Tianfeng Securities·2024-09-02 09:30Investment Rating - The investment rating for the company is adjusted to "Accumulate" [3] Core Views - The company reported a significant loss in H1 2024, with revenue of 142.78 billion yuan, down 28.93% year-on-year, and a net loss attributable to shareholders of 9.85 billion yuan, a decrease of 199.82% [1] - The decline in performance is attributed to lower settlement scale and gross margin in development business, impairment provisions, losses from non-core financial investments, and asset disposals at prices below book value [1] - The company aims to focus on operational safety and risk mitigation, emphasizing "ensuring housing delivery, ensuring payment, and transitioning to high-quality development" [1] - Sales performance remains strong, with the company maintaining leading positions in multiple cities despite a decrease in sales area and amount [1] - Cash flow remains under pressure, with a net cash outflow from operations of 5.18 billion yuan in H1 2024, and a net debt ratio of 62.0% [1] Financial Summary - For H1 2024, the company achieved a gross margin of 8.12%, down 10.75 percentage points from the same period in 2023, with development and property management gross margins at 7.25% and 13.65%, respectively [1] - The company’s total assets were reported at 1,504.85 billion yuan, with total liabilities of 1,101.92 billion yuan, resulting in a debt-to-asset ratio of 72.94% [3][7] - The projected revenue for 2024 is 330.67 billion yuan, reflecting a 29.00% decline, with a forecasted net profit attributable to shareholders of -8.81 billion yuan [2][7]