Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has significantly outperformed the industry in land acquisition and sales, effectively clearing historical burdens through reasonable impairment provisions [1]. - The financial health of the company remains robust, with a strong liquidity position and a well-structured debt profile [1]. - The company focuses on core cities for land acquisition, ensuring efficient conversion and strong sales performance [1]. - Future performance is expected to stabilize and improve as historical burdens decrease and project equity ratios increase [1]. Financial Performance Summary - For H1 2024, the company reported revenue of RMB 69.56 billion, a year-on-year increase of 22.1%, while net profit was RMB 3.32 billion, down 28.5% [1]. - The core net profit for H1 2024 was RMB 4.95 billion, reflecting a 27.5% increase [1]. - The overall gross margin for the period was 13.1%, a decrease of 4.3 percentage points [1]. - The company issued bonds totaling RMB 5.134 billion in H1 2024 and completed offshore debt replacements totaling USD 8.17 billion [1]. - The total interest-bearing debt at the end of the reporting period was RMB 148.31 billion, with a net debt ratio of 67.2% [1]. Sales and Land Acquisition - The company achieved a contract sales amount of RMB 126.5 billion in H1 2024, a decrease of 5.7% year-on-year, with self-invested sales amounting to RMB 85.4 billion, down 13.0% [1]. - The self-invested equity sales amount was RMB 60.8 billion, down 3.9%, with the self-invested equity ratio reaching a record high of 71.2% [1]. - In H1 2024, the company acquired 15 new projects with an equity land acquisition amount of RMB 15.4 billion, with a projected saleable value of RMB 33.3 billion [1]. Future Projections - The company forecasts revenues of RMB 134.31 billion, RMB 131.80 billion, and RMB 136.79 billion for 2024, 2025, and 2026, respectively [1]. - Projected net profits for the same years are RMB 3.14 billion, RMB 3.23 billion, and RMB 3.42 billion, with corresponding EPS of RMB 1.24, RMB 1.28, and RMB 1.35 [1][2].
绿城中国：1H拿地销售显著优于行业，合理减值出清历史包袱