Chengtou Holding(600649) 开源证券·2025-03-19 11:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is backed by Shanghai Urban Investment Group and has a strong foundation in Shanghai, with ample land reserves for urban renewal projects, which are expected to enhance its profitability [5]. - The projected net profits for the company from 2024 to 2026 are estimated to be 720 million, 1.842 billion, and 2.077 billion yuan respectively, with corresponding EPS of 0.28, 0.73, and 0.82 yuan [5]. Summary by Sections 1. Company Overview - Shanghai Urban Investment Holdings Co., Ltd. focuses on real estate development, operation, and finance, with a diversified product system including commercial and residential properties [16]. - The company has been operating in the Shanghai real estate market for over 30 years, accumulating significant development experience [16]. 2. Development Business - The company achieved a record high in signed sales amounting to 17.53 billion yuan in 2024, a year-on-year increase of 113%, with an average selling price exceeding 150,000 yuan per square meter [34]. - New land acquisitions in 2024 totaled nearly 10 billion yuan, enhancing the company's land reserve for future projects [46]. 3. Asset Management and Investment - The company’s asset management business includes office, commercial, and rental housing, with a total rental area of 325,700 square meters as of the end of 2024, reflecting a 5% year-on-year increase [53]. - The company successfully issued the largest public REIT for affordable rental housing in the Yangtze River Delta region, raising 3.05 billion yuan [59]. 4. Financial Health - As of the first half of 2024, the company had interest-bearing liabilities of 40.53 billion yuan, a decrease of 3.6% year-on-year, with an asset-liability ratio of 73.7% [63]. - The company reported cash on hand of 9.09 billion yuan as of the third quarter of 2024, a 101% increase year-on-year, indicating strong cash flow [70].