The increase of income in this period does not increase profit. In the first half of 2023, the company achieved operating income of 19.401 billion yuan, an increase of 173.12% over the same period last year, mainly due to the large scale of centralized housing delivery projects in the first half of the year. In the first half of 2023, the company's settlement income from real estate sales totaled 18.851 billion yuan, an increase of 179.15% over the same period last year. In the first half of 2023, the company's net loss belonging to shareholders of listed companies was 1.906 billion yuan, an increase of 33.83% over the same period last year.
In the first half of 2023, the company's gross profit margin was 11.43%, down 7.27 percentage points from the same period in 2022, of which the gross profit margin on property sales was 10.61%, down 7.48 percentage points from the same period in 2022.
The sales ranking remains in the lead, and the project on hand forms the scale. 1) according to full-caliber statistics, the company completed the sales area of 1.31 million square meters in the first half of the year, with a contract amount of 34.9 billion yuan. In the first half of 2023, the company continued to maintain the industry's previous level in the third-party sales rankings in the country and key cities such as Beijing. 2) the opening and resumption of construction area is 1471 million square meters, the newly started construction area is 340,000 square meters, and the completed area is 183 million square meters. In the first half of the year, the company made every effort to implement the "Baojiao Building", and the completed area increased by 48% compared with the same period last year. 3) by the end of the first half of 2023, the company has nearly 170major projects (including self-support) for sale, with a total construction area of more than 4600 million square meters, of which nearly 1500 million square meters are under construction and nearly 15 million square meters are unsold at the end of the period. From the perspective of regional layout, three major regions have been formed: the Beijing region, the northern region and the southern region. Among them, there are 83 major projects in Beijing region (Beijing-Tianjin-Hebei), with a total scale of more than 19 million square meters; at present, the southern region has initially formed a regional layout focusing on Suzhou, Hangzhou, Fuzhou, Xiamen and Chengdu, with deep ploughing combined with surrounding expansion, with 77 major projects, with a total construction area of more than 21 million square meters. 4) in the first half of 2023, the pure commercial residential land in Changping Nanshao was obtained at the base price, and the scale of the above-ground building was 108200 square meters.
Replenish funds through multiple channels and get financing opportunities against the trend. We will continue to dock with risk-funded institutions and achieve a total of 6.44 billion yuan in loans for a number of project trusts and guaranteed loans. By the end of the first half of 2023, the asset-liability ratio of the company excluding accounts received in advance was 72.16%, the net debt ratio was 156.65%, and the cash short-debt ratio was 1.21 times.
Derivative business develops in an orderly manner. In the first half of 2023, the company achieved a leased area of 126 million square meters; the number of hotel rooms sold was 133, 000 "days; and the operating income of property management was 860 million yuan, a substantial increase over the same period last year.
Investment advice: maintain a "better than the market" rating. We expect the company's net assets per share from 2023 to 2024 to be 10.90,11.16 yuan. As of September 6, the company closed at 4.38 yuan. Risk Tip: the industry faces downside risks.