GOLDEN SUN SECURITIES·2024-09-02 12:44Investment Rating - The report adjusts the investment rating to "Accumulate" from "Buy" [3] Core Views - The company faces performance adjustment pressure with a significant decline in revenue and net profit, primarily due to reduced settlement scale and gross margin in development business, impairment provisions, and losses from non-core financial investments [1][2] - The company is actively working to revitalize existing resources and improve cash flow, achieving a positive operating cash flow of 4.2 billion yuan in Q2 2024 [1] - Financial recovery is supported by favorable financial policies, with new financing and refinancing totaling 61.2 billion yuan in H1 2024, while debt repayment remains on schedule [1][2] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 142.78 billion yuan, down 28.9% year-on-year, and a net profit loss of 9.85 billion yuan, down 199.8% year-on-year [1] - The settlement revenue was 111.68 billion yuan, a decrease of 34.6% year-on-year, with a gross margin of 6.8%, down 13.5 percentage points [1] Sales and Land Acquisition - The company sold 9.395 million square meters, a decrease of 27.6% year-on-year, with sales amounting to 127.33 billion yuan, down 37.6% year-on-year [1] - The company acquired 3 new projects with a total planned construction area of 246,000 square meters and a total land price of 1.02 billion yuan, indicating a land acquisition intensity of 0.8% [1] Financial Stability - The company achieved new financing and refinancing of 61.2 billion yuan in H1 2024, with a total debt repayment of 52.4 billion yuan [1] - As of H1 2024, the company had interest-bearing liabilities of 331.27 billion yuan, with a net debt ratio of 62.0% [1][2] Asset Transactions - The company completed bulk asset transactions worth 20.4 billion yuan by the end of July, enhancing its liquidity during a challenging market environment [2] - The establishment of a REITs platform has improved the company's liquidity and asset management capabilities [2]