CMSK(SZ:001979) Shenwan Hongyuan Securities·2025-04-30 05:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 20.4 billion yuan in Q1 2025, a year-on-year decrease of 13.9%, while net profit attributable to shareholders increased by 34% to 4.5 billion yuan, exceeding market expectations [6] - The company is actively acquiring land, with a land acquisition amount of 20 billion yuan in Q1 2025, a year-on-year increase of 102%, indicating a focus on core cities [6] - The company maintains a strong financial position with a weighted financing cost of 2.99% and is in the green zone regarding the "three red lines" policy [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 169.4 billion yuan, with a year-on-year decrease of 5.3% [5] - Net profit attributable to shareholders for 2025 is projected to be 4.2 billion yuan, reflecting a year-on-year increase of 4.7% [5] - The company’s gross margin is expected to be 14.5% in 2025, with a return on equity (ROE) of 4.1% [5] Sales and Market Position - In Q1 2025, the company achieved sales of 35.1 billion yuan, ranking fifth in the industry, with a sales area of 1.46 million square meters [6] - The average selling price was 24,000 yuan per square meter, showing a slight year-on-year decrease of 0.4% [6] - The company’s total uncompleted area at the end of 2024 was 27.15 million square meters, covering 2.9 times the sales area for 2024 [6]