CMSK(001979) 太平洋·2025-03-21 13:55Investment Rating - The report maintains a "Buy" rating for the company, with expectations of a relative increase in stock price over the next six months [1][19]. Core Insights - The company reported a slight increase in revenue for 2024, achieving 178.95 billion yuan, a year-on-year growth of 2.25%. However, the net profit attributable to shareholders decreased by 36.09% to 4.04 billion yuan, primarily due to a decline in gross margin and increased impairment losses [3][4]. - The company remains among the top five in the industry in terms of sales scale, with a total contracted sales area of 9.36 million square meters, down 23.5% year-on-year. The total sales amount reached 219.3 billion yuan, a decrease of 25.3% [5]. - The company focuses on acquiring land in core cities, with 90% of its investment in the "Core 10 Cities," and 59% of the investment in first-tier cities [6]. Financial Performance - The company reported a gross margin of 15.58% for its development projects, which is a decline of 1.53 percentage points compared to the previous year. The total impairment losses and credit impairment losses for 2024 amounted to 6.03 billion yuan, an increase of 3.62 billion yuan year-on-year [4]. - The 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. The comprehensive funding cost decreased to 2.99%, down 0.48 percentage points from 2023 [7]. - The asset operation and property service segments are growing rapidly, with property service revenue reaching 7.47 billion yuan, a year-on-year increase of 9.89% [11]. Future Projections - The company is expected to achieve net profits of 4.56 billion yuan, 5.56 billion yuan, and 5.00 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are projected to be 18.85X, 15.44X, and 17.17X [12][17].