建发股份（600153）：全年业绩短暂承压下滑，供应链运营业务稳健盈利

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to experience a temporary decline in annual performance, but its supply chain operations remain profitable. The forecast for 2025 indicates a significant loss in net profit, primarily due to the negative contributions from subsidiaries, with expectations of recovery in subsequent years [4][5] - The supply chain operations are projected to maintain profitability, with a strategic focus on enhancing economic efficiency, market position, and overseas scale from 2026 to 2030 [6] - The real estate sales data shows a decline, with significant drops in both sales amount and area for subsidiaries, reflecting the challenges in the real estate market [7] Financial Summary - The company anticipates a net profit attributable to shareholders of between -10 billion to -5.2 billion yuan for 2025, with a projected recovery to 2.2 billion yuan in 2026 and 3.65 billion yuan in 2027 [4] - Revenue for 2025 is estimated at 706.73 billion yuan, with a slight increase expected in the following years [8] - The gross profit margin is expected to be around 4.6% in 2025, with a net profit margin of -0.8% [11]