Golden Bridge(SH:600639) KAIYUAN SECURITIES·2025-04-16 00:23Investment Rating - The investment rating for Pudong Jinqiao is maintained at "Buy" [1] Core Views - The company is experiencing a decline in revenue and profit, with a significant drop in revenue by 58.6% year-on-year to 2.725 billion yuan in 2024, and a net profit decrease of 44.9% to 1.002 billion yuan [6][9] - Despite the challenges, the company is accelerating its industrial investment business, with a focus on project liquidation and a sufficient project reserve, which is expected to improve performance in the future [5][6] - The company has established its industrial investment platform "Jinqiao Capital," which has officially commenced operations with an initial fund of 3 billion yuan [8] Financial Performance Summary - In 2024, the company achieved a signed sales amount of 2.828 billion yuan, representing a year-on-year increase of 107% [7] - The rental income for 2024 was 2.035 billion yuan, up 1.7% year-on-year, with an average occupancy rate of approximately 78% [7] - The company reported an investment net income of 870 million yuan in 2024, primarily from the transfer of equity in Xinjinqiao Plaza for 1.198 billion yuan [6][8] Financial Forecasts - The projected net profit for 2025 is 1.050 billion yuan, with corresponding EPS of 0.94 yuan, and a P/E ratio of 11.5 [5][9] - Revenue is expected to rebound significantly in 2025, with a forecast of 6.923 billion yuan, reflecting a year-on-year growth of 154.1% [9] - The gross margin is projected to decline to 36.4% in 2025, while the net margin is expected to be 14.9% [9]