Core Viewpoint - Poly Real Estate serves as an important platform for Poly Group's real estate business and capital markets, with Poly Group holding a total of 48.09% of the company's shares, providing strong financing support and quality asset injection for rapid development [1] Sales Performance - In 2024, the company achieved a sales amount of 54.2 billion yuan, a year-on-year increase of 1.1%, ranking 17th in the industry and entering the TOP20 for the first time, with 85% of sales coming from first- and second-tier cities [2] - The sales target for 2025 is set at 50 billion yuan [2] Land Acquisition - From 2010 to present, the company has established a presence in 31 cities, acquiring a total of 165 projects, with a land acquisition amount of 19.95 billion yuan in 2024, a decrease of 39.3% year-on-year [2] - The average land price increased to 20,700 yuan per square meter, up 14.7% year-on-year, with all acquired land in 2024 and early 2025 located in first- and second-tier cities [2] Land Reserves - By the end of 2024, the company had a total land reserve of 13.16 million square meters, with an equity ratio of 70% and an average land cost of 11,000 yuan per square meter [2] Property Management - Poly Property Management Group operates various types of properties, managing 288 projects with a total area of 52.74 million square meters, a year-on-year increase of 3.9% [3] - The property management segment generated revenue of 1.206 billion yuan in 2024, remaining flat year-on-year [3] Financial Performance - In 2024, total revenue was 40.21 billion yuan, a decrease of 1.9%, with a net profit attributable to shareholders of 180 million yuan, down 87.3% year-on-year [4] - The company’s gross profit margin fell to 16.4%, a decrease of 4 percentage points year-on-year [4] - By the end of 2024, the company had interest-bearing liabilities of 70.5 billion yuan, a decrease of 4.7% year-on-year, with a net debt ratio of 77.2% [4] Investment Outlook - The company is recognized for its strong shareholder backing, operational resilience, and strategic focus on high-quality projects in key markets, particularly in the Yangtze River Delta and Shanghai [5] - Future revenue projections for 2025-2027 are 39 billion, 40.4 billion, and 40.9 billion yuan, with net profits of 180 million, 190 million, and 200 million yuan respectively [5]
深度*公司*保利置业集团(00119.HK)：行业深度调整周期中经营韧性凸显 债务结构明显优化 兼顾稳与进