Huafa Properties(SH:600325)2024-09-02 07:12Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company experienced a revenue decline of 21.1% year-on-year in H1 2024, with a net profit decrease of 31.5% [5] - Despite the performance drop, the company has a substantial pre-sale balance of 963.9 billion yuan, which is 1.3 times its 2023 revenue, ensuring future revenue stability [5] - The company has a strong land reserve strategy focused on core first and second-tier cities, with a ranking improvement in sales to 11th place [5][6] - The company remains in the green zone for the "three red lines" policy, indicating a stable financing environment and decreasing financing costs [6] Financial Summary - As of June 30, 2024, the company reported total revenue of 248.4 billion yuan and a net profit of 17.3 billion yuan [5] - The company's gross margin and net profit margin were 16.8% and 5.1%, respectively, showing a slight decline compared to the previous year [5] - The projected net profit for 2024-2026 is adjusted to 17.8 billion, 19.5 billion, and 21.4 billion yuan, respectively [6][7] Market Data - The closing price of the company's stock is 5.52 yuan, with a price-to-book ratio of 0.7 and a dividend yield of 6.70% [2] - The company's market capitalization is approximately 14,193 million yuan [2]