招商蛇口(001979)：利润高增拿地积极 销售稳健助业绩改善

Core Viewpoint - The company reported a decline in revenue for Q1 2025 but achieved significant growth in net profit, primarily due to an increase in the proportion of equity from transferred projects and improved investment income from joint ventures [1][2]. Revenue and Profit Performance - In Q1 2025, the company achieved operating revenue of 20.448 billion yuan, a year-on-year decrease of 13.9% [1][2]. - The gross profit margin was 11.8%, down 2.7 percentage points year-on-year [2]. - The net profit attributable to shareholders was 0.445 billion yuan, reflecting a year-on-year increase of 34.0% [1][2]. Sales and Market Position - According to CRIC data, the company achieved a total sales amount of 35.07 billion yuan in Q1 2025, a year-on-year decline of 12.7%, maintaining a position in the top 5 of the industry [3]. - The equity sales amount was 23.84 billion yuan, down 4.3% year-on-year, outperforming the average decline of 5.0% among the top 100 real estate companies [3]. - The total sales area was 1.610 million square meters, a decrease of 13.0% year-on-year [3]. Land Acquisition Strategy - In Q1 2025, the company acquired 10 plots of land in key cities such as Beijing, Shanghai, Chengdu, and Wuhan [4]. - The total planned construction area was 902,000 square meters, an increase of 117.1% year-on-year [4]. - The total land acquisition amount was 21.18 billion yuan, up 138.0% year-on-year, with an average premium rate of 17%, an increase of 6 percentage points year-on-year [4]. Profit Forecast - The company forecasts operating revenues of 188.092 billion yuan, 198.117 billion yuan, and 209.446 billion yuan for 2025-2027, representing year-on-year growth of 5.11%, 5.33%, and 5.72% respectively [5]. - The net profit attributable to shareholders is projected to be 4.909 billion yuan, 5.445 billion yuan, and 6.123 billion yuan for the same period, with year-on-year growth of 21.56%, 10.91%, and 12.46% respectively [5]. - Earnings per share (EPS) are expected to be 0.54 yuan, 0.60 yuan, and 0.68 yuan, with a three-year compound annual growth rate (CAGR) of 14.88% [5].