 1、本次会议没有否决议案。 2、本次会议不涉及变更前次股东大会决议。 一、会议召开的情况 招商局蛇口工业区控股股份有限公司（以下简称"公司"或"本公司"）于2024年10月 17日在《中国证券报》《证券时报》《上海证券报》《证券日报》及指定信息披露网站巨 潮资讯网刊登了《关于召开2024年第三次临时股东大会的通知》。 公司2024年第三次临时股东大会于2024年11月1日下午2：30在公司总部会议室召开。 会议采用现场投票与网络投票表决相结合的方式。会议由公司董事会召集，董事长蒋铁 峰因公务未能出席本次股东大会，经半数以上董事推举，由董事、总经理朱文凯主持。会 议的召集、召开符合《公司法》、《上市公司股东大会规则》和本公司《公司章程》的相 关规定。 二、会议的出席情况 出席会议的股东及股东代理人 1,771 人，代表股份 6,283,372,290 股， ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2024-113 招商局蛇口工业区控股股份有限公司 关于回购股份用于注销并减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 一、通知债权人的原因 招商局蛇口工业区控股股份有限公司（以下简称"公司"或"招商蛇口"） 于 2024 年 10 月 16 日召开第三届董事会 2024 年第十二次临时会议，于 2024 年 11 月 1 日召开 2024 年第三次临时股东大会，审议通过了《关于以集中竞价交易 方式回购公司股份方案的议案》，具体内容详见公司披露在巨潮资讯网 （www.cninfo.com.cn）上的相关公告。 1、申报时间：2024 年 11 月 2 日至 2024 年 12 月 16 日，9:00-11:30，14:00- 17:00（双休日及法定节假日除外） 在回购股份价格不超过人民币 15.68 元/股的条件下，按回购金额上限测算， 预计回购股份数量约为 4,477.04 万股，约占公司当前总股本的 0.49%，按回购 金额下限测算，预计回购股份数量约为 2,2 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][5] Core Views - The company achieved a revenue of 78.01 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 2.9%, while the net profit attributable to shareholders was 2.6 billion yuan, a decline of 31% year-on-year [3][4] - The company's sales volume remains among the top in the industry, with a sales area of 6.424 million square meters, down 30% year-on-year, and a sales amount of 145.17 billion yuan, down 35.9% year-on-year [4] - The company has increased its investment intensity, with new land reserves of 1.4 million square meters and a total land price of 28.9 billion yuan [4] Financial Performance Summary - Revenue (in million yuan): 2022A: 183,003; 2023A: 175,008; 2024E: 183,758; 2025E: 189,271; 2026E: 193,056 [6] - Net Profit (in million yuan): 2022A: 4,264; 2023A: 6,319; 2024E: 6,510; 2025E: 6,639; 2026E: 6,942 [6] - Gross Margin (%): 2022A: 19.3; 2023A: 15.9; 2024E: 12.0; 2025E: 11.9; 2026E: 12.2 [6] - Net Margin (%): 2022A: 2.3; 2023A: 3.6; 2024E: 3.5; 2025E: 3.5; 2026E: 3.6 [6] - Return on Equity (ROE) (%): 2022A: 4.2; 2023A: 5.3; 2024E: 5.3; 2025E: 5.2; 2026E: 5.3 [6] Cash Flow Summary - Operating cash flow (in million yuan): 2023A: 31,043; 2024E: -19,464; 2025E: 50,293; 2026E: 44,821 [8] - Net cash increase (in million yuan): 2023A: 1,409; 2024E: -69,914; 2025E: 551; 2026E: 379 [8]

Investment Rating - The report maintains a "Recommended" rating for the company [2][5] Core Views - The company reported a slight increase in revenue for the first three quarters of 2024, achieving 78.009 billion yuan, a year-on-year growth of 2.88%. However, the net profit attributable to shareholders decreased by 31% to 2.601 billion yuan, with basic earnings per share dropping by 43.59% to 0.22 yuan [2][5] - The decline in gross profit margin significantly impacted net profit, with a gross margin of 9.95% for the first three quarters of 2024, down 8.3 percentage points from the same period last year [2][5] - The company experienced a decrease in sales volume and price due to the overall industry downturn, with sales area dropping by 29.99% and sales amount decreasing by 35.85% [2][5] - The company has maintained high-quality land acquisition, with a land price of 14.27 billion yuan for 598,400 square meters, resulting in a land price per square meter of 23,846.44 yuan, which is higher than the average sales price [2][5] - Financial leverage is being strictly controlled, with a debt-to-asset ratio of 60.36% and a net debt ratio of 48.28% as of the end of the third quarter of 2024 [2][5] - The company successfully launched a public REIT for rental housing, raising a total of 1.3687 billion yuan [2][5] - The forecast for net profit attributable to shareholders for 2024-2026 is 6.718 billion yuan, 7.705 billion yuan, and 8.379 billion yuan, respectively, with corresponding EPS of 0.74 yuan, 0.85 yuan, and 0.92 yuan [2][5] Summary by Sections Financial Performance - Revenue for 2023 is projected at 175.008 billion yuan, with a growth rate of -4.37%. For 2024, revenue is expected to reach 185.035 billion yuan, reflecting a growth rate of 5.73% [5][8] - The net profit for 2023 is estimated at 6.319 billion yuan, with a profit growth rate of 48.20%. The forecast for 2024 is 6.718 billion yuan, with a growth rate of 6.30% [5][8] - The gross margin is projected to be 15.89% for 2023, decreasing to 14.98% in 2024 [5][8] Key Financial Ratios - The report provides key financial ratios, including a PE ratio of 15.76 for 2023, decreasing to 14.82 in 2024, and a PB ratio of 0.83 for 2023, slightly increasing to 0.84 in 2024 [5][8] - The report also highlights a projected ROE of 5.28% for 2023, increasing to 5.70% in 2024 [5][8]