Group 1 - The company's development business drag is gradually alleviating, and the value of commercial operations is becoming more prominent, with clear growth space and direction for future business [1] - The company is rated "Buy" due to ongoing industry sales and price declines affecting short-term settlement amounts and profits, but potential future earnings changes are not reflected in current net profits [1] - The company is expected to achieve EPS of RMB 0.07/0.09/0.11 for 2025/26/27, with a projected net asset value of RMB 6.72 per share in 2026, and a valuation of HKD 3.65 per share based on a 0.5x PB ratio [1] Group 2 - The company has a strong competitive advantage in the commercial sector, having entered the commercial real estate market in 2008, establishing a dual-driven strategy of "real estate + commercial" [2] - The company's commercial operation capabilities are outstanding, with operational efficiency ranking among the industry leaders, and the potential for urban consumer growth is gradually being released [2] - The company has shifted its strategic focus from scale expansion to accelerating de-stocking and ensuring project delivery, with contract sales peaking in 2019 and entering a downward trend [2]
新城发展(1030.HK)公司首次覆盖：不止于开发 从平衡到引领