北辰实业(601588)：地产拖累公司业绩 会展及商业收入增长

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, primarily due to a decrease in the real estate development segment, while the exhibition and commercial property segments showed growth in revenue and profit [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 7.152 billion yuan, a year-on-year decrease of 54.59%, mainly due to reduced income from the real estate development segment [1]. - The net profit attributable to shareholders was -2.827 billion yuan, reflecting a year-on-year decline of 54.71% [1]. - The exhibition (including hotels) and commercial property segments generated operating revenue of 2.961 billion yuan, an increase of 11.77%, with a pre-tax profit of 492 million yuan, up 4.80% [1]. - The real estate development segment reported operating revenue of 4.011 billion yuan (including parking spaces), a year-on-year decrease of 68.92%, with a pre-tax loss of 3.420 billion yuan [1]. Group 2: Business Segments Overview - In the exhibition (including hotels) and commercial property segment, the company hosted 2,243 events in 2024, a year-on-year increase of approximately 1.9%, with major events totaling 71 and attracting 5.8625 million visitors, a growth of about 20.6% [2]. - The company signed 7 new venue and hotel management projects and 8 consulting projects, expanding its management business to 32 cities across key strategic development areas [2]. - In the real estate development segment, the company achieved contract sales of 4.426 billion yuan and a sales area of 339,500 square meters, completing the delivery of over 3,200 units across 4 projects [2]. Group 3: Investment Outlook - The company is leveraging its "exhibition + real estate" operational model to enhance resource integration and industry interaction, maintaining an "outperforming the market" rating [3]. - The main business includes real estate development and exhibition (including hotels) and commercial properties, with projected EPS and BPS for 2025 at 0.04 yuan and 2.91 yuan, respectively [3]. - Given its position as one of the largest exhibition venue operators in the country, the company is assigned a dynamic PB of 0.6-0.7 times for 2025, resulting in a reasonable value range of 1.75 yuan to 2.04 yuan [3].