国贸地产“豪赌”高价地的B面：盈利困局待解

Core Viewpoint - Xiamen International Trade Real Estate Group (国贸地产) has successfully acquired a prime land parcel in Chengdu for 2.326 billion yuan, marking a significant investment despite the high price and competitive bidding environment [1][2]. Group 1: Land Acquisition and Market Position - 国贸地产 won a highly competitive bidding for a land parcel in Chengdu, achieving a floor price of 35,500 yuan per square meter, with a premium rate of 75.74%, making it the second highest in Chengdu's history [2]. - The land's strategic location and surrounding amenities are expected to support future project pricing, potentially reaching over 60,000 yuan per square meter [2]. - Since entering Chengdu in 2021, 国贸地产 has developed over 10 projects, indicating a strong commitment to the region [2]. Group 2: Financial Performance and Comparison - In 2024, 国贸地产 reported total revenue of 40.458 billion yuan, a significant increase of 52.79% from 2023, and a profit of 1.424 billion yuan, up 41.23% [9]. - However, the net profit attributable to the parent company dropped to 39 million yuan, a decline of 90.7%, indicating challenges in profitability despite revenue growth [10]. - Compared to its peers, 国贸地产 ranks lower in profitability, with its net profit significantly lagging behind that of its competitors, such as 建发房产 and 象屿地产, which reported much higher profits and growth rates [10].