Huafa Properties(600325) 东吴证券·2025-03-18 00:48Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 59.992 billion yuan, a decrease of 16.84% year-on-year, while the net profit attributable to shareholders is expected to be 0.951 billion yuan, down 48.24% year-on-year [7] - The decline in revenue is attributed to the impact of project delivery and transfer scale, with a significant drop in gross profit margin and an increase in financial expenses [7] - The company has maintained its position in the top 10 of the industry for five consecutive years, with a total sales amount of 105.44 billion yuan in 2024, despite a year-on-year decline of 16.3% [7] - The company is focusing on core cities for land acquisition, with a total land acquisition amount of 9.47 billion yuan in 2024, a decrease of 23.4% from the previous year [7] - The company is actively repurchasing shares to boost market confidence, with a plan to repurchase shares at a price not exceeding 9.83 yuan per share [7] - The earnings forecast for 2025-2026 has been adjusted to 1.03 billion yuan and 1.14 billion yuan respectively, with an expected EPS of 0.37 yuan for 2025 and 0.41 yuan for 2026 [7] Summary by Sections Financial Performance - Total revenue for 2023 is 72.145 billion yuan, with a projected decline to 59.992 billion yuan in 2024 [1] - Net profit attributable to shareholders is expected to drop from 1.837 billion yuan in 2023 to 0.951 billion yuan in 2024 [1] - The gross profit margin decreased by 3.7 percentage points to 14.3% in 2024 [7] - Financial expenses increased by 87% to 0.51 billion yuan in 2024 [7] Market Position - The company has achieved a total sales amount of 105.44 billion yuan in 2024, ranking 10th in the industry [7] - The East China region contributed 46.17 billion yuan, accounting for 43.8% of total sales [7] Investment Strategy - The company adopts a cautious investment strategy, focusing on first-tier and strong second-tier cities for land acquisition [7] - The total land acquisition amount in 2024 was 9.47 billion yuan, with a new project value of 19.76 billion yuan [7] Shareholder Confidence - The company plans to repurchase shares worth 300 million to 600 million yuan to enhance market confidence [7] - The average financing cost decreased by 26 basis points to 5.2% in 2024 [7]