招商蛇口：销售结构优化，财务状况稳健

Investment Rating - The investment rating for the company is "Recommended" (maintained) [2][7] Core Views - The company reported a revenue of 51.27 billion yuan in the first half of 2024, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders was 1.42 billion yuan, down 34.2% year-on-year [3][4] - The decline in net profit was primarily due to a 4.3 percentage point decrease in gross margin to 12% and a reduction in investment income by 350 million yuan [4] - The sales area decreased by 35.9% year-on-year to 4.387 million square meters, and the sales amount fell by 39.3% to 100.95 billion yuan, yet the company remains among the top five in the industry [4] - The company has optimized its sales structure, with a sales equity ratio of 65%, an increase of 9 percentage points year-on-year, and a strong market position in key cities [4] - The financial condition is stable, maintaining a green light under the "three red lines" policy, with a debt-to-asset ratio of 62.4% and a net debt ratio of 59.2% [4] Summary by Sections Financial Performance - Revenue for 2024 is projected at 183.76 billion yuan, with a year-on-year growth of 5.0% [5] - Net profit for 2024 is estimated at 6.51 billion yuan, reflecting a growth of 3.0% [5] - The gross margin is expected to be 12.0% in 2024, with a net margin of 3.5% [5] Sales and Market Position - The company achieved a sales area of 4.387 million square meters in the first half of 2024, with a sales amount of 100.95 billion yuan [4] - The contribution of sales from the top 30 cities is 91%, with the top 10 cities contributing 66%, an increase of 2 percentage points year-on-year [4] Financial Stability - The company’s asset-liability ratio stands at 62.4%, with a net debt ratio of 59.2% and a cash-to-short-term debt ratio of 1.63 times [4] - The financing strategy focuses on maintaining stable leverage and optimizing the financing structure, with bank financing accounting for 64.6% of total financing [4]