招商蛇口：扣非业绩保持平稳，持有业务稳健发展

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company achieved a revenue of 51.3 billion yuan in the first half of 2024, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders decreased by 34.2% to 1.42 billion yuan. However, the net profit after deducting non-recurring gains and losses increased by 0.4% to 1.40 billion yuan, indicating stable performance in core operations despite challenges [4][5]. - The decline in net profit is primarily attributed to a decrease in settlement gross margin, which fell by 4.3 percentage points to 12.0%, and a reduction in investment income, which decreased by 24% to 350 million yuan due to the absence of significant contributions from the previous year's REIT expansion [4][5]. - The company maintains a solid operational framework with its three financial red lines remaining in the "green" zone, and it continues to focus on core cities for land acquisition, ensuring a robust development strategy [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 51.3 billion yuan, a decrease of 0.3%, and a net profit of 1.42 billion yuan, down 34.2%. The net profit after excluding non-recurring items was 1.40 billion yuan, reflecting a 0.4% increase [4][5]. - The revenue guarantee multiple stands at 1.03x, indicating a stable outlook for future revenue recognition [4]. Sales and Market Position - The company achieved a contracted sales amount of 101 billion yuan in the first half of 2024, a significant decline of 39.3% year-on-year, primarily due to reduced project launches and a downturn in the market. However, the sales equity ratio improved by 9 percentage points to 65% [4][5]. - The company ranked fifth in the industry in terms of sales volume, with 91% of sales coming from 30 key cities, indicating an optimized sales structure [4][5]. Asset Management and Development Strategy - The company reported a 15% year-on-year increase in total asset management income to 3.6 billion yuan in the first half of 2024. The EBITDA return rate for stable projects exceeded 6.34%, up 0.2 percentage points [5]. - The company has established a comprehensive lifecycle development model for asset operations, leading the industry in exploring new development models [5].