NEW WORLD DEV(00017) 开源证券·2024-12-03 10:10Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The management team has undergone a significant change, with the appointment of Huang Shaomei as the CEO, who has over 20 years of experience in the real estate sector. This leadership change is expected to enhance the company's operational capabilities in both Hong Kong and mainland China [2][6] - The company has maintained its profit forecasts, expecting net profits for FY2025-2027 to be HKD 370 million, HKD 600 million, and HKD 860 million respectively, with corresponding EPS of HKD 0.15, HKD 0.24, and HKD 0.34. The current stock price corresponds to P/E ratios of 44.7, 27.9, and 19.3 times [2][6] - The company reported a revenue of HKD 35.826 billion for FY2024, a decrease of 62% year-on-year, and a core operating profit of HKD 6.898 billion, down 18% year-on-year. The net profit for continuing operations was negative HKD 11.807 billion due to non-cash impairments and losses [2][6] Financial Summary - For FY2023, the company achieved a revenue of HKD 95.214 billion, with a year-on-year growth of 39.6%. However, for FY2024, the revenue is projected to drop to HKD 35.782 billion, reflecting a significant decline of 62.4% [8] - The net profit for FY2023 was HKD 4.081 billion, but it is expected to turn negative in FY2024 at HKD -17.126 billion, indicating a drastic year-on-year decline of 519.7% [8] - The gross margin for FY2024 is projected to be 35.9%, while the net margin is expected to be -55.1% [8] - The company’s total assets are projected to decrease from HKD 616.483 billion in FY2023 to HKD 445.158 billion in FY2024 [8]