CHINA RES LAND(01109) 光大证券·2024-12-05 00:32Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a total sales of 229.1 billion yuan from January to November 2024, with a year-on-year decline of 19.9%, but the decline rate has narrowed compared to previous months, indicating a recovery trend in sales [1]. - The company is actively increasing its core land reserves, with a total land reserve area of 56.99 million square meters, of which over 70% is located in first- and second-tier cities [2]. - The asset management business is steadily growing, with a total asset management scale reaching 449.1 billion yuan, primarily driven by shopping centers [3]. Summary by Sections Sales Performance - The company ranked third in the "Top 100 Real Estate Companies" by total sales, improving its position from the previous year [1]. - The sales area reached 9.95 million square meters, with a year-on-year decline of 17.5% [1]. Land Acquisition - In the first half of 2024, the company added 2.02 million square meters of land reserves, with 87% of the investment in first- and second-tier cities [2]. - In October and November 2024, the company acquired 850,000 square meters of land in key cities, with a total land cost of 41.4 billion yuan [2]. Asset Management - The company operates 82 shopping centers with a total area of 10.45 million square meters, achieving a high occupancy rate of 97.3% [3]. - The operational revenue from the asset management business reached 38.7 billion yuan, reflecting a year-on-year growth of 13.1% [3]. Financial Forecast - The core EPS for 2024-2026 is projected to be 3.64, 3.72, and 3.88 yuan, respectively, with corresponding PE ratios of 6.0, 5.9, and 5.6 times [4].