华润置地2024年新增土地29宗 未来投资“量入为出”

Core Viewpoint - China Resources Land reported a revenue of 278.8 billion yuan for 2024, an 11% year-on-year increase, while core net profit decreased by 8.5% to 25.42 billion yuan [1] Group 1: Financial Performance - The revenue from development and sales business reached 237.15 billion yuan, a year-on-year growth of 11.8%, with a signed contract amount of 261.1 billion yuan, but the signed area decreased by 13.3% [3] - The gross profit margin for the development and sales business fell to 16.8%, significantly down from 29.1% in 2020 [3] - Operating income from investment properties was 23.3 billion yuan, a 4.8% increase, while light asset management business revenue grew by 14% to 12.13 billion yuan [4][5] Group 2: Land Acquisition and Investment Strategy - The company acquired 29 plots of land for a total price of 77.58 billion yuan, with a focus on first and second-tier cities, which accounted for 82% of total land reserves [2] - The total land reserve area reached approximately 51.94 million square meters by the end of 2024, with a focus on high-quality development [2] Group 3: Cash Flow and Debt Management - The company reported cash reserves of 133.21 billion yuan and total borrowings of 259.78 billion yuan, with a net interest-bearing debt ratio of 31.9% [5] - The average debt financing cost decreased by 45 basis points to 3.11% compared to the end of 2023 [5]