Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a significant year-on-year increase in net profit attributable to shareholders, with a 133% rise to 1.01 billion yuan in the first half of 2024, despite an 18% decline in total revenue to 21.975 billion yuan [2]. - The company remains in the top tier of sales, with a sales amount of 45.5 billion yuan in the first half of 2024, ranking 12th in the industry and maintaining a collection rate above 90% [2]. - Land acquisition has slowed but remains focused on popular cities, with a total land reserve of 24.62 million square meters as of mid-2024 [2]. - The company has successfully issued two dividends since the listing of its REITs, with a second dividend annualized distribution rate of 5.01% [2]. - Financing channels are smooth, with a year-on-year decrease in financing costs by 13% to 12.67 billion yuan [2]. Summary by Sections Revenue and Profitability - Total revenue for the first half of 2024 was 21.975 billion yuan, down 18% year-on-year, with the urban operation and property development segment contributing 17.073 billion yuan, a 23% decline [2]. - The gross profit margin for property development remained stable at 11%, while the gross profit margins for property leasing and hotel operations increased by 5 and 7 percentage points, respectively [2]. Sales Performance - The company recorded a sales amount of 45.5 billion yuan in the first half of 2024, with a collection rate of 93% [2]. - The unsold value of properties is approximately 300 billion yuan, with 84% located in first and second-tier cities [2]. Land Acquisition - The company acquired several land parcels in key cities, with a total saleable area exceeding 300,000 square meters [2]. REITs and Dividends - The company has issued two dividends since the launch of its REITs, demonstrating a commitment to returning value to investors [2]. Financing and Costs - The company issued two unsecured medium-term notes totaling 5 billion yuan at a final interest rate of 2.8% [2]. - Financing costs decreased to 12.67 billion yuan, down 13% from the previous year [2].
中国金茂：2024年半年报点评：公司归母净利同比大幅提升，销售规模稳居第一梯队