招商蛇口2024年H1业绩快报点评：利润率筑底中

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's performance in H1 2024 met expectations, with a revenue of 51.27 billion yuan, a slight decrease of 0.3% year-on-year, and a net profit attributable to shareholders of 1.41 billion yuan, down 34.2% year-on-year. The focus on the second growth curve and core quality cities and projects is expected to lead to performance upgrades in the future [5][6] - The profit margin continues to bottom out, with the overall revenue in H1 2024 declining by 0.3%. The gross profit margin from development projects has decreased year-on-year, and the profit margin attributable to shareholders has also declined [6] - The company has adopted a cautious approach to land investment, with a significant decrease in both the amount and area of land acquired in H1 2024, down 64.9% and 66.2% respectively. The land investment intensity has also dropped from 25% in the same period of 2023 to 14% [6] - The company is diversifying its operations, with the proportion of revenue from development business falling below 90% for the first time, indicating a shift towards a more stable and diversified business model [6] Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of 51.27 billion yuan, a year-on-year decrease of 0.3%, and a net profit of 1.41 billion yuan, down 34.2% year-on-year. The EPS for 2024-2026 is maintained at 0.79, 0.85, and 0.94 yuan respectively, with a target price of 13.18 yuan [6][12] - The operating profit margin decreased by 3.8 percentage points to 5.7%, and the net profit margin attributable to shareholders fell by 1.4 percentage points to 2.8% [6] Land Investment - The company has shown a cautious stance in land acquisition, with a 64.9% decrease in land investment amount and a 66.2% decrease in area acquired in H1 2024. The land investment intensity has decreased significantly [6] Business Diversification - The revenue share from development business has decreased to 87.8%, while the shares from asset operation and urban services have increased, indicating a strategic shift towards diversification [6]