招商蛇口（001979）：业绩增长，投拓积极

Investment Rating - The investment rating for the company is "Outperform the Market" [4][19]. Core Views - The company achieved a revenue of 51.5 billion yuan in the first half of 2025, with a year-on-year growth of 0%, and a net profit attributable to shareholders of 1.4 billion yuan, down 2% year-on-year. The gross profit margin for settlements was 14.4%, an increase of 2.4 percentage points year-on-year [2][8]. - The company maintained a strong sales scale with a sales amount of 88.9 billion yuan in the first half of 2025, a decrease of 12% year-on-year, and a sales area of 3.35 million square meters, down 24% year-on-year. The company ranked fourth in national sales scale, with the top 10 core cities contributing 70% to sales performance, an increase of 4 percentage points year-on-year [2][12]. - The company acquired 16 land parcels in the first half of 2025, with a total construction area of approximately 1.67 million square meters and a total land price of about 35.3 billion yuan, of which the company needs to pay approximately 21.9 billion yuan [12]. - The company has a strong financing advantage, with a debt-to-asset ratio of 63% and a net debt ratio of 66% as of the end of the first half of 2025. The cash-to-short-term debt ratio is 1.3, and the company remains within the green zone of the "three red lines" policy [2][13]. - The average debt maturity is 5.3 years, and the company has improved its debt structure. The comprehensive cost of funds is 2.84%, which is 15 basis points lower than the beginning of the year, maintaining a leading level in the industry [2][13]. Financial Forecasts - The company is expected to achieve revenues of 161.8 billion yuan and 153 billion yuan in 2025 and 2026, respectively, with net profits attributable to shareholders of 4.1 billion yuan for both years. The corresponding EPS is projected to be 0.46 yuan, with a PE ratio of 20.1 and 20.0 times [2][16]. - The financial indicators for 2025 include a revenue of 161.8 billion yuan, a net profit of 4.1 billion yuan, and an EBIT margin of 6.5% [3][17].