Shenwan Hongyuan Securities·2025-08-28 05:22Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][15] Core Views - The company experienced a slight decline in performance but remains active in land acquisition and shows steady growth in its commercial sector [5] - The company is backed by China Resources Group and is a leading urban investment and development operator in the industry [5] - The financial position is stable, with low financing costs and a strong cash position, enabling the company to expand against market trends [5] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 251,137 million - 2024: 278,799 million - 2025E: 275,788 million - 2026E: 263,701 million - 2027E: 268,164 million - Year-on-year growth rates for revenue are projected at 21.3% for 2023, 11.0% for 2024, and declines of 1.1% and 4.4% for 2025E and 2026E respectively [4][6] - Net profit attributable to the parent company is forecasted as follows: - 2023: 31,365 million - 2024: 25,577 million - 2025E: 25,787 million - 2026E: 25,998 million - 2027E: 26,653 million - The projected earnings per share (EPS) are 4.40 for 2023, declining to 3.59 for 2024, and slightly increasing to 3.74 by 2027 [4][6] Sales and Land Acquisition - In the first half of 2025, the company reported sales of 1,103 million, a year-on-year decline of 12% [5] - The land acquisition amount reached 447 million, a significant increase of 75% year-on-year, with a land acquisition to sales ratio of 41% [5] - The company has a total land bank of 4,119 million square meters, with 70% located in first and second-tier cities [5] Commercial Performance - The retail revenue from shopping malls increased by 20% year-on-year, with a total of 1,101 million in the first half of 2025 [5] - The company operates 94 shopping malls, with a high occupancy rate of 97.3% [5] - The income from investment properties, including hotels, was 121 million, reflecting a year-on-year growth of 5.5% [5]