研报掘金丨平安证券：招商蛇口业绩平稳增长，销售稳居前列，维持“推荐”评级

Core Viewpoint - The report from Ping An Securities indicates that China Merchants Shekou's net profit attributable to shareholders for the first half of the year is 1.45 billion yuan, reflecting a year-on-year growth of 2.2%, showcasing stable performance in the industry [1] Group 1: Financial Performance - The company achieved a total contracted sales area of 3.35 million square meters and a total contracted sales amount of 88.89 billion yuan in the first half of 2025, ranking fourth in sales scale in the market [1] - The contribution of sales performance from the top 10 core cities increased by 4 percentage points year-on-year, accounting for 70% of total sales [1] - The company acquired 16 land parcels in the first half of the year, with a total construction area of approximately 1.67 million square meters and a total land price of about 35.3 billion yuan, of which the company needs to pay approximately 21.9 billion yuan [1] Group 2: Market Position and Strategy - The company maintains a strong market position in high-energy core cities, with a year-on-year increase in the sales performance of newly launched projects by 4 percentage points and a 6 percentage point increase in the sales performance of held projects [1] - The company secured 3.1 billion yuan in new public market financing in the first half of the year, with the coupon rate being the lowest in the industry during the same period [1] - The company's comprehensive funding cost at the end of the period is 2.84%, which is a decrease of 15 basis points from the beginning of the year, maintaining a leading position in the industry [1] Group 3: Future Outlook - The company's financial condition is stable, with active investment focus and optimized land reserve structure, which is expected to support future development with high-quality assets [1] - The report maintains a "recommended" rating for the company, indicating positive expectations for its future performance [1]