CMSK(SZ:001979) GOLDEN SUN SECURITIES·2024-09-02 12:44Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's performance is under short-term pressure due to declining gross margins, with H1 2024 revenue at 51.27 billion yuan, a year-on-year decrease of 0.3%, and net profit attributable to shareholders at 1.42 billion yuan, down 34.2% year-on-year [1]. - The company is focusing on first and second-tier cities for land acquisition, with a cautious investment approach reflected in a 64.9% year-on-year decrease in land acquisition costs [1]. - The financing cost continues to decrease, with a comprehensive financing cost of 3.25%, down 22 basis points from the beginning of the year [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 51.27 billion yuan, a decrease of 0.3% year-on-year, and a net profit of 1.42 billion yuan, down 34.2% year-on-year. The gross margin fell by 4.3 percentage points to 12% [1]. - The company's sales amount in H1 2024 was 100.95 billion yuan, a decrease of 39.3% year-on-year, maintaining a position among the top five in the industry [1]. Sales and Market Position - The company’s sales in core cities have increased, with 91% of sales coming from high-energy core cities, and the sales contribution from the top 10 cities rising by 2 percentage points year-on-year [1]. - The average selling price decreased by 5.4% year-on-year to 23,011 yuan per square meter [1]. Investment Strategy - The company acquired 7 plots of land in H1 2024, with a total land price of 14.61 billion yuan, a decrease of 64.9% year-on-year [1]. - The investment focus is on first and second-tier cities, with 86% of the investment amount concentrated in the "core 10 cities" [1]. Financial Structure - As of H1 2024, the company had total assets of 912.7 billion yuan and total liabilities of 622.1 billion yuan, with a net debt ratio of 59.2% [1]. - The company has adopted a stable leverage and optimized structure financing strategy, with bank financing accounting for 64.6% of total financing [1].