建发国际集团(1908.HK)：高质高效 逆势进阶

Core Viewpoint - Xiamen International Group, a subsidiary of Xiamen Jianfa Group, has shown remarkable resilience and growth in the real estate market, achieving a significant sales ranking improvement and establishing itself as a quality leader in the industry [1][2]. Company Overview - The company focuses on real estate development and has benefited from the brand, credit, and resource support of its parent company, Xiamen Jianfa Group [1]. - Since 2016, the company has emerged as a "dark horse" in the real estate market, achieving a sales scale ranking of sixth by the first half of 2025 [1]. Competitive Advantages - Asset Quality: The company maintains a strategy prioritizing liquidity while ensuring profitability, resulting in a healthier inventory during industry downturns. The static gross profit margin and turnover rate for new projects are expected to improve post-2024 [1][2]. - Turnover Efficiency: The company benefits from healthy inventory, regional focus, and strong product capabilities, leading to superior turnover speed. The company has also improved its operational debt capacity and cash collection ability [2]. - Cost Management: The company has lower management and financial expenses compared to peers, supported by financing from its major shareholder, enhancing financial safety margins [2]. Investment Outlook - The company is positioned as a potential winner in the industry, with strong short-term performance and a solid competitive edge [2]. - Short-term Performance: In the first half of 2025, the company achieved a new land value of 98.7 billion, with a full-year target of 150 billion likely to be met. The sales amount reached 70.7 billion, a 7% year-on-year increase [3]. - Earnings Forecast: The company is expected to achieve net profits of 4.91 billion, 5.31 billion, and 5.88 billion from 2025 to 2027, with corresponding PE ratios of 7.4, 6.8, and 6.2. The company has maintained a cash dividend ratio above 40%, with an estimated dividend yield of about 6.1% for 2025 [3].