Huafa Properties(600325) 光大证券·2025-05-21 06:15Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company has a stable dividend policy, distributing a cash dividend of 0.104 yuan per share for 2024, totaling approximately 285 million yuan, which represents about 30% of the projected net profit [1][3]. - The gross profit margin has significantly declined in Q1 2025, with a margin of approximately 8.8%, down from 14.3% for the entire year of 2024 [2][3]. - The company is exercising caution in its investment and construction activities, with no new projects started in Q1 2025 and a total construction area of approximately 7.68 million square meters as of the end of Q1 2025 [2][3]. Summary by Sections Dividend Distribution - The company has consistently maintained a stable dividend payout ratio over the years, with ratios of 32.8%, 30.5%, 30.4%, 55.4%, and 30.0% for the years 2020 to 2024 respectively [1]. Financial Performance - In Q1 2025, the company reported revenues of 18.48 billion yuan, with a net profit of 190 million yuan, reflecting a net profit margin of approximately 1.0% [2]. - The sales amount reached 29.49 billion yuan, a year-on-year increase of 45%, while the average selling price decreased by 8.3% to approximately 27,255 yuan per square meter [2]. Investment and Construction - The company acquired 37,787 square meters of land in Q1 2025, with no new projects initiated during this period [2]. - The total area under construction was approximately 7.68 million square meters, with rental income from properties amounting to about 188 million yuan in Q1 2025 [2]. Profit Forecast and Valuation - The report forecasts the company's net profit for 2025 at 820 million yuan, with downward adjustments for 2026 and 2027 to 960 million yuan and 1.12 billion yuan respectively [3]. - The current stock price corresponds to price-to-earnings ratios of 17, 15, and 12 for the years 2025, 2026, and 2027 respectively [3].