【龙湖集团（0960.HK）】资产运营巩固优势，短期销售压力仍存——动态跟踪（何缅南）

Core Viewpoint - The company is facing short-term sales pressure despite maintaining a strong asset operation advantage, with a notable decline in contract sales and cash levels [2][3][4]. Group 1: Operational Performance - In April 2025, the company achieved a contract sales amount of 5.13 billion yuan (equity sales amount of 3.61 billion yuan) and a contract sales area of 415,000 square meters (equity sales area of 303,000 square meters) [2]. - For the first four months of 2025, the company reported a contract sales amount of 22.08 billion yuan and a contract sales area of 1.603 million square meters, with operating revenue of approximately 8.76 billion yuan (excluding tax) [2]. - The company's operational business rental income for 2024 was 13.52 billion yuan, a year-on-year increase of 4.5%, with a gross profit margin of 75% [3]. Group 2: Sales and Market Conditions - In 2024, the company recorded a cumulative contract sales amount of 101.12 billion yuan, a year-on-year decrease of 41.7%, and a sales area of 7.124 million square meters, down 34.0% [3]. - The average sales price in 2024 was 14,200 yuan per square meter, a year-on-year decrease of 11.7%, with a continued decline in both volume and price observed in early 2025 [3]. Group 3: Financial Position - As of the end of 2024, the company's cash on hand was 49.42 billion yuan, with a cash short-term debt ratio of 1.03 times, indicating a slight decrease in cash levels compared to the previous year [4]. - The net debt ratio stood at 51.7%, with a liability-to-asset ratio of 57.2% after excluding advance payments [4].