【中国金茂（0817.HK）】业绩扭亏为盈，拿地力度边际回升——动态跟踪（何缅南/庄晓波）

Core Viewpoint - The company reported a decline in revenue for 2024 but showed signs of recovery in gross margin and profitability, indicating a potential stabilization in its financial performance moving forward [3][4]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 59.05 billion, a year-on-year decrease of 18%, with development business revenue at 49.3 billion, down 21% due to reduced delivery scale [3]. - The overall gross margin was 14.6%, an increase of 2.1 percentage points, primarily driven by a 2 percentage point rise in development business gross margin to 11% [3]. - The net profit attributable to shareholders was 1.07 billion, with core net profit at 1.33 billion, marking a turnaround from losses in 2023, attributed to improved gross margins and a 30 billion reduction in inventory impairment [3]. Group 2: Business Development - The company adhered to a "one core, three focuses" strategy, achieving a 1.3% year-on-year increase in non-development business revenue, which accounted for 18% of total revenue [4]. - The successful listing of Huaxia Jinmao Commercial REIT facilitated the activation and value realization of the company's existing assets, although revenue from commercial leasing and retail operations fell by 6% to 1.7 billion [4]. - Jinmao Services reported revenue of 2.97 billion, a 10% increase, with total contracted area reaching approximately 134 million square meters, up 26.3% year-on-year [4]. Group 3: Market Position and Land Acquisition - The company recorded sales of 98.3 billion in 2024, a decline of 30.4%, but improved its industry ranking to 12th, gaining one position from 2023 [5]. - The company acquired 22 new land parcels, primarily in first and second-tier cities such as Beijing, Shanghai, and Chengdu [5]. - In Q1 2025, sales reached 18.3 billion, reflecting a 4.5% year-on-year growth, indicating a stabilization in sales performance [5]. Group 4: Financial Health - As of the end of 2024, the company had interest-bearing liabilities of 122.8 billion, a 4% decrease year-on-year, with a short-term debt ratio of 17.6% [6]. - The net debt to adjusted capital ratio was 67%, down 6 percentage points year-on-year, with a debt-to-asset ratio of 69.4% excluding advance receipts [6]. - The cash to short-term debt ratio was 1.43 times, maintaining a healthy financial status with all three red line indicators in the green zone [6].