CHINA RES LAND(01109) 开源证券·2025-03-04 08:23Investment 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 attributable to shareholders of 27.74 billion, 30.47 billion, and 33.88 billion yuan for the years 2024-2026, with corresponding EPS of 3.89, 4.27, and 4.75 yuan, indicating a PE ratio of 6.2, 5.7, and 5.1 times respectively [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-based land acquisition amounts exceeding 110 billion yuan from 2021 to 2023, and a rights-based land acquisition intensity above 50% [6][59] - As of the first half of 2024, the company’s land reserves totaled 56.99 million square meters, with 84% being development and sales-type land reserves, and over 70% located in first and second-tier cities [72] Real Estate Operations - The company’s rental income from real estate operations reached 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 the number of operational shopping centers to 110 by the end of 2027 [86] Financial Performance - In the first half of 2024, the company reported a revenue of 79.51 billion yuan, a year-on-year increase of 8.5%, while the net profit attributable to shareholders was 10.25 billion yuan, down 25.4% [8][37] - The company’s gross margin for development and sales was 12.4%, a decrease of 4.6 percentage points year-on-year, but still ranked first among major peers in terms of net profit margin [8][42]