中国国贸（600007）：板块租金短期承压，核心资产静待复苏

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.78 CNY based on a 20X PE for 2025 [2][5]. Core Insights - The company is expected to achieve EPS of 1.29 CNY and 1.34 CNY for 2025 and 2026, respectively, indicating a stable growth outlook despite short-term rental pressures [2][12]. - The report highlights the company's strategic focus on upgrading the Guomao business district and leveraging opportunities from Beijing's development as an international consumption center [12][14]. Financial Summary - For the first half of 2025, the company reported total revenue of 1.89 billion CNY, a decrease of 3.85% year-on-year, and a net profit attributable to shareholders of 632 million CNY, down 8.02% year-on-year [12][14]. - The average rental rates for office spaces decreased to 621 CNY per square meter per month, while the average occupancy rate was 92.4% [12][14]. - The company’s gross margin for the first half of 2025 was 59.63%, reflecting a decline of 1.25 percentage points compared to the previous year [15]. Market Position - The total market capitalization of the company is approximately 20.74 billion CNY, with a current stock price of 20.59 CNY [6][12]. - The company’s net asset value per share is 9.11 CNY, with a price-to-book ratio of 2.3 [7][12]. Future Projections - Revenue is projected to grow from 4.04 billion CNY in 2025 to 4.41 billion CNY in 2027, with a compound annual growth rate of approximately 4.7% [12][13]. - The net profit is expected to increase from 1.30 billion CNY in 2025 to 1.39 billion CNY in 2027, indicating a steady growth trajectory [12][13].