CHINA RES LAND(01109) 开源证券·2025-03-04 07:43Investment Rating - The report assigns a "Buy" rating for China Resources Land (01109.HK) [5] Core Views - China Resources Land, backed by a state-owned enterprise, demonstrates stable sales and land acquisition, with a continuous increase in market share and ample land reserves to support future performance [5] - The company is expected to achieve net profits of 27.74 billion, 30.47 billion, and 33.88 billion yuan for the years 2024 to 2026, with corresponding EPS of 3.89, 4.27, and 4.75 yuan, indicating a low PE ratio of 6.2, 5.7, and 5.1 times [5] Summary by Sections Sales and Land Acquisition - In 2024, the company achieved a contracted sales amount of 261.1 billion yuan, a year-on-year decrease of 15.0%, ranking among the top three in the industry with a market share of 2.7% [6][48] - The company maintained a strong land acquisition intensity, with rights land acquisition amounts exceeding 110 billion yuan from 2021 to 2023, and a focus on first-tier cities, where the acquisition amount accounted for 60% in 2024 [6][59] - As of the first half of 2024, the company had a total land reserve of 56.99 million square meters, with 84% being development and sales-type land reserves, and over 70% located in first and second-tier cities [6][72] Real Estate Operations - The company reported total rental income of 11.47 billion yuan in the first half of 2024, a year-on-year increase of 7.0%, with a core net profit of 4.51 billion yuan, up 12.5% [7][81] - The shopping center segment has shown strong growth, with 82 centers opened and 46 under development, aiming to increase operational centers to 110 by the end of 2027 [7][86] Financial Performance - In the first half of 2024, the company’s revenue increased by 8.5% year-on-year, while the net profit decreased by 25.4% due to a decline in gross profit margin [8][37] - The company maintains a healthy debt structure, with a net debt ratio of 33.6% and a cash-to-short-term debt ratio of 1.54, indicating strong liquidity [8][78] - The expected revenue for 2024 is 266.56 billion yuan, with a gradual recovery in gross margin anticipated in the following years [9][82]