Golden Bridge(SH:600639) KAIYUAN SECURITIES·2025-08-29 07:23Investment Rating - The investment rating for Pudong Jinqiao (600639.SH) is maintained as "Buy" [5] Core Views - The company reported a decline in revenue due to a decrease in revenue recognition, but it has sufficient sellable and transferable resources. The location advantages and industrial agglomeration effects are significant. The earnings forecast remains unchanged, with expected net profits for 2025-2027 at 1.05 billion, 1.10 billion, and 1.35 billion yuan, respectively, corresponding to EPS of 0.94, 0.98, and 1.20 yuan. The current stock price corresponds to P/E ratios of 11.8, 11.3, and 9.2 times [5][6] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 961 million yuan, a year-on-year decrease of 33.8%. The net profit attributable to shareholders was 175 million yuan, down 46.5% year-on-year. The operating cash flow was -1.035 billion yuan, with basic earnings per share of 0.16 yuan. The gross margin and net margin were 47.7% and 16.3%, respectively, down 2.4 percentage points and 5.5 percentage points [6][9] Project Development and Sales - The company has ongoing projects, including the Pudong Biyun Liuyue and Biyun North Bund, with overall sell-through rates of 84.6% and 86.9%, respectively. Cumulative receipts for these projects were 4.28 billion and 2.52 billion yuan. The company has no new land reserves or project completions in the first half of the year, with sales revenue recognized at 5 million yuan [7][8] Investment and Financing - The company is enhancing investment attraction and continuously improving its industrial cluster. In the first half of 2025, 90 projects were landed, focusing on hard technology industries. The company successfully issued 1.2 billion yuan in medium-term notes with a coupon rate of 2.19%, indicating a significant financing cost advantage [8]