招商蛇口：销售降幅收窄，回购提振信心

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company achieved operating revenue of 78.009 billion yuan in the first three quarters of 2024, a year-on-year increase of 2.88%. However, the net profit attributable to shareholders decreased by 31% to 2.601 billion yuan, primarily due to a decline in gross profit margin from project transfers. It is expected that the company's profitability will gradually recover as low-margin projects are completed [2][6] - Sales figures showed a decline, with total sales amounting to 145.14 billion yuan, down 35.9% year-on-year, and sales area decreasing by 30.5% to 6.38 million square meters. The decline in sales has narrowed compared to the first half of the year [2][7] - The company plans to repurchase shares to boost market confidence, with an expected repurchase amount between 351 million yuan and 702 million yuan [2][8] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported operating revenue of 78.009 billion yuan, a 2.88% increase year-on-year. The gross profit margin was 9.95%, down 8.3 percentage points year-on-year, and the net profit attributable to shareholders was 2.601 billion yuan, a 31% decrease [6] - For the third quarter alone, the company achieved revenue of 26.737 billion yuan, a 9.64% increase year-on-year, with a gross profit margin of 6.05%, down 16.4 percentage points year-on-year [6] Sales and Land Acquisition - The company maintained a strong position in the industry, with sales of 145.14 billion yuan in the first three quarters, down 35.9% year-on-year, and a sales area of 6.38 million square meters, down 30.5% year-on-year. The decline in both sales and area has narrowed compared to the first half of the year [7] - The company focused on acquiring land in core cities, with seven land acquisitions in the third quarter, primarily in Shanghai, totaling a planned construction area of 598,400 square meters. The equity land acquisition amount for the first three quarters was 16.02 billion yuan, down 39.9% year-on-year [7] Share Repurchase Plan - On October 16, 2024, the company announced a share repurchase plan using its own or raised funds through centralized bidding, with a maximum repurchase price of 15.68 yuan per share. The total repurchase amount is expected to be between 351 million yuan and 702 million yuan, potentially repurchasing approximately 22.3852 to 44.7704 million shares, representing 0.25% to 0.49% of the company's total share capital [8] Future Projections - The company is projected to achieve operating revenues of 186.837 billion yuan, 200.382 billion yuan, and 212.932 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 6.76%, 7.25%, and 6.26%. The net profit attributable to shareholders is expected to be 6.356 billion yuan, 7.481 billion yuan, and 9.042 billion yuan for the same years, with growth rates of 0.57%, 17.71%, and 20.86% [9][10]