华润置地：开发利润率承压，经常业务是稳定基石

Investment Rating - The report maintains a "Buy" rating for China Resources Land (01109.HK) with a target price of HKD 29.77, compared to the current price of HKD 21.05 [4]. Core Insights - Development profit margins are under pressure, but recurring business serves as a stable foundation. For the first half of 2024, the company achieved revenue of CNY 79.13 billion, up 8.4% year-on-year, while net profit attributable to shareholders was CNY 10.25 billion, down 25% [2][9]. - The sales structure has improved, with the top ten cities contributing over 60% of sales. The sales amount for the first half of 2024 was CNY 124.7 billion, down 27% year-on-year, with a sales price of CNY 24,000 per square meter, down 1% [2][16]. - Investment is focused on high-tier cities, with two new comprehensive projects acquired. The company spent CNY 25.6 billion on land acquisition in the first half of 2024, with a land acquisition ratio of 72% [2][19]. - Operating real estate shows stable improvement in operational efficiency. The income from investment properties was CNY 11.47 billion, up 7% year-on-year, with a total operating area of 12.59 million square meters, up 23.9% [2][21]. Summary by Sections Financial Performance - For the first half of 2024, the company reported total revenue of CNY 79.13 billion, with a core net profit of CNY 10.74 billion, reflecting a core net profit margin of 13.6% [2][9]. - The development business's gross profit margin was 12.4%, while the recurring business's gross profit margin was 71.5% [12][21]. Sales Analysis - The total sales amount for the first half of 2024 was CNY 124.7 billion, with a year-on-year decrease of 27%. The equity sales amount was CNY 86 billion, down 32% [2][16]. - The contribution from first-tier cities was 38%, and the top ten cities accounted for 65% of total sales [2][16]. Land Acquisition and Projects - The company acquired 11 projects in the first half of 2024, with a total land acquisition cost of CNY 25.6 billion [2][19]. - The static gross profit margin for land acquisition was 34.1%, slightly higher than the previous year [2][19]. Investment Properties - The income from investment properties was CNY 11.47 billion, with a gross profit margin of 71.5% [2][21]. - The retail sales in shopping centers reached CNY 91.6 billion, up 22% year-on-year, indicating strong performance despite rental pressure [2][21].