民生证券：给予城建发展买入评级

Core Viewpoint - The report highlights a significant improvement in the financial performance of Urban Construction Development (城建发展), with a strong increase in revenue and a return to profitability, supported by low-cost financing and strategic land acquisitions [1][2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 12.76 billion yuan, representing a year-on-year increase of 95.7%, primarily due to an increase in the scale of real estate project completions [2] - The net profit attributable to shareholders reached 608 million yuan, a substantial turnaround from a loss of 137 million yuan in the first half of 2024 [2] - The sales area increased by 2.57% year-on-year, totaling 183,200 square meters, while the sales amount decreased by 11.91% to 10.50 billion yuan [2] Land Acquisition and Development - The company added approximately 79,900 square meters of land reserves, a decrease of 6.55% year-on-year, and initiated new construction projects totaling 539,300 square meters, a significant increase of 458% compared to the first half of 2024 [2][3] - The company is expected to continue focusing on land markets in Beijing and Shanghai, aiming to acquire quality projects [3] Financing and Debt Structure - The company successfully issued a 3-year medium-term note of 2 billion yuan at a coupon rate of 2.49% and a 3-year corporate bond of 2.5 billion yuan at a coupon rate of 2.40% [3] - As of the first half of 2025, the company had a total of 5 billion yuan in bonds maturing within one year and 242.5 billion yuan in bonds maturing beyond one year, indicating a stable debt structure [3] Investment Outlook - The company is projected to achieve revenues of 26.96 billion yuan, 28.99 billion yuan, and 32.31 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.0%, 7.5%, and 11.4% [3] - The net profit attributable to shareholders is forecasted to be 1.394 billion yuan, 1.972 billion yuan, and 2.655 billion yuan for the same years, with significant growth rates of 246.6%, 41.5%, and 34.6% [3]