越秀地产：毛利率略有下滑，上半年业绩承压

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12] Core Views - The company's performance has been under pressure, with a slight decline in gross margin. In the first half of 2024, the company achieved revenue of 35.3 billion RMB, a year-on-year increase of 10.1%, while net profit attributable to shareholders was 1.8 billion RMB, a year-on-year decrease of 15.9% [1][4] - The company has maintained a stable dividend payout, with an interim dividend of 0.173 RMB per share, accounting for approximately 40% of core net profit [1][4] - The company is focused on the Greater Bay Area, achieving 37.7% of its annual sales target in the first half of 2024, despite a decline in sales area and amount [1][6] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 35.3 billion RMB, a 10.1% increase year-on-year. However, the net profit attributable to shareholders decreased by 15.9% to 1.8 billion RMB, and core net profit fell by 18.8% to 1.7 billion RMB. The gross margin was approximately 13.7%, down 4.1 percentage points year-on-year [1][4][6] - The company’s financial health remains robust, with a debt-to-asset ratio of 68.3% and a net debt ratio of 58.6% as of the end of the first half of 2024 [1][8] Sales and Market Strategy - The company completed a sales area of 1.88 million square meters in the first half of 2024, a year-on-year decrease of 24.0%, with sales amounting to 55.4 billion RMB, down 33.8% year-on-year. The sales distribution by region shows that the Greater Bay Area accounted for 47% of total sales [1][6][8] - The company has adopted a diversified land acquisition strategy, adding 12 plots of land with a total construction area of approximately 1.72 million square meters, 88% of which are located in first-tier and key second-tier cities [1][6] Financial Forecasts - The company is expected to maintain its profit forecasts, with projected net profits of 3.2 billion RMB and 3.3 billion RMB for 2024 and 2025, respectively. The earnings per share are expected to be 0.79 RMB and 0.82 RMB for the same years, corresponding to a price-to-earnings ratio of 4.2 and 4.0 times [1][9][10]