Xin Lang Cai Jing·2026-01-23 09:33Core Viewpoint - The report from Caitong Securities highlights that China Resources Land (01109) ranks among the top in property development sales, is actively investing, and has ample land reserves. The company's recurring business has a strong competitive advantage, with leading quality in commercial scale, steady development in property management, and ecosystem business promoting transformation. The firm forecasts core net profits for the company to be 20.94 billion, 23.70 billion, and 25.89 billion yuan for 2025-2027, corresponding to PE ratios of 8.7x, 7.7x, and 7.0x. The rating is maintained at "Buy" [1][8]. Group 1 - On January 21, 2026, the company announced the official upgrade of its property life service platform "Xiaorun+", which is now fully online [2][9]. - The property life service platform has transitioned from a "single sales function" to a "full lifecycle service" strategy, integrating five major business areas and covering 13 core modules with 174 practical functions [10][11]. - The platform aims to provide a comprehensive experience of "product-service-operation" through four core advantages: ecological connectivity, full-cycle service, operational renewal, and technological empowerment, marking a significant shift towards becoming an ecosystem builder [11]. Group 2 - In 2025, the company faced sales pressure, achieving a sales revenue of 233.6 billion yuan, a year-on-year decrease of 10.5%, with a sales area of 9.224 million square meters, an increase of 18.6% [3][12]. - The recurring income for 2025 is approximately 51.15 billion yuan, reflecting a year-on-year increase of 6.5%, with rental income from operational real estate at about 32.94 billion yuan, up 12.8% year-on-year [3][12].