LJZ(SH:600663) KAIYUAN SECURITIES·2025-04-24 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][15] Core Views - The company has shown steady revenue and profit growth, with a maintained dividend payout ratio of 50%. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 1.74 billion, 1.89 billion, and 2.05 billion yuan respectively, with corresponding EPS of 0.35, 0.38, and 0.41 yuan. The current stock price corresponds to a PE ratio of 26.5, 24.4, and 22.5 times for the respective years [5][6][9] Financial Performance - In 2024, the company achieved operating revenue of 14.65 billion yuan, a year-on-year increase of 33.1%. The net profit attributable to shareholders was 1.51 billion yuan, up 5.3% year-on-year. The gross profit margin and net profit margin decreased to 44.0% and 12.3% respectively [6][9][12] - For Q1 2025, the company reported revenue of 4.22 billion yuan, a year-on-year increase of 40.7%, and a net profit of 630 million yuan, up 1.6% year-on-year [6][9] Rental Income and Property Management - In 2024, rental income decreased by 6.5% to 4.17 billion yuan, with office property income down by 10%. However, the overall occupancy rate remained stable, with 80% for grade A office buildings and 87% for high-quality R&D buildings [7][8] Sales and Debt Management - The company reported a cash inflow from property sales of 9.55 billion yuan in 2024, with residential property sales down by 49% year-on-year. The total interest-bearing debt decreased by 2.74 billion yuan to 70.65 billion yuan, with an average financing cost of 3.06% [8][9][11] Valuation Metrics - The company's valuation metrics indicate a PE ratio of 26.5 for 2025, decreasing to 22.5 by 2027. The P/B ratio is projected to decline from 1.9 in 2024 to 1.6 in 2027 [9][12]