北辰实业（601588）：公司年报点评：地产拖累公司业绩，会展及商业收入增长

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company's performance has been impacted by the real estate sector, while the exhibition and commercial income segments have shown growth [8] - The company has a dual operational model of "exhibition + real estate," which is expected to enhance resource integration and industry interaction [8] - The report projects that the company's EPS and BPS for 2025 will be 0.04 yuan and 2.91 yuan respectively, with a dynamic PB of 0.6-0.7 times, leading to a reasonable value range of 1.75 yuan to 2.04 yuan [8] Financial Data and Forecast - In 2024, the company is expected to achieve operating revenue of 71.52 billion yuan, a year-on-year decrease of 54.6%, primarily due to reduced income from the real estate development segment [8] - The net profit attributable to the parent company is projected to be -28.27 billion yuan, a decline of 54.71% year-on-year [8] - The exhibition and commercial property segment is anticipated to generate revenue of 29.61 billion yuan in 2024, reflecting an increase of 11.77% year-on-year [8] - The real estate development segment is expected to report revenue of 40.11 billion yuan, a decrease of 68.92% year-on-year [8] - The company has managed to host 2,243 events in its self-owned venues and hotels, marking a 1.9% increase year-on-year, with significant events attracting 5.8625 million attendees, a 20.6% increase [8] - The company’s contract sales amount and area for 2024 are projected to be 44.26 billion yuan and 339,500 square meters respectively [8] Market Performance - The company's stock closed at 1.73 yuan on March 31, with a 52-week price fluctuation between 1.25 and 2.47 yuan [2] - The total market capitalization is 58.25 billion yuan, with a circulating market value of 46.02 billion yuan [2] - The report indicates a relative performance against the market index, with absolute returns of -5.5% over 1 month, 1.8% over 2 months, and -11.7% over 3 months [4]