Seazen(SH:601155) Cai Jing Wang·2025-03-28 09:36Core Viewpoint - Resilience is identified as a crucial strength for real estate companies to navigate new industry cycles and environments, with New城控股 demonstrating stability and continuous progress through its "residential + commercial" dual-driven strategy [1] Financial Performance - In 2024, New城控股 achieved a revenue of 89 billion yuan, with a net profit attributable to shareholders of 752 million yuan, reflecting a year-on-year growth of 2.07%. The net profit excluding non-recurring items reached 870 million yuan, up 183.07% [2] - The overall gross margin stood at 19.80%, while the average financing cost decreased by 28 basis points to 5.92%, indicating stable and improving core financial metrics [2] - The company recorded a contract sales amount of approximately 40.17 billion yuan, with a sales area of about 5.39 million square meters, and a collection amount of 41.1 billion yuan, achieving a collection rate of 102% [2] Cash Flow and Debt Management - As of the end of the reporting period, New城控股 had a cash balance of 10.296 billion yuan, ensuring ample liquidity. The net debt ratio was 52.44%, maintaining a low level [3] - The operating cash flow net amount was 1.512 billion yuan, marking seven consecutive years of positive operating cash flow, providing sufficient space for development [3] - The company successfully repaid 5.262 billion yuan of bonds in the domestic and international markets in 2024, showcasing strong creditworthiness [3] Commercial Operations - New城控股's commercial operations generated a total revenue of 12.8 billion yuan in 2024, a year-on-year increase of 13.1%, exceeding the annual target of 12.5 billion yuan [2] - The proportion of commercial management income rose to 13.52% of total revenue, with a gross profit margin of 70.17% from property leasing and management [5] - The company opened 15 new 吾悦广场 locations, expanding its commercial footprint to 173 integrated projects, with a total commercial area of 16.01 million square meters and an occupancy rate of 97.97% [5] Future Outlook - New城控股 plans to achieve a commercial operation revenue of 14 billion yuan in 2025 and aims to open five new 吾悦广场 locations [6] - The company has upgraded its commercial management division to 新城吾悦商业管理集团有限公司, introducing a new operational philosophy to adapt to changing consumer markets [6] - The establishment of 新城建管, a platform for real estate construction and management, has shown potential, managing over 100 projects and achieving a national layout [6] Industry Trends - The industry is shifting towards reliance on internal growth and self-sustaining business models, moving away from debt-driven strategies, with New城控股 exemplifying this approach through low leverage and strong operational cash flow [7]