Huafa Properties(SH:600325) 克而瑞地产研究·2025-03-30 02:36Core Viewpoint - The company achieved a sales scale ranking in the TOP10, with a net profit of 9.5 billion yuan, maintaining a "green file" level, and reducing financing costs to 5.22% [1] Sales Performance - In 2024, the company realized a signed sales amount of 105.44 billion yuan, a year-on-year decrease of 16.3%, with a signed sales area of 3.696 million square meters, down 7.46% year-on-year. According to the CRIC ranking, the company improved its overall sales ranking by 4 places, entering the industry TOP10, achieving over 100 billion yuan in sales for five consecutive years [2][6] - The company launched 6 new projects in key cities such as Shanghai, Guangzhou, Chengdu, and Xi'an, with a total land reserve of approximately 1.2125 million square meters, sufficient to meet development needs for the next three years [10][11] Profitability - The company reported an operating income of 59.992 billion yuan in 2024, a year-on-year decrease of 16.84%. The pre-sale funds reached 87.355 billion yuan, covering approximately 1.46 times the annual operating income, ensuring stable growth in future revenue. Despite challenges in the real estate sector, the company achieved a gross profit of 8.588 billion yuan, with a net profit of 1.405 billion yuan and a net profit attributable to shareholders of 0.951 billion yuan, down 59.46% and 48.24% year-on-year, respectively [3][13] - The company maintained a high cash dividend policy, proposing a cash dividend of 286 million yuan for 2024, accounting for 30.04% of the net profit attributable to shareholders [3][12] Financial Stability - As of the end of the reporting period, the company had total interest-bearing liabilities of 141.613 billion yuan, with an average financing cost of 5.22%, a decrease of 0.26 percentage points year-on-year. The cash-to-short-term debt ratio was 1.46, and the net debt ratio was 86.73%, an increase of approximately 12.6 percentage points from the end of 2023 [4][17] Business Development Strategy - The company continues to focus on the "1+3" business structure, with residential development as the main business, while also developing commercial operations, property services, and upstream and downstream industry chain businesses. The residential product quality has been continuously improved, and the commercial sector achieved rental income of 785 million yuan, a year-on-year increase of 15.41% [18][20] - The property management segment generated revenue of 1.675 billion yuan, up 18.85% year-on-year, with services covering over 400 projects in more than 40 cities [20]