经营性业务成盈利“压舱石” 龙湖：不再是传统开发商

Core Viewpoint - Longfor Group is transitioning from a traditional developer model to a business model focused on operational and service revenue, which has become a significant contributor to its income, profit, and cash flow [1][3]. Financial Performance - In 2024, Longfor achieved total revenue of 127.47 billion yuan, with operational and service revenue contributing 26.71 billion yuan, a year-on-year increase of 7.4%, accounting for 21% of total revenue [1][3]. - The gross profit for Longfor was 20.41 billion yuan, with a gross margin of 16%. The core profit attributable to shareholders, excluding fair value changes, was 6.97 billion yuan [3]. - Operational business revenue (excluding tax) was 13.52 billion yuan, up 4.5%, with a gross margin of 75%. Service business revenue (excluding tax) was 13.19 billion yuan, up 10.4%, with a gross margin of 31.4% [3]. Future Projections - The CEO anticipates that by 2028, operational revenue will exceed 50% of total revenue, marking Longfor as the first company in the domestic real estate sector to complete this revenue structure transformation [2][3]. Sales and Development Strategy - In 2024, Longfor's real estate development contract sales reached 101.12 billion yuan, with a sales collection rate exceeding 100% and an average project sell-through rate of nearly 80% [3]. - The company plans to manage over 160 billion yuan in sellable inventory in 2024, focusing on refined management of various project types to capitalize on market opportunities [4]. Debt Management - As of December 31, 2024, Longfor's total debt was 176.32 billion yuan, a decrease of approximately 16.3 billion yuan from the beginning of the year, with cash on hand amounting to 49.42 billion yuan and a net debt ratio of 51.7% [4][5]. - The average contract loan term was extended to 10.27 years, with an average financing cost of 4.00%, down 24 basis points year-on-year [5]. Strategic Adjustments - Longfor has adopted a proactive strategy in the development sector, reducing inventory by half over the past three years and maintaining a disciplined investment approach to ensure debt repayment safety [4][5].