NEW WORLD DEV(00017) 开源证券·2025-03-04 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [5][17]. Core Views - The company reported a slight decline in revenue, with fair value changes eroding profits. However, the financial condition remains stable, and land reserves are sufficient. The profit forecast for FY2025-2027 is maintained, with expected net profits of 370 million, 600 million, and 860 million HKD, respectively, corresponding to EPS of 0.15, 0.24, and 0.34 HKD [5][6]. Revenue and Profitability - For FY2025, the company achieved revenue of 16.79 billion HKD, a year-on-year decrease of 1.6%. Core operating profit was 4.42 billion HKD, down 18% year-on-year, and the net profit attributable to shareholders was -6.633 billion HKD, primarily due to fair value changes in property projects that eroded profits by 4.95 billion HKD [6][8]. - The property development revenue increased to 8.38 billion HKD, a year-on-year growth of 24.27%. Specifically, Hong Kong property development revenue was 1.73 billion HKD, up 39.2%, while mainland property development revenue was 6.64 billion HKD, up 20.9% [7]. Property Investment and Land Reserves - The property investment revenue slightly decreased to 2.56 billion HKD, down 4.31% year-on-year. The company has a robust land reserve, with 3.46 million square feet in Hong Kong and 2.99 million square meters in mainland China [8][9]. Financial Summary and Valuation Metrics - The financial summary indicates a projected revenue decline from 95.214 billion HKD in FY2023 to 31.812 billion HKD in FY2025, with a significant drop in net profit from 4.081 billion HKD to 372 million HKD in the same period. The projected P/E ratios for FY2025, FY2026, and FY2027 are 36.3, 22.6, and 15.6, respectively [9][12].