CMSK(SZ:001979) KAIYUAN SECURITIES·2025-10-31 13:18Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a significant improvement in gross margin and is actively acquiring land in first-tier cities [1] - The company’s revenue and net profit are expected to grow steadily, with projected net profits of 4.28 billion, 4.96 billion, and 5.54 billion yuan for 2025-2027 [6] - The company maintains a strong focus on core cities for land acquisition, ensuring a sufficient supply of sellable inventory [6] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 89.766 billion yuan, a year-on-year increase of 15.1%, while the net profit attributable to the parent company was 2.497 billion yuan, a decrease of 4.0% [7] - The gross margin and net margin for the company were 14.98% and 4.01%, respectively, reflecting a year-on-year increase of 5.03 percentage points and a decrease of 0.37 percentage points [7] - The company reported a significant decline in investment income from joint ventures, down 96% year-on-year to 60 million yuan [7] Sales and Land Acquisition - In the first nine months of 2025, the company recorded a contracted sales area of 5.087 million square meters, a decrease of 20.8% year-on-year, with a sales amount of 140.71 billion yuan, down 3.1% [8] - The average sales price increased by 22.4% year-on-year to 27,660 yuan per square meter [8] - The company acquired 30 plots of land with a total construction area of 3.247 million square meters, a year-on-year increase of 132%, and the total land price was 75.21 billion yuan, up 160% [8] Financing and Capital Structure - The company has a clear financing advantage, with public market bond financing amounting to 12.1 billion yuan at a maximum interest rate of 2.05% [9] - As of the end of October 2025, the company announced plans to issue preferred shares worth 7.84 billion yuan for the construction of 11 real estate projects [9] - The company has repurchased 44.8 million shares, accounting for 0.494% of the total share capital, with a total payment of 430 million yuan [9]