开源证券：给予大悦城买入评级

Core Viewpoint - Dalian City (大悦城) has opened two new shopping malls in Nanchang and Shenzhen, leading to a significant increase in shopping center sales, and the company maintains a "Buy" rating [1][2]. Financial Performance - In the first half of 2025, the company reported operating revenue of 15.231 billion yuan, a year-on-year decrease of 5.29% [3]. - The company achieved a net profit attributable to shareholders of 109 million yuan, reversing from a loss in the previous year [3]. - The gross profit margin and net profit margin were 36.35% and 4.91%, respectively, reflecting increases of 13.76 percentage points and 4.67 percentage points year-on-year [3]. - The net cash flow from operating activities was 2.687 billion yuan, a year-on-year increase of 38.15% [3]. Property Development and Management - The company achieved a total signed contract value of 8.64 billion yuan and a signed area of 479,000 square meters in the first half of 2025 [4]. - Shopping centers generated sales of approximately 22 billion yuan, representing a year-on-year growth of 12.2% [4]. - The average occupancy rate of the company's commercial projects was 92% [4]. - As of mid-2025, the company managed 158 projects across over 40 cities, with a total managed area of 31.37 million square meters, an increase of 4.1% from the previous year [4]. Future Earnings Forecast - The company forecasts net profits of -830 million yuan, 870 million yuan, and 1.52 billion yuan for 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of -0.19 yuan, 0.20 yuan, and 0.36 yuan [2][6]. - The price-to-earnings (PE) ratios for 2026 and 2027 are projected to be 15.7 times and 9.0 times, respectively [2].