保利置业：销售逆势增长，财务状况明显改善

Investment Rating - The report indicates a stable investment rating for the real estate sector, particularly highlighting the resilience of Poly Real Estate amidst market challenges [2]. Core Insights - Poly Real Estate achieved a total contract sales amount of 54.2 billion RMB in 2024, marking a 1.1% year-on-year increase, while the sales area decreased by 5.8% [4][7]. - The company faces increasing inventory pressure, with the value of completed sellable properties rising by 40% to 45.22 billion RMB, leading to a higher proportion of inventory value [4][8]. - The average contract sales price reached 25,546 RMB per square meter, a 7.3% increase compared to 2023, driven by a higher sales contribution from Hong Kong [8]. Sales Summary - In 2024, Poly Real Estate's total contract sales amounted to 54.2 billion RMB, with a sales recovery rate of 101%, indicating effective cash flow management [7]. - The company ranked 17th in the CRIC 2024 China Real Estate Enterprise Sales TOP 200, improving by 10 positions from the previous year [7]. Investment Summary - Poly Real Estate added six new projects in cities like Jinan, Ningbo, Shenzhen, and Shanghai, with a total land acquisition area of 964,000 square meters and a total land cost of approximately 19.9 billion RMB, maintaining a land acquisition-to-sales ratio of 0.37 [10][14]. - The total land reserve area decreased by 21.1% to 13.16 million square meters by the end of 2024 [14]. Profitability Summary - The company's operating revenue for 2024 was 40.21 billion RMB, a decrease of 1.8% year-on-year, with a significant drop in core net profit by 80.6% to 342 million RMB [5][17]. - The gross profit margin fell to 16.4%, down 4 percentage points from the previous year, primarily due to industry downturns [5][17]. Debt and Financial Health Summary - Poly Real Estate issued five bonds totaling 5 billion RMB in 2024, with an average financing cost reduced to 3.38%, reflecting improved financial conditions [6][18]. - The net debt ratio decreased by 16.2 percentage points to 76.9%, and the cash-to-short-term debt ratio improved to 1.77, indicating enhanced liquidity [19][22].