C&D INTL GROUP(HK:01908) 克而瑞地产研究·2025-08-30 01:48Core Viewpoint - The company aims to achieve a sales target of 150 billion yuan for the year while prioritizing project liquidity over net profit margin [1][2]. Sales Performance - In the first half of 2025, the company achieved equity sales of 53.5 billion yuan, a year-on-year increase of 5% [2][4]. - The average selling price reached 26,569 yuan per square meter, reflecting a 30% increase compared to the full year of 2024 [4]. - The company plans to launch projects in key cities such as Beijing, Shanghai, Chengdu, Hangzhou, and Xiamen under its lighthouse strategy [2][4]. Land Acquisition and Inventory - The company acquired 26 plots of land in the first half of 2025, adding a total value of 121.9 billion yuan to its inventory [2][8]. - The total land bank value is approximately 249.6 billion yuan, with 54% located in five core cities [8][9]. - The company maintains a focus on liquidity and will prioritize land acquisition based on sales performance [8][9]. Financial Performance - The company reported a revenue of 34.2 billion yuan in the first half of 2025, a 4% increase year-on-year, with a gross profit margin of 12.89%, up by 1 percentage point [3][12]. - Net profit rose by 5% to 1.5 billion yuan, with a net profit margin of 4.4% [3][12]. - The company has a cash-to-short-term debt ratio of 4.13, indicating strong liquidity [17]. Debt and Financing - The average financing cost of interest-bearing debt is approximately 3.17%, down from 3.56% at the end of 2024 [17][15]. - The net debt ratio stands at 33.37%, showing a slight increase of 1.6 percentage points from the beginning of the year [17].