中银国际：升华润置地目标价至33.86港元 中期业绩符预期

Core Viewpoint - China Resources Land (01109) reported a 19.9% year-on-year revenue growth to 94.9 billion RMB in the first half of the year, meeting expectations [1] Financial Performance - Gross margin increased by 1.8 percentage points to 24% [1] - Development project gross margin rose by 3.2 percentage points to 15.6% due to last year's impairment losses [1] - Investment property gross margin increased by 1.4 percentage points to 72.9% [1] Analyst Outlook - The firm is optimistic about China Resources Land's strong recurring income, robust contract sales performance, and solid financial position [1] - Target price raised by 4.9% to HKD 33.86, maintaining a "Buy" rating [1]