SHLG(600848) KAIYUAN SECURITIES·2024-10-30 07:48Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company has shown a significant increase in revenue for the first three quarters of 2024, achieving an operating income of 4.00 billion yuan, a year-on-year growth of 20.69%. However, the net profit attributable to shareholders decreased by 17.51% to 618 million yuan [1]. - The company's park operation services have exceeded expectations, with a notable increase in sales area and signed sales amount, indicating strong demand in the market [1][2]. - The overall gross margin reached 63.83%, with a slight year-on-year decrease of 1.69 percentage points, while the net profit margin was 23.14%, down 8.73 percentage points year-on-year [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 4.00 billion yuan, a 20.69% increase year-on-year. The net profit attributable to shareholders was 618 million yuan, down 17.51% year-on-year, while the non-recurring net profit was 574 million yuan, a decrease of 4.04% [1]. - In Q3 2024, the company achieved a revenue of 1.05 billion yuan, a decline of 14.65% year-on-year, but the net profit attributable to shareholders increased by 52.14% to 309 million yuan [1]. Sales and Operations - The total sales area for the first three quarters of 2024 was 148,000 square meters, representing a year-on-year increase of 120.90%. The total signed sales amount reached 3.664 billion yuan, up 176.88% year-on-year [1]. - The total rental income from industrial parks was 2.236 billion yuan, a slight decrease of 1.95% year-on-year, while the income from park operation services grew by 72.70% to 360 million yuan [1]. Market Position - The company is positioned as a key player in the development and construction of the Lingang New Area, with efficient operation of its park business and strong linkage between production and investment [1][2].