城投控股（600649）：公司信息更新报告：收入增长利润承压，现金分红比例提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][6] Core Views - The company is backed by Shanghai Urban Investment Group, focusing on urban renewal with abundant land reserves, maintaining a "Buy" rating. The company reported a significant increase in revenue but faced pressure on profits due to declining gross margins [5][6] - The company’s revenue for 2024 reached 9.432 billion yuan, a year-on-year increase of 268.6%, while the net profit attributable to shareholders was 243 million yuan, a decrease of 41.58% [6][9] - The company plans to maintain a cumulative cash dividend ratio of no less than 35% of net profit attributable to shareholders from 2024 to 2026 [6][9] Revenue and Profitability - The company achieved a signed sales amount of 17.73 billion yuan in 2024, a year-on-year increase of 116%, with a sales area of 119,000 square meters and an average sales price of 149,000 yuan per square meter [7] - The gross margin for the real estate business decreased by 19.7 percentage points to 14.97%, with the gross margin in the Shanghai area at 13.95% [6][9] Cash Flow and Dividends - The operating cash flow for 2024 was 2.656 billion yuan, a year-on-year increase of 26.75%, with a cash dividend of 0.4 yuan per 10 shares, resulting in a dividend payout ratio of 41.28% [6][9] - The company’s cash and cash equivalents reached 8.7 billion yuan by the end of 2024, a year-on-year increase of 32.7% [8][9] Land Reserves and Future Prospects - The company acquired new land parcels in Huangpu and Minhang districts, with a total acquisition price nearing 10 billion yuan, and has approximately 820,000 square meters of land available for development, 90% of which is located in Shanghai [7][8] - The company’s investment segment is expected to continue contributing to profit growth, with projected net profits attributable to shareholders of 613 million yuan, 836 million yuan, and 991 million yuan for 2025, 2026, and 2027 respectively [5][9]