VANKE(SZ:000002) Changjiang Securities·2025-04-06 09:13Investment Rating - The report maintains an "Accumulate" rating for Vanke A (000002.SZ) [10] Core Insights - In the face of industry challenges, the company is actively engaging in self-rescue efforts, optimizing inventory, and disposing of assets. It is also seeking support from various financial institutions for new financing and operational property loans. Support from major shareholders, including state-owned enterprises, is crucial for the company’s financing efforts. The primary focus remains on maintaining the balance of the cash flow amid liquidity pressures, with the company's inherent value still being relatively prominent [2][8]. Summary by Sections Financial Performance - For 2024, the company reported revenue of 343.2 billion (-26.3%) and a net loss attributable to shareholders of 49.5 billion (compared to a profit of 12.2 billion last year). The adjusted net loss was 45.4 billion (previously a profit of 9.8 billion), with a comprehensive gross margin of 10.2% (-5.1 percentage points). No dividends will be distributed for 2024 [6][8]. Operational Strategy - The company is focusing on asset disposal and inventory management to navigate through the current industry downturn. In 2024, the total sales amounted to 246 billion (-34.6%), with both sales volume and price declining by 26.6% and 10.9%, respectively. The company acquired 13 projects with a total investment of approximately 9.1 billion (-89.0%) [8][18]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 0.6 billion, 0.8 billion, and 1.0 billion for the years 2025 to 2027, corresponding to P/E ratios of 134, 109, and 82 times, respectively [8].