Huafa Properties(SH:600325) Changjiang Securities·2024-05-07 08:32Investment Rating - The investment rating for the company is "Buy" [11] Core Viewpoints - In the short term, the company is actively acquiring land with leading growth rates in the industry, focusing on core cities, and has ample saleable land reserves to ensure scale growth [5][7] - In the long term, the industry supply structure is expected to optimize, allowing the company to leverage its strong financial resources, deepen its investment in core cities, and pursue quality growth [5][7] - The company remains in the green zone of the "three red lines" policy, with declining financing costs and further improvement potential in general expenses [5][7] - The parent group is actively increasing its stake and participating in private placements, demonstrating strong support for the listed company [5][7] - The dividend payout ratio for 2023 has significantly increased to 55.4%, reflecting the responsibilities of a local state-owned enterprise [5][7] Financial Performance Summary - In 2023, the company achieved revenue of 72.14 billion (+19.4%) and a net profit attributable to shareholders of 1.84 billion (-29.6%), with a significant decline in net profit after deducting non-recurring items to 870 million (-63.8%) [5][8] - The gross profit margin decreased by 2.0 percentage points to 18.1%, and the investment income from joint ventures dropped by 99.2% to 10 million, with impairment provisions totaling 1.64 billion [8] - The company’s sales volume for 2023 was 126 billion (+4.8%), maintaining a position in the top 14 of the industry rankings, with a sales area of 3.99 million square meters (-0.4%) and an average sales price of 32,000 per square meter (+5.2%) [7][8] - The company has a robust pre-sale cash reserve of 93.5 billion (+15.7%), ensuring future revenue growth [8] Land Acquisition and Development - The company actively acquired 23 quality projects in high-energy cities, with a total new land value of 72.7 billion, ranking 12th in the industry [7] - The land acquisition area to sales area ratio stands at 124.4%, indicating strong replenishment intensity [7] - The company’s new construction volume in 2023 was 2.05 million square meters (-28.3%), with a completion area of 5.15 million square meters (-22.0%) [7]