新城控股（601155）：2024年报点评：盈利符合预期，商管助力突围

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a revenue of 889.99 billion yuan in 2024, a decrease of 25.32% year-on-year, while the net profit attributable to shareholders was 7.52 billion yuan, an increase of 2.07% year-on-year [1] - The core operating indicators are improving, with a gross profit margin of 19.8%, up 0.75 percentage points from the same period in 2023 [1] - The company is expected to benefit from the "industry turnaround" logic, maintaining a positive outlook for future profitability [5] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 889.99 billion yuan, down 25.32% year-on-year, and a net profit of 7.52 billion yuan, up 2.07% year-on-year [1] - The gross profit margin for the year was 19.8%, with development and property gross margins at 11.72% and 70.17%, respectively [1] - The company’s net profit margin improved to 0.81%, an increase of 0.34 percentage points from the previous year [1] Sales and Cash Flow - The company signed a sales area of 5.336 million square meters in 2024, a decrease of 44.3% year-on-year, with a sales amount of 40.12 billion yuan, down 47.1% year-on-year [2] - The sales collection amount reached 41.129 billion yuan, with a collection rate of 102.38% [2] - The company achieved a revenue recognition amount of 133.666 billion yuan, with a total of 1,388.85 million square meters recognized [2] Commercial Operations - The total revenue from commercial operations in 2024 was 12.8 billion yuan, an increase of 13.1% year-on-year, demonstrating the company's resilience in the commercial sector [3] - The company operates 200 Wuyue Plazas across 136 cities, with an occupancy rate of 97.97% [3] - The total foot traffic for Wuyue Plazas reached 1.766 billion visits, with total sales of 90.5 billion yuan, reflecting a 19% increase year-on-year [3] Debt and Financing - As of the end of 2024, the company had interest-bearing liabilities of 53.65 billion yuan, a decrease of 6.01% year-on-year, with a net debt ratio of 52.44% [4] - The company successfully repaid 5.262 billion yuan in bonds and issued 2 notes totaling 2.92 billion yuan [4] - The average financing cost for the year was 5.92%, down 0.28 percentage points from the previous year, indicating effective cost control [4]