Huafa Properties(SH:600325) 光大证券研究·2025-03-25 08:53Core Viewpoint - The company reported a significant decline in both revenue and net profit for 2024, indicating ongoing challenges in the real estate sector and necessitating a focus on financial stability and strategic investment in core cities [3][4]. Revenue and Profit Performance - In 2024, the company achieved a revenue of 59.99 billion, a year-on-year decrease of 16.8%, primarily due to an 18.5% drop in real estate development revenue to 55.72 billion [4]. - The net profit attributable to shareholders was 0.95 billion, down 48.2% year-on-year, driven by declining revenue and gross margin, increased asset impairment losses, and reduced fair value gains from investment properties [4]. Gross Margin and Asset Impairment - The overall gross margin was 14.3%, a decrease of 3.82 percentage points year-on-year, with the real estate development gross margin also declining by 3.67 percentage points [4]. - Asset impairment losses increased by 15.4% year-on-year to 1.84 billion, contributing to the decline in net profit [4]. Sales Performance - The company maintained a sales volume of 105.44 billion, a decrease of 16.3% year-on-year, sustaining a billion-scale sales for five consecutive years [5]. - The East China region contributed 46.17 billion in sales, down 33.3%, while the South China and Zhuhai regions saw sales growth of 3.4% and 30.6%, respectively, enhancing sales distribution balance [5]. Investment Strategy - The investment strategy remained focused on first-tier and strong second-tier cities, acquiring six quality projects in Shanghai, Guangzhou, Chengdu, and Xi'an for a total price of 9.47 billion, with a land sales ratio of 9.0% [6]. - As of the end of 2024, the company held a land reserve of 3.768 million square meters and an ongoing construction area of 8.356 million square meters, ensuring future development potential [6]. Financial Health - As of the end of 2024, the total interest-bearing debt was 141.6 billion, a decrease of 2.4 billion year-on-year, with a short-term debt ratio of approximately 16% [7]. - The comprehensive financing cost was 5.22%, down 26 basis points year-on-year, indicating room for further optimization [7]. - The asset-liability ratio, excluding prepayments, was 62.4%, with a net debt ratio of 88.7% and a cash-to-short-term debt ratio of 1.44 times, maintaining a healthy financial status [7].