万科A：多举措筹资，努力保兑付

Investment Rating - The investment rating for the company is "Neutral" (maintained) [2] Core Views - The company reported a significant decline in revenue and a shift to net losses in the first three quarters of 2024, with revenue of 219.89 billion RMB, down 24.25% year-on-year, and a net loss attributable to shareholders of 17.94 billion RMB [2] - The decline in revenue is primarily attributed to a substantial decrease in the scale and gross margin of real estate development business, with a contribution of 173.23 billion RMB, down 29.1% year-on-year, and a tax-pre profit margin of 8.3%, down 10.2 percentage points [2] - The company is facing debt repayment pressure, with 116.63 billion RMB due within one year out of total interest-bearing liabilities of 327.6 billion RMB, while cash and cash equivalents stand at 79.75 billion RMB [2] - The company has implemented multiple measures to ensure cash flow, achieving a positive operating cash flow of 330 million RMB in the third quarter [2] - The company has received strong support from financial institutions, with new financing and refinancing totaling 77.4 billion RMB in the first three quarters [2] Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved revenue of 219.89 billion RMB, a decrease of 24.25% year-on-year, and a net loss of 17.94 billion RMB, compared to a profit in the previous year [2] - The third quarter revenue was 77.12 billion RMB, down 13.76% year-on-year, with a net loss of 8.09 billion RMB [2] - The company has reported a significant increase in asset impairment losses, totaling 2.01 billion RMB, compared to zero in the same period last year [2] Debt and Cash Flow Management - As of September 30, the company has repaid 19.7 billion RMB of public debt, with no domestic or foreign public bonds maturing within the year [2] - The company has taken steps to ensure cash flow, including achieving a sales amount of 181.2 billion RMB, down 35.4% year-on-year, but with a collection rate exceeding 100% [2] - The company has optimized and added new capacity through the activation and replacement of 36 projects, totaling 47.4 billion RMB [2] Future Outlook - The company is expected to focus on a "slimming down" strategy, facing pressures from inventory reduction, impairment, and asset disposal [2] - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of -14.1 billion RMB, -2.1 billion RMB, and -0.1 billion RMB respectively [2]