Gemdale(SH:600383) Xin Lang Cai Jing·2025-05-04 00:30Core Viewpoint - The company reported a significant decline in both revenue and profitability for Q1 2025, indicating ongoing challenges in the market and operational performance [2][4]. Financial Performance - In Q1 2025, the company achieved revenue of 5.97 billion yuan, a decrease of 14.3% year-on-year [2][3]. - The net profit attributable to shareholders was a loss of 660 million yuan, compared to a loss of 280 million yuan in the same period last year [2][3]. - The comprehensive gross margin fell to 12.5%, down 2.4 percentage points year-on-year [2][3]. Sales and Market Position - The company's sales amounted to 8.15 billion yuan, reflecting a substantial decline of 51.3% [3]. - Sales volume and price both decreased, with a sales area of 540,000 square meters, down 45.1%, and an average selling price of 15,000 yuan per square meter, down 11.2% [3]. - The company ranked 21st in the industry according to CRIC, down from 14th in the previous year [3]. Debt and Financing - As of the end of 2024, the company's interest-bearing debt totaled 73.52 billion yuan, a reduction of 20.0% [4]. - The company maintains a conservative approach to debt, with a debt-to-asset ratio of 64.8% and a net debt ratio of 49.1% [4]. - The average cost of debt financing decreased to 4.05%, down 0.31 percentage points [4]. Future Outlook - The company is expected to face continued pressure on revenue and performance due to market demand decline and industry credit tightening [4]. - The company plans to focus on cash flow management through sales recovery and asset disposal [4]. - Projections for net profit attributable to shareholders for 2025-2027 are 200 million, 300 million, and 500 million yuan, respectively, with corresponding PE ratios of 117, 57, and 37 times [4].