Core Viewpoint - CICC has initiated coverage on China Jinmao with an "outperform" rating and a target price of HKD 1.86, reflecting a 10% discount to the projected net asset value (NAV) per share for 2025 [1] Group 1: Company Management and Strategy - The company has shown significant positive changes in management and strategy, which provide a foundation for value reconstruction [1] - Historical burdens are manageable, and there is potential for incremental sales flexibility [1] Group 2: Financial Projections - CICC estimates the company's NAV to reach RMB 25.6 billion by the end of 2025, with substantial growth potential if the company maintains a steady land acquisition strategy from 2026 onwards [1] - Projected earnings per share for 2025 and 2026 are RMB 0.10 and RMB 0.11, respectively, with a compound annual growth rate (CAGR) of 6.5% from 2024 to 2026 [1] - The target price of HKD 1.86 is based on a 10% discount to the 2025 NAV, corresponding to a price-to-book ratio of 0.6 times for 2025 [1]
研报掘金丨中金：再次覆盖中国金茂 予其“跑赢行业”评级及目标价1.86港元