中国国贸：业绩微增，关注出租率修复情况

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][9]. Core Insights - For the first nine months of 2024, the company achieved a revenue of 2.95 billion RMB, a slight increase of 0.02% year-on-year, and a net profit attributable to shareholders of 1.019 billion RMB, up 1.63% year-on-year [1]. - The rental income showed a minor increase, with total rental income reaching 2.19 billion RMB, up 0.26% year-on-year. The gross profit margin improved by 0.16 percentage points to 60.51%, and the net profit margin increased by 0.55 percentage points to 34.54% [1]. - The average occupancy rate for office spaces decreased by 3.0 percentage points year-on-year to 93.2%, primarily due to lease expirations. However, the average rental price for office spaces increased by 8 RMB per square meter per month compared to the previous year [2]. - The company holds core assets and exhibits stable operational performance, although there was a slight decline in performance due to tenant lease expirations affecting the third-quarter results [3]. Summary by Sections Revenue and Profitability - The company reported a revenue of 2.95 billion RMB for the first nine months of 2024, with a net profit of 1.019 billion RMB, reflecting a year-on-year growth of 1.63% [1]. - The gross profit margin improved to 60.51%, and the net profit margin reached 34.54%, indicating better profitability despite slight revenue growth [1]. Rental Performance - The total rental income for the first nine months was 2.19 billion RMB, with office, mall, and apartment rental incomes showing varied performance [1]. - The average occupancy rate for office spaces was 91.1%, down 6.0 percentage points year-on-year, while the average rental price increased by 8 RMB per square meter per month [2]. - The mall occupancy rate decreased slightly, with an average rental price increase of 64 RMB per square meter per month compared to the previous year [2]. Profit Forecast - The profit forecast for the company has been slightly adjusted, with expected net profits for 2024-2026 projected at 1.29 billion RMB, 1.36 billion RMB, and 1.41 billion RMB, reflecting year-on-year growth rates of 2.8%, 4.8%, and 3.5% respectively [3].