Chengtou Holding(600649) 开源证券·2025-03-19 12:23Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. 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 is expected to enhance its profitability [5]. - The company anticipates significant growth in net profit from 2024 to 2026, with projected figures of 720 million, 1.842 billion, and 2.077 billion yuan respectively, alongside an increase in earnings per share (EPS) [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 residential, affordable housing, rental housing, and commercial properties [16]. - The company has a history of over 30 years in the Shanghai real estate market, accumulating extensive project development experience [16]. 2. Development Business - The company achieved a record high in signed sales amounting to 17.53 billion yuan in 2024, a 113% increase year-on-year, driven by successful project launches [34]. - The average sales price exceeded 150,000 yuan per square meter, reflecting strong demand in key areas of Shanghai [34]. - The company has a robust pipeline with expected revenue from unsold properties projected to exceed 15 billion yuan in 2025 [49]. 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, showing a 5% year-on-year increase [7]. - The company successfully launched the largest public REIT for affordable housing in the Yangtze River Delta region, raising 3.05 billion yuan [59]. - Investment operations are stable, with a market value of listed securities held by the company reaching approximately 3.818 billion yuan as of mid-2024 [61]. 4. Financial Health - As of the first half of 2024, the company reported interest-bearing liabilities of 40.53 billion yuan, a decrease of 3.6% year-on-year, indicating improved debt structure [63]. - The company’s cash on hand reached 9.09 billion yuan, a 101% increase year-on-year, supporting future project developments [70]. - The average financing cost has decreased to 4.05% as of mid-2024, reflecting favorable market conditions for financing [64].