YUEXIU PROPERTY(00123) 中银国际·2025-04-01 07:55Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Insights - The company reported a main business revenue of 86.4 billion RMB in 2024, representing a year-on-year growth of 7.7%. However, the net profit attributable to shareholders decreased by 67.3% to 1.04 billion RMB, primarily due to a decline in settlement profit margins and increased impairment losses [4][7] - The company aims for a sales target of 120.5 billion RMB in 2025, reflecting a 5.2% increase from the actual sales in 2024 [7] Financial Performance - The company's main business revenue is projected to grow from 86.4 billion RMB in 2024 to 91.7 billion RMB in 2025, with a growth rate of 6.14% [6] - The net profit attributable to shareholders is expected to decline to 956 million RMB in 2025, with a year-on-year decrease of 8.08% [6] - The company’s diluted earnings per share (EPS) for 2025 is estimated at 0.24 RMB, with a corresponding price-to-earnings (P/E) ratio of 20.94 times [6] Sales and Market Position - In 2024, the company achieved a sales volume of 114.5 billion RMB, marking a 19.4% decrease year-on-year, but it ranked 8th among real estate companies, entering the top 10 for the first time [7][28] - The average selling price in 2024 was 29,206 RMB per square meter, down 8.5% from the previous year [33] Land Acquisition and Development - The company focused on acquiring land in core first and second-tier cities, with over 70% of new land reserves located in first-tier cities [7] - In 2024, the company acquired 24 plots of land across 8 cities, with a total land reserve of 271 million square meters, a decrease of 44.8% year-on-year [7] Financial Health - As of the end of 2024, the company had cash and cash equivalents of 29.7 billion RMB, a year-on-year increase of 1.6% [25] - The company’s total interest-bearing debt was 103.89 billion RMB, a slight decrease of 0.5% year-on-year, with a net debt ratio of 71.3% [19][23]