年报点评｜大悦城控股:投资力度回升，归母净利连续3年亏损

Core Viewpoints - In 2024, Dayuecheng Holdings achieved a sales revenue of 36.9 billion, a year-on-year decline of 20%, with a sales rights ratio of 44.5%, down 5.5 percentage points from the previous year, indicating potential risks from partners [2][6] - The investment intensity has rebounded, with a land acquisition-to-sales ratio rising to 0.23, driven by a significant increase in land purchases, totaling 8.4 billion, up approximately 33% year-on-year [2][16] - The company has faced continuous net losses for three consecutive years, with a net loss of 2.98 billion in 2024, exacerbated by expanded losses from joint ventures [3][26] Sales Performance - Sales in Hangzhou and Xi'an contributed over 40% of total sales, with significant declines in Beijing, Shanghai, and Tianjin, where single-city sales dropped over 70% [2][10][13] - The Yangtze River Delta region became the largest contributor, accounting for 43% of total sales, an increase of 18.6 percentage points year-on-year [8][10] Investment and Land Acquisition - Dayuecheng Holdings increased its investment efforts, acquiring five new land parcels with a total area of 560,000 square meters, representing a year-on-year increase of 232% [2][19] - The average floor price of the newly acquired residential land in Hangzhou was 32,250 yuan per square meter, which accounted for 65% of the selling price, compressing profit margins [20] Financial Performance - The total revenue for 2024 was 35.79 billion, a slight decline of 2.7%, with property development revenue at 28.39 billion, down 2.3% [26][33] - The gross profit decreased by 20% to 7.79 billion, with a gross margin of 21.8%, down 4.7 percentage points year-on-year [26][33] Operational Efficiency - The average financing cost improved to 4.06%, with a non-restricted cash-to-short-term debt ratio dropping to 0.98, indicating liquidity risks [28] - The company successfully opened three shopping centers, with an average occupancy rate of 95.1% across 44 commercial projects [4][31]