YUEXIU PROPERTY(HK:00123) 华尔街见闻·2025-04-03 11:50Core Viewpoint - The real estate industry is undergoing a significant transformation, with Yuexiu Property successfully navigating this period by implementing its "Four Good Enterprises" strategy, leading to stable growth and improved market positioning [1][10]. Group 1: Financial Performance - In 2024, Yuexiu Property achieved an operating revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, with core net profit reaching 1.59 billion yuan and net profit attributable to shareholders remaining at 1.04 billion yuan, maintaining positive profitability for several consecutive years [1]. - The total contract sales for 2024 amounted to 114.54 billion yuan, with a significant contribution of 52.4% from first-tier cities and 99.3% from first and second-tier cities combined [2]. - The company reported a net operating cash inflow of 21.73 billion yuan in 2024, with cash reserves exceeding 50 billion yuan, an increase of 8.6% from the beginning of the year [8]. Group 2: Market Positioning - Yuexiu Property ranked 8th in the industry for total contract sales in 2024, improving from 12th place in 2023, demonstrating resilience during the industry's deep adjustment period [1]. - The company has successfully entered new markets, achieving sales of 8.73 billion yuan in Beijing and 6.6 billion yuan in Shanghai, with significant sales in "new first-tier cities" like Hangzhou, where it reached 22.1 billion yuan [3][4]. Group 3: Strategic Initiatives - The company emphasizes a shift from rapid growth to quality improvement, focusing on building "good houses" and implementing the "Four Good Enterprises" strategy, which includes good products, good services, good teams, and good brands [1][10]. - Yuexiu Property plans to continue its "precise investment" strategy, targeting high-certainty revenue projects in key cities such as Guangzhou, Shenzhen, Shanghai, and Beijing, while also optimizing its existing land reserves [12]. Group 4: Future Outlook - For 2025, Yuexiu Property has set a sales target of 120.5 billion yuan, reflecting a growth of 5.2%, positioning itself as one of the few companies providing positive growth guidance in the current market [7]. - The company is expected to benefit from government policies aimed at stabilizing the market, which will further support its growth trajectory [7].