Huafa Properties(SH:600325) EBSCN·2025-09-20 12:15Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company is actively repurchasing shares, with a total of 27.82 million shares repurchased, representing 1.01% of the total share capital, at an average price between 4.78 and 5.83 CNY per share, totaling approximately 142 million CNY [1]. - Sales have accelerated, with a focus on inventory reduction, achieving sales of 50.22 billion CNY in the first half of 2025, a year-on-year increase of 11%, and a sales area of 1.899 million square meters, up 14% year-on-year [2]. - The company is cautiously managing new investments and optimizing financing costs, with a comprehensive financing cost of 4.76%, down 46 basis points from the end of 2024 [3]. - The company has adjusted its profit forecasts for 2025-2027, now projecting net profits of 350 million, 580 million, and 770 million CNY respectively, with corresponding P/E ratios of 45, 27, and 20 times [4]. Summary by Sections Share Repurchase - As of September 12, 2025, the company has repurchased 27.82 million shares, accounting for 1.01% of total shares, with a total transaction amount of approximately 142 million CNY [1]. Sales Performance - In the first half of 2025, the company focused on sales reduction, achieving a sales amount of 50.22 billion CNY, a year-on-year growth of 11%, and a sales area of 1.899 million square meters, a 14% increase year-on-year [2]. Investment and Financing - The company has been cautious with new project investments, with new construction area of 90,400 square meters and completion area of 1.1058 million square meters in the first half of 2025. The comprehensive financing cost has been optimized to 4.76% [3]. Profit Forecast and Valuation - The company has revised its net profit forecasts for 2025-2027 to 350 million, 580 million, and 770 million CNY, with P/E ratios of 45, 27, and 20 times respectively, reflecting a cautious outlook on the real estate market [4].