CMSK(001979) 中信建投·2025-03-19 10:53Investment Rating - The report maintains a "Buy" rating with a target price of 15.92 yuan for the next six months [11]. Core Views - In 2024, the company achieved revenue of 178.9 billion yuan, a year-on-year increase of 2.3%, while net profit attributable to shareholders was 4.04 billion yuan, a decrease of 36.1% [2][3]. - The decline in profit despite revenue growth is attributed to a decrease in gross margin and an increase in impairment provisions [3]. - The company continues to rank among the top five in national sales, with a focus on core cities, where the investment proportion has increased [3]. Summary by Sections Financial Performance - The company's revenue for 2024 was 178.9 billion yuan, up 2.3% year-on-year, while net profit dropped to 4.04 billion yuan, down 36.1% [2][3]. - The gross margin for real estate development decreased to 15.58%, a decline of 1.53% year-on-year [3]. - Impairment provisions increased significantly, with asset impairment and credit impairment provisions amounting to 4.48 billion yuan and 1.55 billion yuan, respectively, which were higher by 2 billion yuan and 1.41 billion yuan compared to 2023 [3]. Sales and Investment Strategy - The company secured a total contracted sales amount of 219.3 billion yuan in 2024, maintaining its position among the top five nationally [3]. - The total land acquisition cost was 48.6 billion yuan, a decrease of 57% year-on-year, with a land acquisition intensity of 22% [3]. - Investment in first-tier cities accounted for 59% of total land acquisitions, an increase of 8 percentage points year-on-year, with the top 10 core cities representing 90% of the investment [3]. Asset Management and Financing - The asset management business generated revenue of 7.46 billion yuan, a year-on-year increase of 12% [3]. - The company’s comprehensive financing cost at the end of the year was 2.99%, a reduction of 48 basis points from the beginning of the year, maintaining the best level in the industry [3][10].