Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 86.4 billion yuan for 2024, a year-on-year increase of 7.7%, but the net profit attributable to shareholders fell to 1.04 billion yuan, a decline of 67.3% [1][4]. - The decline in net profit is primarily attributed to the downturn in the real estate market, with a gross margin of 10.5% for 2024, down 4.8 percentage points year-on-year [2]. - The company demonstrated stronger sales performance compared to peers, with a contract sales amount of 114.5 billion yuan in 2024, a decrease of 19.4%, while the top 10 real estate companies saw a decline of 24.4% [2]. - The company has set a sales target of 120.5 billion yuan for 2025, representing a 5.2% increase compared to the 2024 sales completion [2]. Financial Performance - The company maintains a healthy financial position, with key financial metrics remaining in the green zone as of the end of 2024. The asset-liability ratio, net debt ratio, and cash-to-short-term debt ratio are 68.1%, 51.7%, and 2.1 times, respectively [3]. - The total borrowings amount to 103.9 billion yuan, a slight decrease of 0.5% year-on-year, with short-term debt accounting for 22% of total borrowings [3]. - The weighted average borrowing cost has decreased to 3.49%, down by 0.33 percentage points year-on-year [3]. Future Projections - The company is expected to experience a bottoming phase in settlement performance for 2024-2025, with potential recovery in profit performance as high-margin projects are recognized and impairment pressures ease [4]. - Projected net profits for 2025-2027 are estimated at 1.02 billion yuan, 1.24 billion yuan, and 1.36 billion yuan, with year-on-year growth rates of -1.9%, +21.4%, and +10.1%, respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][9][21] Core Views - The company experienced a decline in performance in 2023, with a significant drop in net profit and profit margins, but future revenue recognition is expected to be strong [9] - The company has a robust cash position and is focusing on land acquisition in key cities, with a sales target increase for 2025 [9] - The company is well-positioned with a strong land bank and low financing costs, making its current valuation attractive compared to peers [9] Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2023: 80,222 million - 2024: 86,401 million (10.8% YoY growth) - 2025E: 90,807 million (5.1% YoY growth) - 2026E: 98,344 million (8.3% YoY growth) - 2027E: 106,310 million (8.1% YoY growth) [8][10] - Net profit forecasts indicate a significant decline in 2024, with a recovery expected in subsequent years: - 2023: 3,185 million - 2024: 1,040 million (-67.3% YoY) - 2025E: 1,095 million (5.3% YoY growth) - 2026E: 1,319 million (20.4% YoY growth) - 2027E: 1,582 million (20.0% YoY growth) [8][10] - The company’s earnings per share (EPS) is projected to be: - 2023: 0.85 - 2024: 0.26 - 2025E: 0.27 - 2026E: 0.33 - 2027E: 0.39 [8][10] Company Overview - The company reported a total cash position of 500.5 billion in 2024, with a net debt ratio of 51.7% and a cash-to-short-term debt ratio of 2.1 times, indicating a strong liquidity position [9] - The company has a land bank of 1,971 million square meters as of the end of 2024, with a focus on first and second-tier cities [9] - The company’s average financing cost is reported at 3.49%, reflecting a decrease of 33 basis points year-on-year [9]

Core Insights - Yuexiu Property (0123.HK) reported a revenue of approximately 86.4 billion yuan for 2024, representing a year-on-year increase of 7.7%, while the net profit attributable to equity holders decreased by 67.3% to approximately 1.04 billion yuan [1] - The company achieved a total contracted sales of approximately 114.54 billion yuan in 2024, a decline of 19.4% compared to the previous year, and did not meet its initial target of 147 billion yuan for the year [1] - For 2025, Yuexiu Property set a sales target of 120.5 billion yuan, indicating a growth of 5.2% from 2024 [1] Financial Performance - The gross profit margin for 2024 was approximately 10.5%, a decrease of 4.8 percentage points year-on-year [1] - The core net profit for 2024 was approximately 1.59 billion yuan, down 54.4% year-on-year [1] - The company reported a cash inflow from operating activities of 21.73 billion yuan, significantly up from 8.35 billion yuan in 2023 [4] Land Acquisition and Inventory - In 2024, Yuexiu Property acquired 24 new land parcels across 8 cities, totaling approximately 2.71 million square meters, all located in first and second-tier cities [1][3] - As of the end of 2024, the total land reserve was approximately 19.71 million square meters, with 96% located in first and second-tier cities [1] - The company’s land reserve in first-tier cities accounted for 42.9% of the total [3] Sales and Market Strategy - The average contract sales price for 2024 was 29,200 yuan per square meter, with a total recognized sales amount of 80.8 billion yuan [3] - In the first two months of 2025, the company achieved a contract sales amount of approximately 12.83 billion yuan, reflecting a year-on-year increase of 23.8% [3] - The company emphasized a flexible marketing strategy to address market pressures, focusing on inventory reduction and digital marketing initiatives [2] Investment and Financial Health - Yuexiu Property completed equity investments totaling 29.46 billion yuan in 2024, with significant investments in Beijing, Shanghai, and Guangzhou [2] - The company maintained a cash reserve of approximately 50 billion yuan at the end of 2024, an increase of 8.6% from the beginning of the year [4] - The company’s financial metrics remained healthy, with a debt-to-asset ratio of 68.1% and a net gearing ratio of 51.7% [4] Operational Efficiency - The company established a production management center to enhance operational efficiency and asset utilization [5] - The chairman indicated a focus on maintaining positive operating cash flow and reducing financing costs while ensuring financial stability [5]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Insights - The company reported a main business revenue of 86.4 billion RMB in 2024, representing a year-on-year growth of 7.7%. However, the net profit attributable to shareholders decreased by 67.3% to 1.04 billion RMB, primarily due to a decline in settlement profit margins and increased impairment losses [4][7] - The company aims for a sales target of 120.5 billion RMB in 2025, reflecting a 5.2% increase from the actual sales in 2024 [7] Financial Performance - The company's main business revenue is projected to grow from 86.4 billion RMB in 2024 to 91.7 billion RMB in 2025, with a growth rate of 6.14% [6] - The net profit attributable to shareholders is expected to decline to 956 million RMB in 2025, with a year-on-year decrease of 8.08% [6] - The company’s diluted earnings per share (EPS) for 2025 is estimated at 0.24 RMB, with a corresponding price-to-earnings (P/E) ratio of 20.94 times [6] Sales and Market Position - In 2024, the company achieved a sales volume of 114.5 billion RMB, marking a 19.4% decrease year-on-year, but it ranked 8th among real estate companies, entering the top 10 for the first time [7][28] - The average selling price in 2024 was 29,206 RMB per square meter, down 8.5% from the previous year [33] Land Acquisition and Development - The company focused on acquiring land in core first and second-tier cities, with over 70% of new land reserves located in first-tier cities [7] - In 2024, the company acquired 24 plots of land across 8 cities, with a total land reserve of 271 million square meters, a decrease of 44.8% year-on-year [7] Financial Health - As of the end of 2024, the company had cash and cash equivalents of 29.7 billion RMB, a year-on-year increase of 1.6% [25] - The company’s total interest-bearing debt was 103.89 billion RMB, a slight decrease of 0.5% year-on-year, with a net debt ratio of 71.3% [19][23]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.85 [8][9]. Core Views - The company reported a revenue of RMB 86.4 billion for 2024, a year-on-year increase of 8%, but a significant decline in net profit attributable to shareholders of RMB 1.04 billion, down 67% year-on-year, which aligns with the earnings forecast [1][2]. - The decline in profitability is attributed to a decrease in gross margin from project handovers and inventory impairment, but there is optimism for recovery as the real estate sector stabilizes [1][2]. - The company’s sales revenue for 2024 was RMB 114.5 billion, a decrease of 19% year-on-year, but it outperformed the top 100 companies in the sector, which saw a 31% decline [3][4]. Summary by Sections Financial Performance - The company’s gross margin decreased by 4.8 percentage points to 10.5%, primarily due to a 5.4 percentage point drop in the gross margin of project handovers to 9.2% [2]. - The company recorded an inventory impairment of RMB 2.27 billion, an increase of RMB 700 million year-on-year [2]. - The total unsold resources at the end of 2024 were RMB 170 billion, down 15% year-on-year, but still more than double the amount expected to be recognized in 2024 [2]. Sales and Land Acquisition - The company’s land acquisition amount decreased by 21% to RMB 38.6 billion, with a land acquisition intensity of 34% [3]. - The company aims to achieve a sales target of RMB 120.5 billion for 2025, a 5% increase year-on-year, supported by a robust land reserve primarily located in first and second-tier cities [3][4]. Financing and Cost Structure - The company’s interest-bearing debt remained stable, with a cash-to-short-term debt ratio of 2.1x and a financing cost reduction of 33 basis points to 3.49% [4]. - The company successfully activated funds of RMB 13.5 billion through land acquisitions in Guangzhou, indicating a focus on optimizing existing projects [4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are RMB 0.25, RMB 0.27, and RMB 0.34 respectively, reflecting a significant downward adjustment of 69% and 70% from previous estimates [5][21]. - The report shifts the valuation method from price-to-earnings (PE) to price-to-book (PB), with a target PB of 0.46x for 2025, leading to a target price of HKD 6.85 [5][21].

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company is expected to improve sales while actively optimizing its land reserve structure. Despite a decline in net profit, revenue is projected to grow, indicating a focus on operational efficiency and market positioning [4][7]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 86.4 billion yuan, a year-on-year increase of 7.7%. However, the net profit attributable to shareholders was 1.04 billion yuan, reflecting a significant decline of 67.3% [4]. - The gross profit margin decreased by 4.8 percentage points to 10.5% in 2024, impacting overall profitability [7]. Sales and Market Strategy - The company aims for a sales target of 120.5 billion yuan in 2025, representing a growth of 5.2%. The contract sales for the first two months of 2025 reached 12.83 billion yuan, up 23.8% year-on-year [7]. - The company has a marketable inventory valued at approximately 235.4 billion yuan, with a focus on first-tier and key second-tier cities for land acquisitions [7]. Financial Health - The company completed equity investments of 29.46 billion yuan in 2024, with 82.7% of the new land reserves located in major cities like Beijing, Shanghai, and Guangzhou [7]. - The company maintains a healthy financial status, with a debt-to-asset ratio of 74.6% and an average borrowing cost of 3.49% [1][7]. Future Projections - Revenue is expected to continue growing, with projections of 94.2 billion yuan in 2025 and 102.2 billion yuan in 2026, reflecting a compound annual growth rate of approximately 8% [6][10]. - The earnings per share (EPS) forecast for 2025 is adjusted to 0.27 yuan, with a price-to-earnings (P/E) ratio of 18.0 times [7][10].

Core Viewpoint - Yuexiu Property has gained significant attention recently due to strong sales performance and strategic product launches in major cities like Beijing and Shanghai, indicating a robust market position and growth potential [1][4]. Group 1: Sales Performance - In the past week, Yuexiu Property achieved a remarkable sales figure of 152 billion yuan from two projects in Beijing, with over 1,000 units sold, marking a significant impact on the local market [1]. - For the fiscal year 2024, Yuexiu Property reported a revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, with a core net profit of 1.59 billion yuan and a total contract sales amounting to 114.54 billion yuan, ranking 8th in the industry [1][6]. - The company’s sales in first-tier cities contributed over 50% of total sales, with Guangzhou being the largest market at 43.37 billion yuan, followed by Beijing and Shanghai [3][4]. Group 2: Product Strategy - Yuexiu Property has established product strength as a core competitive advantage, launching 16 product standards that have been well-received in the market [4]. - The "4+X" product system has shown strong sales performance, with notable projects achieving top sales rankings in their respective cities [4][5]. - The company aims to enhance its product offerings to ensure they are desirable to customers and competitive within the industry [8]. Group 3: Financial Health - Yuexiu Property maintains a strong financial position with over 50 billion yuan in cash reserves, reflecting a healthy cash flow and operational efficiency [6]. - The company has consistently remained in the "green" zone of the "three red lines" policy, indicating a stable financial structure and low debt levels [6]. - As of the end of 2024, the company’s interest-bearing debt was reduced to 103.89 billion yuan, with a low financing cost of 3.49%, positioning it favorably within the industry [6]. Group 4: Future Outlook - For 2025, Yuexiu Property has set a sales target of 120.5 billion yuan, representing a growth of 5.2%, supported by anticipated government policies aimed at stabilizing the market [7][8]. - The company plans to focus on quality sales, inventory reduction, and maintaining positive cash flow while optimizing its investment strategies [8]. - Yuexiu Property's strategic approach and emphasis on product quality and operational efficiency are expected to provide a valuable reference for other leading firms in the industry [8].

Investment Rating - The report maintains a "Buy" recommendation for Yuexiu Property (0123.HK) [1] Core Views - The company is expected to improve sales while actively optimizing its land reserve structure [1][7] - In 2024, the company achieved revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, but the net profit attributable to shareholders decreased by 67.3% to 1.04 billion yuan [4][6] - The company aims for a sales target of 120.5 billion yuan in 2025, representing a year-on-year growth of 5.2% [7] Financial Performance - Revenue and profit projections for the upcoming years are as follows: - 2024: Revenue of 86.4 billion yuan, net profit of 1.04 billion yuan - 2025: Revenue of 94.2 billion yuan, net profit of 1.09 billion yuan - 2026: Revenue of 102.2 billion yuan, net profit of 1.14 billion yuan - 2027: Revenue of 110.4 billion yuan, net profit of 1.18 billion yuan [6][9] - The gross margin is projected to decline to 10.5% in 2024, down from 15.3% in 2023 [6][10] Land Acquisition and Financial Strategy - In 2024, the company completed equity investments of 29.46 billion yuan, with 100% of new land reserves located in first-tier and key second-tier cities [7] - The company maintains a healthy financial status, with a debt-to-asset ratio of 74.6% and an average borrowing cost of 3.49% [1][7] Market Position and Outlook - As a local state-owned enterprise in the Greater Bay Area, the company is positioned to expand its market share during the industry downturn, leveraging its financing advantages and diversified land acquisition strategies [7] - The report suggests that despite the ongoing industry adjustments, the company has the potential for growth due to its financial strengths and land reserve optimization [7][8]

Core Viewpoint - Yuexiu Property achieved a revenue of 86.4 billion yuan in 2024, marking a year-on-year growth of 7.7% and maintaining a healthy financial status with a net operating cash flow of 21.73 billion yuan and cash reserves of 50.05 billion yuan, up 8.6% from the beginning of the year [1][2] Financial Performance - The company’s interest-bearing debt was reduced to 103.89 billion yuan by the end of 2024, with short-term debt accounting for only 22% [1] - The weighted average financing cost for bonds issued domestically was 2.61%, while the overall weighted financing cost for the year decreased to 3.49%, positioning the company at a low level within the industry [1] Business Strategy - The company emphasizes sustainable growth driven by internal cash flow rather than relying solely on financing, showcasing a consistent positive operating cash flow over the years [1] - Yuexiu Property is recognized as a representative of high-quality development in the industry, focusing on "precise investment + high-quality turnover" to strengthen its presence in core cities like Beijing, Shanghai, and Guangzhou [1][2] Market Positioning - The company implemented a "one strategy, one plan" marketing approach to solidify its leading position in the Greater Bay Area and Guangzhou markets, achieving a top 10 market share in Beijing and a top 5 position in Hangzhou for 2024 [2] Operational Efficiency - A new production management center was established to integrate various departments, enhancing the agility of the production system and improving asset and turnover efficiency [2] - The company aims to eliminate ineffective costs through lean management, thereby enhancing profitability [2] Future Outlook - For 2025, the company plans to maintain positive operating cash flow, continue reducing financing costs, and ensure compliance with the "three red lines" policy to enhance financial health and liquidity [2]

t 1 - 1 - N'EDDER 对于房地产的走势，林昭远认为持续用力推动房地产市场的止跌回稳，这是一个总基调，从一二月份的情况看，所有的案场、看房人流在大幅度的提升，可 以看到市场的信心应该在恢复之中，我们预判今年会达到一个触底的过程。 谈及"好房子"政策对于二手房市场的影响，他认为按照目前的存量和从二手房的角度看，确实会带来一定压力，但是影响很有限，因为落实"好房子"的城市 数量目前还比较少。 t 29 SP 成功能 are P and delivery of pp r free 7-7 200 11 - 12 1000 a 11 83 also de r 89 ry IT 出品 | 搜狐地产&焦点财经 作者 | 王泽红 3月31日，越秀地产（00123.HK）召开2024年业绩发布会，董事长及执行董事林昭远、副董事长及执行董事朱辉松、联席总经理及执行董事江国雄、财务总 监曾志钊、总经理助理 姜永进等高管出席。 年报显示，越秀地产去年实现864亿元营业收入，同比增长7.7%；核心净利润为15.9亿元，归母净利润保持在10.4亿元；合同销售额为1145.4亿元，在行业排 名位居第8位。 具体来看，一二线城 ...