Huafa Properties(600325) 平安证券·2025-03-17 02:30Investment Rating - The report maintains a "Recommendation" rating for the company [1][4]. Core Views - The company achieved a sales figure of 105.4 billion yuan in 2024, maintaining its position in the 100 billion yuan sales club despite a year-on-year decline of 16.3% [4]. - The company's revenue for 2024 was 59.99 billion yuan, a decrease of 16.8% year-on-year, with a net profit of 0.95 billion yuan, down 48.2% year-on-year [2][4]. - The company has a relatively strong backlog with pre-sold properties amounting to 87.36 billion yuan and contract liabilities of 81.27 billion yuan [4]. - The company focuses on first-tier and strong second-tier cities for project acquisitions, securing six quality projects in key cities like Shanghai and Guangzhou [4]. - The company’s debt management remains prudent, with a debt-to-asset ratio of 70.3% and a net debt ratio of 58.5% [4][8]. Financial Summary - Revenue and profit forecasts for 2025 and 2026 have been adjusted downwards, with EPS estimates revised to 0.36 yuan for 2025 and 0.43 yuan for 2026 [4][8]. - The gross margin for 2024 was reported at 14.3%, down 3.8 percentage points year-on-year, while the net margin was 1.6% [3][8]. - The company’s long-term debt accounted for 84% of total interest-bearing debt, with a financing cost reduction of 26 basis points to 5.22% [4][8]. - The company’s total assets are projected to decrease from 420.3 billion yuan in 2024 to 325.7 billion yuan by 2027 [7][9]. Key Financial Ratios - The return on equity (ROE) is expected to improve from 4.8% in 2024 to 6.0% by 2027 [8]. - The price-to-earnings (P/E) ratio is projected to be 16.1 times in 2025, decreasing to 12 times by 2027 [4][8]. - The company’s liquidity ratios indicate a current ratio of 2.0 in 2024, expected to decline to 1.6 by 2027 [8].