Zhi Tong Cai Jing·2026-01-16 09:19Group 1 - The core viewpoint of the report indicates that China Resources Land (01109) is expected to experience an 18.8% year-on-year decline in core net profit for 2025 due to a decrease in gross margin from real estate development and delayed recognition of REITs listing income [1] - The profit margin for the real estate development business is projected to drop from 16.8% in 2024 to 14.5% in 2025 [1] - The company’s balance sheet is expected to remain robust despite the anticipated profit decline [1] Group 2 - The earnings forecasts for China Resources Land for the years 2025 to 2027 have been revised downwards by 14.6%, 11.4%, and 10.7% respectively [1] - The target price for the company has been reduced from HKD 37.51 to HKD 35.4 [1] - Despite the adjustments, the report maintains a "Buy" rating, highlighting the company's strengths in commercial operations and high-end residential development [1]