新城控股：公司信息更新报告：结算毛利率企稳回升，吾悦广场表现优异

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][10] Core Views - The company's revenue for the first half of 2024 was CNY 33.904 billion, a year-on-year decrease of 18.8%, while the net profit attributable to shareholders was CNY 1.318 billion, down 42.2% year-on-year [5] - The company maintains its profit forecast, expecting net profits attributable to shareholders to be CNY 1.18 billion, CNY 1.67 billion, and CNY 2.16 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of CNY 0.5, CNY 0.7, and CNY 1.0 [5] - The current stock price corresponds to P/E ratios of 19.7, 13.9, and 10.7 for the years 2024, 2025, and 2026 respectively [5] Financial Performance - The company's gross profit margin for settlements stabilized at 21.6%, an increase of 2.6 percentage points year-on-year [5] - The commercial management gross profit margin rose to 72.2%, up 2.7 percentage points year-on-year, attributed to an overall occupancy rate of 97.4%, which is an increase of 2.16 percentage points year-on-year [5] - The real estate development gross profit margin remained stable at 10.9%, a decrease of 1.3 percentage points year-on-year [5] Sales and Cash Flow - The company achieved a total sales amount of CNY 23.554 billion in the first half of 2024, with a sales area of 3.2622 million square meters, representing declines of 44.45% and 36.86% year-on-year respectively [5] - The total cash inflow for the company was CNY 24.7 billion, with a cash recovery rate of 105%, down 9 percentage points year-on-year [5] - The net cash flow from operating activities was CNY 2.09 billion, a decrease of 71.9% year-on-year [5] Commercial Operations - The company reported strong performance in its investment properties, with 201 Wuyue Plazas established and 166 operational properties, an increase of 19 year-on-year [5] - The total commercial operating revenue for the first half of 2024 was CNY 6.212 billion, a year-on-year increase of 19.4%, with rental income also increasing by 19.4% to CNY 5.796 billion [5] - The overall occupancy rate reached 97.20%, with Wuyue Plaza's occupancy rate at 97.24%, both showing significant year-on-year improvements [5]