浦东金桥：公司信息更新报告：收入利润承压，三季度销售及物管收入增长

Investment Rating - Investment rating: Buy (maintained) [1] Core Views - The company has experienced significant pressure on revenue and profits, with a notable decline in sales revenue, while property management income has shown growth [1] - The company maintains a strong resource base, advantageous location, and significant industrial clustering effects, leading to an expectation of continued improvement in performance [1] - The company has a sufficient reserve of projects, and the performance is expected to improve continuously, justifying the "Buy" rating [1] Financial Summary - For the first three quarters, the company achieved revenue of 2.034 billion yuan, a year-on-year decrease of 62.1%, and a net profit attributable to shareholders of 391 million yuan, down 75.9% [1] - The third quarter saw a revenue increase of 11.0% and a net profit decrease of 42.2% [1] - The company reported a negative operating cash flow of 123 million yuan for the first three quarters, with basic earnings per share of 0.35 yuan [1] - The gross profit margin and net profit margin were 56.8% and 18.6%, down 17.7 percentage points and 11.1 percentage points year-on-year, respectively [1] Sales and Rental Income - In the third quarter, sales revenue was 6.8 million yuan, a year-on-year increase of 7717%, primarily from the sale of parking spaces in the Lingang Biyun Yilong project [1] - Rental income decreased to 44.5 million yuan, down 5.3% year-on-year, due to the closure of the Biyun Sports and Leisure Center and the Biyun Jiu Ling Commercial Center for renovations [1] - Hotel apartment income increased by 10.7% year-on-year to 5.3 million yuan, while property management service income surged by 216% to 1 million yuan, attributed to new projects [1] Project Development and Financing - As of the end of September, the company’s residential project Biyun Liuyue had a total sell-through rate of 66.90%, with cumulative receipts of 3.322 billion yuan [1] - The company commenced construction on the Jiashan Road project in Hongkou District in September, with a planned area of approximately 60,000 square meters and an equity ratio of 80% [1] - The company issued a five-year medium-term note in August with a scale of 800 million yuan and a coupon rate of 2.22%, maintaining low financing costs [1]