CHINA OVERSEAS(00688) 开源证券·2025-01-08 06:28Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's sales data has shown a significant year-on-year increase, indicating strong project capabilities and stable operations. The company maintains a leading position in the market with a focus on core urban areas and rapid expansion in commercial properties [6][7] - The overall business remains robust, with a notable advantage in market share in core cities. The company is expected to achieve a net profit of 27.88 billion yuan in 2024, with corresponding earnings per share (EPS) of 2.55 yuan, and a price-to-earnings (P/E) ratio of 4.5 times [6][9] Monthly Sales Data Summary - In December 2024, the company reported a sales amount of 40.23 billion yuan, a year-on-year increase of 76.6%, with a sales area of 1.301 million square meters, up 32.2%. The average sales price per square meter was 30,928.80 yuan, reflecting a 33.53% increase year-on-year [7] - For the entire year of 2024, the cumulative sales amount reached 310.69 billion yuan, a slight increase of 0.3% year-on-year, while the cumulative sales area was 11.487 million square meters, down 14.0% [7] Land Acquisition Summary - In December 2024, the company acquired six land parcels in major cities, with a total land acquisition cost of 28.026 billion yuan, a year-on-year increase of 66.76%. The average floor price significantly increased [8] - For the full year 2024, the total land acquisition area was 3.895 million square meters, down 45.01%, with total land acquisition costs of 69.635 billion yuan, a decrease of 43.31% [8] Financial Summary and Valuation Indicators - The company's revenue for 2022 was 180.32 billion yuan, with a projected revenue of 213.06 billion yuan for 2024, reflecting a year-on-year growth of 5.2%. The net profit for 2024 is expected to be 27.88 billion yuan, with a net profit margin of 13.8% [9] - The projected EPS for 2024 is 2.55 yuan, with a P/E ratio of 4.5 times, indicating a strong valuation relative to earnings [9]