招商蛇口：公司信息更新报告：开发业务毛利率承压，资产运营业务稳健提升

Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 30, 2024 [2]. Core Views - The report indicates that the gross profit margin of the development business is under pressure, while the asset operation business shows steady improvement [2]. - The company has focused on core cities for land acquisition, ensuring a sufficient supply of sellable resources and smooth financing channels, which supports a positive outlook for the recovery of performance in the future [2][3]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total operating revenue of 51.27 billion yuan, a year-on-year decrease of 0.3%. The net profit attributable to shareholders was 1.42 billion yuan, down 34.2% year-on-year, while the net profit excluding non-recurring items was 1.4 billion yuan, up 0.45% year-on-year. The operating cash flow was 1.29 billion yuan, down 95.1% year-on-year. The gross profit margin decreased by 4.3 percentage points to 12.0%, with the development business gross profit margin down 5.6 percentage points to 12.2% [2][4]. Sales and Land Acquisition - The company recorded sales of 100.95 billion yuan and a sales area of 4.387 million square meters in the first half of 2024, representing year-on-year declines of 39.3% and 35.9%, respectively. The sales rights ratio increased by 9 percentage points to 65%. The company acquired 7 land parcels in major cities like Shanghai and Guangzhou, with a total land price of 14.61 billion yuan, down 64.9% year-on-year [3]. Asset Operation and Financing - Asset operation revenue increased by 15% year-on-year to 3.6 billion yuan, with contributions from various segments including industrial parks and commercial properties. The company maintained a healthy financial position with a debt-to-asset ratio of 62.42% and a net debt ratio of 59.17%. The financing cost decreased to 3.01%, with a comprehensive funding cost of 3.25%, down 22 basis points from the beginning of the year [4]. Financial Projections - The company forecasts a net profit attributable to shareholders of 6.39 billion yuan for 2024, with earnings per share (EPS) projected at 0.71 yuan. The price-to-earnings (P/E) ratio is expected to be 13.1 times [5][8].