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, reporting a net profit of 1.065 billion RMB for the fiscal year 2024, compared to a loss of 6.897 billion RMB in 2023 [1][4] - The company is actively expanding its funding channels, resulting in a significant reduction in financing costs [4] - The sales gross margin has improved to 15% in 2024, up from 12% in 2023, driven by increased margins in urban operations and property development [3] Summary by Sections Financial Performance - For the fiscal year 2024, China Jinmao reported total revenue of 59.053 billion RMB, a decrease of 18% year-on-year [1] - The company’s sales scale in urban and property development ranked 12th in the industry, an improvement from the previous year [2] - The revenue from business leasing and retail operations was 1.697 billion RMB, down 6% from 2023, primarily due to the transfer of revenue from Changsha Lanxiu City to a REIT [2] Cost Management - The company has successfully reduced management expenses, sales and marketing costs, and financing costs, contributing to the positive net profit [3] - Management expenses and sales and marketing expenses decreased by 23% and 25% respectively compared to 2023 [3] Financing Strategy - The company has diversified its funding sources, issuing various financial instruments with lower interest rates, leading to a 16% reduction in total interest expenses [4] - As of the end of 2024, the company’s total interest expenses were 6.883 billion RMB, down from the previous year [4] Future Projections - Revenue projections for 2025, 2026, and 2027 are 63.640 billion RMB, 69.438 billion RMB, and 76.790 billion RMB respectively, with corresponding net profits of 1.566 billion RMB, 2.172 billion RMB, and 2.981 billion RMB [4][6] - The report forecasts a PE ratio of 9X for 2025, decreasing to 5X by 2027 [4]
中国金茂：2024年度业绩点评：归母净利润“止跌回稳”，未来增长可期-20250326