Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [2][5]. Core Insights - The company's sales performance shows resilience, with total sales amounting to 165.6 billion yuan for the first eight months of 2024, a year-on-year decrease of 2.9%. Self-owned sales were 104.5 billion yuan, down 11.4%, while entrusted sales increased by 16.4% to 61.1 billion yuan [1]. - The company is focusing on core cities for investment, with 80% of sales in first and second-tier cities. The sales return rate is high at 103%, supporting cash flow and reinvestment [1]. - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to 3.34 billion, 3.92 billion, and 4.43 billion yuan respectively, reflecting a year-on-year growth of 7.2%, 17.2%, and 13.1% [2]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 69.56 billion yuan, a year-on-year increase of 22.1%, while net profit attributable to shareholders was 2.045 billion yuan, down 19.6% [1]. - The gross margin for the first half of 2024 was 13.1%, a decrease of 4.3 percentage points year-on-year, but consistent with the full-year gross margin of 2023 [1]. - The company’s total contracted sales for the first half of 2024 were 126.5 billion yuan, a decrease of 5.7% year-on-year, with self-invested sales ranking sixth in the industry [1]. Land Acquisition and Financial Health - The company added 15 new projects in the first half of 2024, with an equity land acquisition amount of 15.4 billion yuan, expected to generate a new value of 33.3 billion yuan [1]. - The company has maintained a healthy financial position, with a total interest-bearing debt financing cost of 4.0%, down 40 basis points year-on-year, and a short-term interest-bearing debt ratio of 23.8% [1].
绿城中国：销售表现韧性足，投资聚焦核心城市