KAIYUAN SECURITIES·2024-08-29 03:17Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company has experienced a slight decline in revenue but maintains a relatively stable gross profit margin. The core city market share has increased, and commercial property income continues to grow [4][2] - The company focuses on high-energy urban core areas, providing strong profit certainty, and maintains its profit forecast for the years 2024-2026 [4][2] Financial Performance - In the first half of 2024, the company achieved revenue of 869.4 billion yuan, a year-on-year decrease of 2.5%. The profit attributable to shareholders was 103.1 billion yuan, down 23.5% year-on-year [4][2] - The gross profit margin and net profit margin were 22.1% and 13.3%, respectively, showing a decrease of 0.5 percentage points and 2.7 percentage points year-on-year [4][2] - The company declared an interim dividend of 0.30 HKD per share, in line with expectations [4][2] Market Position - The company's sales amount and area in the first half of 2024 were 1483.8 billion yuan and 544.0 million square meters, respectively, down 17.6% and 32.3% year-on-year. However, its domestic market share increased by 0.49 percentage points to 3.15% [4][2] - The company ranked first in the equity sales list for the first half of the year, with total sales in first-tier cities exceeding 100 billion yuan [4][2] Commercial Property Growth - Commercial property income increased by 19.8% year-on-year to 35.4 billion yuan, with a shopping center occupancy rate of 96.6% and a revenue increase of 57.6% [4][2] - The company has sufficient available funds, with total borrowings of 2555.7 billion yuan and cash on hand of 1002.4 billion yuan [4][2]