招商蛇口：销售排名维持前五，投资继续聚焦核心城市

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has experienced a decline in gross profit margin, leading to short-term pressure on performance, with a 31% year-on-year decrease in net profit attributable to shareholders for the first three quarters of 2024 [1]. - Despite a decrease in sales, the company remains ranked fifth in total sales among peers, with a total sales amount of 145.14 billion yuan, down 36% year-on-year [2]. - The company continues to focus on acquiring land in core cities, with a total land acquisition cost of 28.88 billion yuan in the first three quarters of 2024 [2]. - Financial indicators remain healthy, with total assets of 918.8 billion yuan and a debt-to-asset ratio of 60.4% as of the end of Q3 2024 [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 78.01 billion yuan, a year-on-year increase of 2.9%, while net profit attributable to shareholders was 2.601 billion yuan, a decrease of 31% [1]. - The gross profit margin decreased by 8.3 percentage points to 10% due to industry downturns and changes in revenue recognition [1]. - Investment income increased significantly by 131.7% year-on-year to 3.7 billion yuan, partially offsetting the decline in net profit [1]. Sales and Land Acquisition - The company’s total sales for the first three quarters of 2024 were 145.14 billion yuan, with a year-on-year decline of 36%, which is slightly better than the overall decline of 38.6% for the top 100 real estate companies [2]. - The company acquired 14 plots of land with a total land price of 28.88 billion yuan, focusing on first and second-tier cities such as Shanghai, Guangzhou, and Chengdu [2]. Financial Health - As of the end of Q3 2024, the company reported total assets of 918.8 billion yuan, a decrease of 4.6% year-on-year, and total liabilities of 630.5 billion yuan, down 5.5% year-on-year [2]. - The company’s net debt ratio was 48.3%, and the cash-to-short-term debt ratio was 2.07 times, indicating a solid financial position [2].