GRANDJOY(000031) 长江证券·2024-09-09 10:08Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's 2024 interim revenue reached 16.08 billion yuan, a 12.4% year-on-year increase, but net profit attributable to the parent company was a loss of 360 million yuan, compared to a profit of 50.75 million yuan in the same period last year [2] - The comprehensive gross margin dropped by 3.9 percentage points to 22.6%, with the development business gross margin falling by 2.5 percentage points to 13.7% and the self-owned business gross margin decreasing by 1.0 percentage point to 61.9% [2] - The company's pre-sale revenue stood at 30.81 billion yuan, down 3.7% year-on-year, with a pre-sale revenue/annualized settlement revenue ratio of 0.99X, indicating stable future revenue prospects [2] - The company is actively applying for public REITs to optimize its asset structure and release the value of mature investment properties [2] Financial Performance - The company's 2024H revenue was 16.08 billion yuan, with development property settlement revenue accounting for 12.44 billion yuan (77% of total revenue) and investment property-related revenue at 2.6 billion yuan (16% of total revenue) [2] - Investment net income decreased by 80% to 60 million yuan, and impairment losses amounted to 310 million yuan, compared to 130 million yuan in the same period last year [2] - The company's sales in 2024H were 21.8 billion yuan, a 14.8% year-on-year decrease, with a sales area of 850,000 square meters, down 30.9% year-on-year [5] - The company acquired 4 projects in Hangzhou and Xi'an in 2024H, with a total land acquisition cost of 7.7 billion yuan and a land acquisition area of 497,000 square meters [5] Business Operations - The company's investment property revenue in 2024H was 2.6 billion yuan, a 3.6% year-on-year decrease, with a gross margin of 61.9%, down 1.0 percentage point [2] - The company's shopping center sales in 2024H reached 19.6 billion yuan, a 14% year-on-year increase, with footfall of 170 million, up 24% year-on-year, and an average occupancy rate of 94% [5] - The company has 45 commercial projects nationwide, with 34 in operation and 11 under construction or preparation, covering a total commercial area of 3.74 million square meters [5] Market Position - The company's sales scale ranks 21st in the industry, with a sales price of 25,647 yuan per square meter, a 23.2% year-on-year increase [5] - The company's available land reserve is valued at approximately 133.2 billion yuan, with a sales cycle of about 3 years, ensuring future sales potential [5]