CHINA RES LAND(01109) 国盛证券·2025-03-29 13:40Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of 278.8 billion yuan in 2024, representing a year-on-year growth of 11.0%. The development business contributed 237.15 billion yuan, growing by 11.8% year-on-year, while recurring income reached 41.65 billion yuan, up 6.6% year-on-year, accounting for 14.9% of total revenue [1]. - The company has become a leader in domestic commercial operations, with its "Wanda" shopping centers contributing stable cash flow and valuation differentiation. In 2024, rental income from shopping centers, offices, and hotels was 19.4 billion, 1.88 billion, and 2.07 billion yuan respectively, with shopping centers opening 16 new locations and achieving a retail sales growth of 19.2% year-on-year [1][2]. - The company’s comprehensive gross margin was 21.6%, with a development gross margin of 16.8%, down 3.9 percentage points year-on-year, while the property management gross margin increased by 0.4 percentage points to 70.0% [2]. - The company ranked third in sales with a contracted sales amount of 261.1 billion yuan, a decrease of 15.0% year-on-year, and a market share of 2.70% [2]. - The company has maintained a healthy leverage level with a debt-to-asset ratio of 55.6% and a net interest-bearing debt ratio of 31.9% as of the end of 2024 [3]. Summary by Sections Financial Performance - The company reported a net profit attributable to shareholders of 25.58 billion yuan, down 18.5% year-on-year, and a core net profit of 25.42 billion yuan, down 8.5% year-on-year. The contribution of recurring income to core net profit increased to 40.7%, surpassing 10.34 billion yuan for the first time [2]. - The company’s asset management scale reached 462.1 billion yuan by the end of 2024, with a year-on-year increase of 34.6 billion yuan, supported by the establishment of dual REITs platforms [3]. Future Projections - The report adjusts profit forecasts for the company, estimating revenues of 274.66 billion, 279.27 billion, and 264.68 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is projected to be 26.00 billion, 26.46 billion, and 26.57 billion yuan for the same years [4].