建发国际集团(1908.HK)：盈利能力提升 土储结构优化

Core Viewpoint - The company achieved a revenue of 34.16 billion yuan in the first half of 2025, representing a year-on-year growth of 4.2%, and a net profit attributable to shareholders of 910 million yuan, up 11.8% year-on-year. The profit growth outpaced revenue growth primarily due to a 1.0 percentage point increase in gross margin and a reduction of 90 million yuan in total borrowing costs compared to the same period last year [1][2]. Financial Performance - The company reported a revenue of 34.16 billion yuan, a 4.2% increase year-on-year, and a net profit of 910 million yuan, reflecting an 11.8% year-on-year growth [1]. - The increase in profit growth relative to revenue growth is attributed to improved profitability, with a gross margin increase of 1.0 percentage point year-on-year, and a decrease in total borrowing costs to 1.59 billion yuan, down 90 million yuan from the previous year [1]. Sales Performance - Despite a 5.5% decline in national commodity housing sales, the company experienced a 7% increase in total sales to 70.7 billion yuan, with equity sales rising 5% to 53.4 billion yuan. The company ranked 6th nationally, improving one position from the previous year [2]. - The company achieved the highest sales in 12 cities, with the five major cities of Beijing, Shanghai, Chengdu, Hangzhou, and Xiamen accounting for 46% of total sales, a 15 percentage point increase year-on-year [2]. Land Reserve Optimization - The company added land reserves worth 98.7 billion yuan in the first half of the year, a 33% increase year-on-year, with 74% of the new land reserves located in the five major cities [2]. - As of the end of June, the company had a total salable land reserve value of 249.6 billion yuan, with 54% located in the five major cities. Additionally, 81% of the land acquired was from 2022 onwards, indicating a focus on newer acquisitions [2]. Profitability Forecast - The company maintains its profit forecast unchanged, with expected EPS of 2.25, 2.41, and 2.48 yuan for 2025-2027. The target price has been raised to 25.85 HKD, based on a PE ratio of 10.5 times, consistent with the expected PE for comparable companies in 2025 [2].