Investment Rating - The report maintains a "Recommended" rating for China Jinmao (0817.HK) [4][7] Core Views - The company has achieved a turnaround in net profit, with a reported net profit of 1.065 billion yuan for the fiscal year 2024, compared to a loss of 6.897 billion yuan in 2023 [1][4] - The company is focusing on revitalizing existing assets while maintaining its leading position in urban and property development, ranking 12th in sales scale within the industry [2][4] - The company has successfully reduced management and operational costs, leading to an increase in gross profit margin to 15% in 2024, up from 12% in 2023 [3][4] Financial Performance Summary - For the fiscal year 2024, the company reported total revenue of 59.053 billion yuan, a decrease of 18% year-on-year [1][6] - The company forecasts revenue growth for 2025-2027, estimating revenues of 63.640 billion yuan, 69.438 billion yuan, and 76.790 billion yuan respectively, with corresponding net profits of 1.566 billion yuan, 2.172 billion yuan, and 2.981 billion yuan [4][6] - The report highlights a significant reduction in financing costs, with total interest expenses decreasing by 16% to 6.883 billion yuan in 2024 [4][6] Business Segment Performance - The company's commercial leasing and retail operations generated revenue of 1.697 billion yuan in 2024, a decline of 6% due to the reclassification of certain assets [2][4] - Hotel operations saw a revenue drop of 18% to 1.699 billion yuan, impacted by the sale of a hotel and a downturn in domestic tourism [2][4] - Jinmao Services reported a revenue increase of 10% to 2.966 billion yuan, driven by growth in managed property area [2][4]
中国金茂（00817）：2024年度业绩点评：归母净利润“止跌回稳”，未来增长可期