Golden Bridge(SH:600639) KAIYUAN SECURITIES·2025-04-15 14:44Investment Rating - The investment rating for Pudong Jinqiao (600639.SH) is maintained at "Buy" [1] Core Views - The company is experiencing a decline in revenue and profit, but its industrial investment business is accelerating [5] - The company has sufficient saleable and transferable resources, with significant location advantages and industrial agglomeration effects [5] - The company aims to improve performance through the de-risking of key projects and has a robust project reserve [5] Financial Performance Summary - In 2024, the company achieved revenue of 2.725 billion yuan, a year-on-year decrease of 58.6%, and a net profit attributable to shareholders of 1.002 billion yuan, down 44.9% [6] - The operating cash flow was negative at -1.199 billion yuan, with earnings per share (EPS) of 0.89 yuan [6] - The gross margin and net margin were 51.0% and 35.9%, respectively, reflecting a decrease of 17.1 percentage points and an increase of 8.6 percentage points year-on-year [6] Sales and Rental Income - The company reported a signed sales amount of 2.828 billion yuan in 2024, a year-on-year increase of 107%, primarily from two projects [7] - Rental income reached 2.035 billion yuan, up 1.7% year-on-year, with an average occupancy rate of approximately 78% across 3.12 million square meters of operating properties [7] Investment and Financing - The company established its industrial investment platform "Jinqiao Capital" in 2024, with an initial operation of 3 billion yuan [8] - The average financing cost remains low at 2.98%, with public market financing of 3.78 billion yuan in 2024 [8] Financial Projections - The projected net profit for 2025, 2026, and 2027 is estimated at 1.050 billion yuan, 1.101 billion yuan, and 1.349 billion yuan, respectively [5] - The corresponding EPS for these years is expected to be 0.94 yuan, 0.98 yuan, and 1.20 yuan, with price-to-earnings (P/E) ratios of 11.5, 11.0, and 8.9 [5]