华发股份（600325）：加快销售去化，积极盘活存量闲

Investment Rating - The report maintains an "Accumulate" rating for Huafa Co., Ltd. (600325) with a target price based on the last closing price of 4.91 [1] Core Views - The company reported a significant revenue increase of 63.98% year-on-year for the first three quarters of 2025, achieving a total revenue of 51.75 billion yuan. However, the net profit attributable to shareholders dropped by 92.31% to 102 million yuan due to declining gross margins and substantial asset impairment losses [4][5] - The company is focusing on accelerating sales and actively revitalizing idle assets, maintaining a strong sales performance within the industry [6][7] Summary by Sections Financial Performance - For the first three quarters of 2025, Huafa Co., Ltd. achieved a revenue of 51.75 billion yuan, a year-on-year increase of 63.98%. The net profit attributable to shareholders was 102 million yuan, reflecting a significant decline of 92.31% [4][5] - The overall gross margin for the first three quarters was 14.26%, down by 1.55 percentage points compared to the same period last year. The company recorded asset impairment losses totaling 1.436 billion yuan and credit impairment losses of 88 million yuan, leading to a total impairment of 1.524 billion yuan [5] Sales and Market Position - The company sold 2.416 million square meters in the first three quarters, a 6.1% increase year-on-year, with total sales amounting to 63.31 billion yuan, a decrease of 2.8% year-on-year. It ranked 11th in the sales list by CRIC, maintaining a strong position in the industry [6] Investment Strategy - The company continues to focus on core cities and regions, acquiring land in Chengdu and Hangzhou, totaling 98,900 square meters in the first three quarters of 2025. The total area under construction decreased by 35.0% year-on-year to 6.431 million square meters [7] - Huafa Co., Ltd. has successfully issued convertible bonds to raise 4.8 billion yuan, maintaining a healthy asset-liability structure with over 80% of long-term interest-bearing debt in total interest-bearing debt [8] Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 602 million yuan, 718 million yuan, and 1.005 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios (PE) for these years are projected to be 22.46X, 18.83X, and 13.44X [10]