其中：1）子公司建发房产根据谨慎性原则计提6.65 亿元存货跌价准备，实现归母净利润16.05 亿元，为公司房地产业务分部贡献归母净利润6.59 亿元，同比增加1.01 亿元；2）子公司联发集团根据谨慎性原则计提6.64 亿元存货跌价准备，实现归母净利润为-3.52 亿元，为公司房地产业务分部贡献归母净利润-3.73 亿元，同比减少2.85 亿元；3）公司出售天津金晨房地产开发有限责任公司股权，取得投资收益0.94 亿元。Event: Company Announces 2024 Q3 Report
After excluding the impact of Macalline's restructuring earnings, the decline in net profit for the third quarter was narrower than in the second quarter. From January to September 2024, the company achieved operating income of 502.136 billion yuan, -16.1% YoY; net profit to mother 2.058 billion yuan, or -83.4% YoY. Excluding the impact of Macalline's restructuring earnings, the company's net profit for the first three quarters was -29.76% year-on-year; in July-September, net profit to mother was -14.64% year-on-year. The decline in the third quarter was narrower than the decline in the second quarter. As of the end of the third quarter of 2024, the company's gross margin was 4.37%, up 1.32 percentage points from the same period in 2023; net cash flow from operating activities was -14.113 billion yuan, or -157.90% year-on-year, mainly due to a decrease in real estate sales payments.
Accrued impairment affects real estate business profits. From January to September 2024, the company's real estate business division achieved operating income of 81.366 billion yuan, +26.03% year-on-year; net profit to mother of 0.381 billion yuan, -19.04% year-on-year.
Among them: 1) The subsidiary C&D Real Estate prepared 0.665 billion yuan of inventory price reduction according to the prudential principle to achieve a net profit of 1.605 billion yuan, contributing 0.659 billion yuan of net profit to the mother to the company's real estate business division, an increase of 0.101 billion yuan over the previous year; 2) The subsidiary MediaTek Group calculated 0.664 billion yuan of inventory price reduction preparations based on the prudential principle, achieving net profit to the mother of -0.352 billion yuan, contributing to the company's real estate business segment Net profit to mother - -0.373 billion yuan, a year-on-year decrease of 0.285 billion yuan; 3) The company sold shares in Tianjin Jinchen Real Estate Development Co., Ltd. and obtained an investment income of 0.094 billion yuan.
The supply chain operation business grew sequentially in the third quarter. From January to September 2024, the company's supply chain operation business segment achieved operating income of 414.665 billion yuan, or -22.22% year on year; net profit to mother was 2.244 billion yuan, -10.20% year over year, mainly due to macroeconomic conditions, commodity price fluctuations and weakness in the traditional automobile industry, which declined profits from some of the company's commodity collection and distribution business and automobile sales business compared to the same period in '23. Looking at a single quarter, the company's supply chain operation business achieved net profit of 0.823 billion yuan to mother in the third quarter of 2024, -0.32% year over year, an increase of 0.174 billion yuan over the second quarter, and +26.87% month on month.
The rental rate of the home furnishing mall operation business is under phased pressure. From January to September 2024, the company's home furnishing store operating business division achieved net profit of -0.567 billion yuan, mainly due to the phased decline in Macallon shopping mall occupancy rates. In order to support the continued operation of merchants, Macalline's operating income and profit decreased year-on-year due to factors such as increased business stabilization and retention concessions to merchants. At the same time, due to increased fair value changes in investment real estate, a combined net profit of -1.911 billion yuan. The net profit to the mother contributed to C&D's consolidated statement was -0.567 billion yuan. billion yuan.
Investment advice: Maintain an “better than the market” rating. We predict that the company's EPS in 2024 will be 1.25 yuan, giving the company 7-8 times PE valuation in 2024. The corresponding reasonable market value range is 25.9-29.5 billion yuan, and the corresponding reasonable value range is 8.77-10.03 yuan per share. Risk warning: Sales and settlements fall short of expectations.
Risk warning: Sales and settlements fall short of expectations.