城投控股（600649）：公司信息更新报告：项目结转助力业绩扭亏，回购增强市场信心

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has turned a profit in the first half of 2025, driven by an increase in project completions and a significant rise in revenue [6] - The company maintains a clear investment and financing strategy, with expectations for continued profit growth from its investment business [5][6] - The company plans to repurchase shares to enhance market confidence, with a buyback plan of 50 to 100 million yuan at a maximum price of 6.87 yuan per share [6] Financial Performance - In H1 2025, the company achieved revenue of 5.927 billion yuan, a year-on-year increase of 808%, and a net profit attributable to shareholders of 153 million yuan, compared to a loss of 102 million yuan in the same period of 2024 [6] - The company reported a gross margin of 18.3%, down 30.3 percentage points year-on-year [6] - The company had interest-bearing liabilities of 43 billion yuan with an average financing cost of 3.70%, a decrease of 34 basis points from the beginning of the year [6] Sales and Land Reserves - The company recorded a sales area of 27,000 square meters in H1 2025, a decrease of 47% year-on-year, and a sales amount of 3.08 billion yuan, down 62% year-on-year [7] - As of mid-2025, the company has approximately 735,000 square meters of land available for development, with 88% located in Shanghai [7] Rental Income and Financial Investments - The company reported rental income of 170 million yuan in H1 2025, a year-on-year increase of 43%, with approximately 579,800 square meters of real estate leased [8] - The company received dividends of approximately 41 million yuan from listed securities in H1 2025, with a market value of held listed securities at approximately 4.466 billion yuan [8] Financial Projections - The company forecasts net profits attributable to shareholders of 610 million yuan, 840 million yuan, and 990 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.24, 0.33, and 0.39 yuan [5][9] - The projected P/E ratios for 2025, 2026, and 2027 are 19.3, 14.2, and 12.0 respectively [9]