本报记者 陈潇 目前，上市房企中期财报已披露完毕。《证券日报》记者梳理数据发现，从营收利润到债务结构再到现 金流情况，行业"三张表"勾勒出一个鲜明信号：房企利润虽承压，但正在越过偿债高峰，加速调整发展 模式，寻求新的增长曲线，推动转型迈入新阶段。 今年以来，政策层面多次强调，要采取有力措施巩固房地产市场止跌回稳态势。在这一背景下，头部房 企（以上半年销售规模前15名计算，下同）作为行业风向标，其经营动向不仅决定自身发展，也为行业 转型提供重要参照。 加速布局经营性业务 从财报披露的信息来看，房企业绩承压的关键原因有两点：一方面是房地产开发项目结算规模显著下 降，毛利率仍处低位。另一方面，为推动长期库存去化，加速回款，房企考虑资产减值风险，计提了资 产减值。即便是头部房企中，也有多家因库存拖累，上半年计提损失高达数十亿元，侵蚀了业绩表现。 不过从另一个角度看，这也意味着，在加速处置长期库存后，"好房子"战略将使房企迎来新发展。正如 绿城中国控股有限公司（以下简称"绿城中国"）管理层所言，绿城中国存货减值集中发生在2021年获取 的项目，公司近两年新获取的项目质量足够好，今年上半年新增907亿元货值，新拓项目平均 ...

Investment Rating - The report assigns a "Buy" rating for the company, Dalian City Holdings [5] Core Views - Dalian City Holdings is backed by COFCO Group and operates under a "development + operation" dual-driven model, focusing on core cities across the country. The overall property development and investment operation are stable, with a noticeable recovery in profitability expected to continue [5][6] - The company is projected to achieve a net profit of -3.035 billion, -831 million, and 872 million yuan for the years 2024-2026, with corresponding EPS of -0.71, -0.19, and 0.20 yuan, indicating a positive trend in earnings recovery [5] Summary by Sections 1. Development and Operation Dual-Driven Model - Dalian City Holdings has been operating for over 30 years, establishing a brand ecosystem through its dual-driven model of development and operation. The company is positioned as a "city operator and provider of quality living services" [24][29] - The strategic direction is clear, with a broad business layout across 38 cities, focusing on residential, commercial, and industrial real estate [29][31] 2. Steady Development of Investment Properties - The company has a strong performance in its investment property business, with revenue growth. In 2023, investment property revenue reached 5.393 billion yuan, a year-on-year increase of 24.3% [7][42] - The average occupancy rate of the company's shopping centers was 95% in 2023, with a significant increase in customer traffic and sales [44] 3. Stable Development of Core Business - In 2023, the company achieved a total contract signing of 46.1 billion yuan, ranking 29th in the sales performance of real estate companies in China, an improvement of 4 places from 2022 [6][77] - The company has adopted a cautious approach to land acquisition, focusing on core urban areas, with a total land acquisition area of 168,000 square meters in 2023, a decrease of 78.81% year-on-year [6] 4. Financial Stability and Cost Reduction - The company has optimized its debt structure, with total interest-bearing debt at 72.648 billion yuan and a debt-to-asset ratio of 76.73% as of the end of 2023. The average borrowing cost for new loans in the first half of 2024 was 3.13% [8] - The company successfully listed its commercial REIT, raising 3.323 billion yuan, contributing to investment income of 2.1 billion yuan [8] 5. Profitability Forecast and Investment Recommendations - The report forecasts that the company's revenue will maintain growth, with a projected net profit turning positive in 2026 [9][13]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is driven by a "development + operation" dual strategy, focusing on core cities across China, with a notable improvement in profitability and a positive outlook for net profit from 2024 to 2026 [5][6]. - The company has a stable debt structure and is continuously optimizing its financing costs, with a significant reduction in the average borrowing cost [8][9]. Summary by Sections 1. Development and Operation Strategy - The company, backed by COFCO Group, has established a robust brand ecosystem through its dual-driven model, focusing on both development and operation [5][24]. - The strategic path is clear, with a broad business layout across 38 cities, emphasizing residential, commercial, and industrial real estate [29][31]. 2. Operational Capabilities - The investment property segment has shown strong growth, with revenue from investment properties reaching 5.393 billion yuan in 2023, a year-on-year increase of 24.3% [7][42]. - The company has a total of 45 commercial projects nationwide, with 34 operational projects covering a total commercial area of 3.74 million square meters [37][38]. 3. Development Business - The company achieved a total contract signing of 46.1 billion yuan in 2023, despite a 19% year-on-year decline, ranking 29th in the sales performance of real estate companies in China [6][77]. - The company maintains a cautious approach to land acquisition, focusing on core urban areas, with a significant reduction in land acquisition area and amount in 2023 [6][9]. 4. Financial Performance and Forecast - The company expects net profits to improve from -3.035 billion yuan in 2024 to 872 million yuan in 2026, with corresponding EPS moving from -0.71 yuan to 0.20 yuan [5][9]. - The overall revenue for 2023 was 36.783 billion yuan, with a projected slight increase in 2024 [9][31]. 5. Debt Structure and Financing - The company has a stable debt structure with a total interest-bearing debt of 72.648 billion yuan and a debt-to-asset ratio of 76.73% as of the end of 2023 [8][9]. - The average cost of new borrowings in the first half of 2024 was 3.13%, indicating a downward trend in financing costs [8][9].