Investment Rating - The report maintains a "Buy" rating for China Jinmao (0817.HK) [4][6] Core Views - The company is expected to achieve a significant turnaround in profitability, forecasting a profit of approximately 1 billion yuan for 2024, compared to a core net loss of 6.9 billion yuan in 2023 [1] - The management transition aims to optimize operations, with the new chairman bringing over 25 years of experience in hotel and real estate development [2] - The company is actively expanding its land acquisition in first-tier and core second-tier cities, with total land acquisition exceeding 20 billion yuan in early 2025 [3] - The issuance of special bonds for land reserves is expected to enhance cash flow and facilitate further land acquisitions [3] Financial Forecasts - Revenue projections for 2024-2026 are estimated at 68.205 billion yuan, 69.543 billion yuan, and 74.424 billion yuan respectively, with corresponding net profits of 1.042 billion yuan, 1.618 billion yuan, and 2.054 billion yuan [5][8] - The report anticipates a significant increase in earnings per share (EPS) from -0.51 yuan in 2023 to 0.08 yuan in 2024, 0.12 yuan in 2025, and 0.15 yuan in 2026 [5][8] - The price-to-earnings (P/E) ratio is projected to decrease from 14x in 2024 to 7x in 2026, indicating improved valuation [5][8]
中国金茂：2024年正面盈利预告点评：利润扭亏大幅转正，管理层换届剑指经营优化-20250313