Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of the year, with operating income of 53.37 billion yuan, down 23.5% year-on-year, and a net profit attributable to shareholders of 210 million yuan, down 89.7% year-on-year, primarily due to increased impairment provisions and a rise in expense ratios [1][2]. Financial Performance - The company experienced a 23.5% year-on-year decrease in operating income, totaling 53.37 billion yuan, and a net profit drop of 89.7% to 210 million yuan [1]. - The decline in profit was attributed to increased impairment provisions, which amounted to 1.72 billion yuan, an increase of 300 million yuan compared to the same period last year, and a rise in the combined expense ratio to 7.0%, up 1.1 percentage points year-on-year [1][2]. Land Acquisition and Inventory - The company added 35 new projects in the first half of the year, with an expected saleable value of 90.7 billion yuan, representing a 172% year-on-year increase, ranking third nationally [2]. - 88% of the new land reserves are located in first and second-tier cities, with 47% specifically in Hangzhou, and the total saleable inventory as of the end of June was 451.8 billion yuan, with 80% in first and second-tier cities, an increase of 4 percentage points from the end of last year [2]. Sales Efficiency - The company achieved a sales amount of 80.3 billion yuan from self-invested projects, a decline of 6% year-on-year, which is 5 percentage points lower than the average decline among the top 100 real estate companies [2]. - The focus on core cities has led to an increase in the proportion of sales in first and second-tier cities to 86%, up 6 percentage points year-on-year, with a first launch absorption rate of 80%, an increase of 2 percentage points from the previous year [2]. Future Outlook - The company maintains its buy rating and target price unchanged, projecting earnings per share (EPS) of 0.58 yuan for 2025 and 2026, and 0.61 yuan for 2027, reflecting confidence in the company's long-term performance in the "good housing" era [3].
绿城中国(3900.HK)：业绩阶段性承压 积极补仓核心城市