合肥城建2024年财报：亏损扩大，房地产寒冬难熬

Core Viewpoint - Hefei Urban Construction (002208) reported a significant decline in financial performance for 2024, marking its first annual loss since 2021, with a net loss of 56.57 million yuan, a 125.78% decrease year-on-year, amid a challenging real estate market [1][4][6] Financial Performance - The company's operating revenue for 2024 was 7.696 billion yuan, down 2.55% year-on-year [1] - The net cash flow from operations was -138 million yuan, a 112.7% decline year-on-year, indicating severe cash flow issues [4] - Total assets increased by 3.6% to 38.726 billion yuan, while net assets decreased by 1.9% to 6.468 billion yuan, highlighting reliance on debt rather than profitability [4] Industry Context - The overall real estate market in China continued to cool in 2024, with weak demand from homebuyers leading to pressure on sales for real estate companies [5][6] - Hefei Urban Construction's gross margin fell to 15.65% from 19.21% in 2023, reflecting challenges in cost control and pricing strategies [5] Management and Strategic Challenges - The company faces increased management risks due to its expanding scale, with rising management costs and extended project development cycles contributing to its losses [7] - Hefei Urban Construction is attempting to transition from a traditional real estate developer to a comprehensive urban operator, which requires significant investment and resource integration, posing additional challenges in the current market environment [7]