新湖中宝：公司半年报点评：地产结算推升营收，衢州国资入股推进混合

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Views - The report highlights that the company's revenue has significantly increased due to real estate settlements, with a reported revenue of 12.619 billion yuan for the first half of 2024, representing a year-on-year increase of 344.68%. However, the net profit attributable to the parent company decreased by 4.84% to 1.535 billion yuan [6]. - The company has made substantial investments exceeding 10 billion yuan in new productive forces related to blockchain, artificial intelligence, and high-end manufacturing, which enhances its valuation [7]. - The report indicates a stable financial position with a debt-to-asset ratio of 56.29%, which has decreased by 4.31 percentage points compared to the beginning of the period [6]. Summary by Sections Financial Performance - The company achieved a contract sales area of 207,800 square meters and contract sales revenue of 4.326 billion yuan, marking increases of 22.62% and 145.92% year-on-year, respectively [6]. - The settlement revenue reached 14.076 billion yuan, up 283.74% year-on-year, with a settlement average price of 43,700 yuan per square meter and a gross margin of 42.42% [6]. - The projected revenue for 2024 is 20.208 billion yuan, with a year-on-year growth of 17.4% [8]. Valuation Metrics - The reasonable value range for the company is set between 2.58 and 3.10 yuan, with a dynamic price-to-book (PB) ratio of 0.5-0.6 times for 2024, and a corresponding dynamic price-to-earnings (PE) ratio range of 12.9-15.5 times [7][10]. - The report anticipates earnings per share (EPS) and book value per share (BPS) for 2024 to be 0.20 yuan and 5.16 yuan, respectively [7]. Corporate Governance and Structure - Following the entry of state-owned assets from Quzhou, the company has made progress in mixed-ownership reform, enhancing its governance structure and optimizing its financing channels [6][7].