越秀地产(0123.HK)：营收双位数高增 核心净利润降幅收窄

Core Viewpoint - In the first half of 2025, the company achieved operating revenue of 47.57 billion yuan, a year-on-year increase of 34.6%, but the net profit attributable to shareholders decreased by 25.2% to 1.37 billion yuan, and core net profit fell by 12.7% to 1.52 billion yuan. The main reasons for the increase in revenue without profit growth were a decline in gross margin by 3.1 percentage points and an asset impairment provision of 530 million yuan. However, the decline in core net profit has narrowed by 6.1 percentage points compared to the same period last year [1][2]. Revenue and Profitability - The company reported a significant increase in revenue, with operating income reaching 47.57 billion yuan, up 34.6% year-on-year. However, the net profit attributable to shareholders fell to 1.37 billion yuan, a decrease of 25.2%, and core net profit was 1.52 billion yuan, down 12.7%. The decline in profitability was primarily due to a gross margin of 10.6%, which is 3.1 percentage points lower than the previous year, and an asset impairment provision of 530 million yuan [1][2]. Sales Performance - The company maintained a strong sales performance, achieving a total contract sales amount of 61.5 billion yuan, an increase of 11.0% year-on-year, ranking among the top 8 nationwide. In the first half of the year, the company added 13 land parcels, totaling a construction area of 1.48 million square meters, all located in first- and second-tier cities. As of the end of the first half, the total land reserve was 20.43 million square meters, with 94% located in first- and second-tier cities, indicating a robust and high-quality land reserve [2]. Financial Stability - The company reported a net inflow of operating cash flow of 4.1 billion yuan in the first half of 2025, with a debt structure that continues to improve, where short-term debt accounted for 24%. The weighted average borrowing cost was 3.16%, a decrease of 41 basis points compared to the same period last year, indicating ongoing optimization of financing costs [2]. Earnings Forecast and Valuation - The company maintains its earnings forecast, projecting core EPS of 0.42/0.42/0.43 yuan for 2025-2027. The comparable company's PB valuation is set at 0.5 times, leading to a target price of 7.55 HKD for the company [3].