华发股份（600325）：拟发行可转债融资，销售规模逆势增长

Investment Rating - The report maintains a "Buy" rating for the company [5][6][11] Core Views - The company plans to issue convertible bonds for financing, with a total amount not exceeding 4.8 billion yuan, and the financing cost continues to decline [5] - Despite a challenging market environment, the company's sales scale has shown a counter-cyclical growth, achieving a sales amount of 50.2 billion yuan in the first half of 2025, representing an 11% year-on-year increase [5] - The company has a solid asset quality, with a current price-to-book ratio (PB) of only 0.75, indicating that the valuation remains low compared to peers [5] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 61.672 billion yuan, with a year-on-year growth rate of 2.8% [4] - The net profit attributable to the parent company is projected to be 753 million yuan for 2025, reflecting a year-on-year decline of 20.8% [4] - The company's gross profit margin is expected to be 13.8% in 2025, slightly down from 14.2% in the first half of 2025 [4] Company Overview - As of June 30, 2025, the company has a net asset value per share of 7.02 yuan and a debt-to-asset ratio of 69.91% [5] - The company has a total share capital of 2,752 million shares, all of which are A-shares [5] - The company has a significant pre-sale amount of 74.54 billion yuan, although this represents a 22.7% year-on-year decrease [5]