招商蛇口（001979）：业绩小降，拿地积极

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a slight decline in performance but remains active in land acquisition, focusing on core cities [8] - The company reported a 15.1% year-on-year increase in revenue for Q3 2025, while net profit decreased by 4% [8] - The company’s land acquisition amount reached 750 billion yuan, a 160% increase year-on-year, indicating a strong commitment to expanding its land bank [8] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 169,399 million yuan, reflecting a 5.3% decrease compared to the previous year [7] - The net profit attributable to the parent company is projected to be 3,822 million yuan for 2025, down 5.4% year-on-year [7] - The company’s gross margin is expected to remain stable at around 14.5% for 2025 [7] - The weighted average financing cost is reported at 2.84%, showing continuous optimization [8] - The company’s total liabilities to assets ratio is 61.0%, indicating a stable financial position [8]