Guoxin Securities·2025-08-29 02:28Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][3] Core Views - The company's net profit attributable to shareholders decreased by 17%, with revenue of 832 billion yuan in the first half of 2025, down 4.5% year-on-year. The decline in net profit is primarily due to reduced turnover scale and a decrease in gross margin, which fell by 4.7 percentage points to 17.4% [8][12] - Despite the decline in revenue, the company maintained a strong sales scale, achieving a sales amount of 1202 billion yuan, ranking among the industry leaders. The company has a strong market presence, with a market share ranking in the top three in 31 cities, and 14 of those cities being number one in their respective markets [12][19] - The commercial operations business is steadily developing, with commercial operation revenue of 3.5 billion yuan in the first half of 2025. The contribution from shopping centers and office buildings accounted for 81% of total revenue, indicating an ongoing optimization of asset structure [16][19] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 832 billion yuan and a net profit of 87 billion yuan, reflecting a year-on-year decrease of 4.5% and 16.6%, respectively. The gross margin decreased to 17.4% [8][12] - The company announced an interim dividend of 0.25 HKD per share [8] Sales and Market Position - The company achieved a sales amount of 1202 billion yuan in the first half of 2025, down 19% year-on-year, while maintaining a strong market position with a sales area of 5.12 million square meters, down 6% year-on-year. The company has a robust market share, ranking in the top three in 31 cities [12][19] - The company invested in 17 new land parcels with a total equity investment of 40.1 billion yuan, with 86% of the investment in first-tier and strong second-tier cities [12][19] Commercial Operations - The commercial operations revenue reached 3.5 billion yuan, with shopping centers and office buildings contributing 81% to the total revenue. The occupancy rate for mature shopping center projects was 96.2%, and the operating profit margin was 56.8% [16][19] - The company has a strong cash position, with a cash-to-short-term debt ratio of 4.9 times, and its debt ratios are among the best in the industry [19] Profit Forecast - The company maintains its profit forecast, expecting revenues and net profits of 1818 billion yuan and 155 billion yuan for 2025, respectively, with an EPS of 1.41 yuan, corresponding to a PE ratio of 8.0 times [3][19]