招商蛇口：业绩短期承压，回购彰显信心

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite short-term performance pressures [5][7]. Core Views - The company's revenue for Q1-Q3 2024 increased by 2.9% year-on-year to 78.01 billion yuan, while net profit decreased by 31% to 2.6 billion yuan, falling short of market expectations due to declining profit margins [5][6]. - The company has a strong land reserve in core cities, particularly in the Greater Bay Area, which is expected to benefit from industry optimization despite current market challenges [7][8]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a revenue of 78.01 billion yuan, a year-on-year increase of 2.9%, and a net profit of 2.6 billion yuan, a decrease of 31% [5][8]. - The gross margin and net profit margin for Q1-Q3 2024 were 10.0% and 3.3%, respectively, reflecting declines of 8.3 percentage points and 1.6 percentage points year-on-year [5][6]. Sales and Market Position - The company achieved a sales amount of 145.17 billion yuan in the first nine months of 2024, a decrease of 36% year-on-year, ranking fifth in the industry [6][7]. - The land acquisition ratio to sales was 20%, with a focus on major cities such as Shanghai, Chengdu, and Guangzhou [6][7]. Financial Health and Strategy - The company remains in the green zone for the "three red lines" financial metrics, with a debt-to-asset ratio of 60% and a net debt ratio of 65% as of Q3 2024 [7]. - A recent stock buyback demonstrates the company's confidence in its long-term value and sustainable development [7][8].