CMSK(001979) 中国银河·2025-03-19 11:01Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Insights - The company reported a revenue of 1789.48 billion yuan in 2024, a year-on-year increase of 2.25%, while the net profit attributable to shareholders decreased by 36.09% to 40.39 billion yuan [4][7]. - The decline in net profit is attributed to a decrease in gross margin, impairment provisions totaling 60.34 billion yuan, and increased foreign exchange losses of 1.22 billion yuan [4][7]. - Despite the overall industry pressure, the company maintained its sales ranking at fifth in the industry, with a sales area of 935.90 million square meters, down 23.50% year-on-year, and a sales amount of 2193.02 billion yuan, down 25.31% [4][7]. - The company focused its investments on core cities, acquiring 26 new land parcels with a total planned construction area of 2.25 million square meters and a total land price of 48.6 billion yuan, reflecting an increase in land quality [4][5]. - Financial management remains robust, with a debt-to-asset ratio of 62.37% and a net debt ratio of 55.85% as of the end of 2024, ensuring sufficient liquidity [4][5]. Financial Performance Summary - The company achieved a gross margin of 14.61% in 2024, down 1.28 percentage points from the previous year, with a projected gross margin of 13.60% for 2025 [6][9]. - The forecast for net profit attributable to shareholders for 2025-2027 is 48.67 billion yuan, 54.92 billion yuan, and 59.79 billion yuan, respectively, with corresponding EPS of 0.54 yuan, 0.61 yuan, and 0.66 yuan [6][7]. - The company’s operating income is expected to grow at rates of 5.73%, 4.19%, and 3.28% for the years 2025, 2026, and 2027, respectively [6][9].