Ge Long Hui·2026-02-03 06:07Core Viewpoint - The report from Dongwu Securities indicates that China Merchants Shekou's profits are experiencing a temporary decline, while the company focuses on stabilizing its core investment and sales operations [1] Financial Performance - The company expects to achieve a net profit attributable to shareholders of 1.005-1.254 billion yuan in 2025, representing a year-on-year decline of 69%-75% [1] - The expected non-recurring net profit is projected to be 154-231 million yuan, reflecting a year-on-year decrease of 91%-94% [1] Market Position and Strategy - The company continues to solidify its market position in high-tier core cities, aiming to create "China Merchants Good Houses" with sales consistently ranking among the top [1] - By 2025, the company aims to rank in the top 2 in sales in Shanghai and top 5 in cities such as Shenzhen, Beijing, Hangzhou, and Chengdu [1] Industry Outlook - In the context of ongoing policy support and a gradual balance between supply and demand in the industry, the company, as a leading state-owned enterprise, possesses significant resource endowments and credit advantages [1] - The company's steady investment and sales rhythm is expected to allow it to benefit first as the industry stabilizes [1] Sales and Land Reserves - The company maintains a strong sales position within the industry and has high-quality land reserves, with advantages in high-tier cities continuing to be reinforced [1] - There is an expectation for gradual performance recovery, leading to a maintained "buy" rating [1]