招商蛇口：营收基本持平，扣非净利润稳健

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][14]. Core Views - The company reported a slight decline in revenue, with operating income of 51.273 billion yuan, down 0.33% year-on-year, and a significant drop in net profit attributable to shareholders of 1.417 billion yuan, down 34.17% year-on-year. The decline in net profit is primarily due to a decrease in gross margin from project handovers and a lack of high equity investment income compared to the previous year [10][11]. - The company achieved a stable sales scale, ranking among the top five in the industry, with sales amounting to 100.952 billion yuan, a decrease of 39.3% year-on-year, and a sales area of 4.3871 million square meters, down 35.9% year-on-year. The focus remains on high-energy cities, with 91% of sales coming from 30 key cities [12][13]. - Financially, the company remains robust, with all three red lines in the "green zone." The comprehensive financing cost has decreased to 3.25%, down 22 basis points from the beginning of the year [13][14]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating income of 51.273 billion yuan, a slight decline of 0.33% year-on-year. The net profit attributable to shareholders was 1.417 billion yuan, down 34.17% year-on-year, while the net profit after deducting non-recurring items was 1.399 billion yuan, a slight increase of 0.45% year-on-year [10][11]. Sales and Market Position - The company maintained a strong market position, with sales of 100.952 billion yuan in the first half of 2024, a decrease of 39.3% year-on-year. The sales area was 4.3871 million square meters, down 35.9% year-on-year. The company focuses on high-energy cities, with 91% of sales coming from 30 key cities [12]. Financial Health - The company’s financial health is stable, with a debt-to-asset ratio of 68.16% and a net debt ratio of 59.17%. The cash-to-short-term debt ratio is 1.63, and the comprehensive financing cost is 3.25%, reflecting a decrease of 22 basis points since the beginning of the year [13][14].