Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's brokerage and proprietary trading businesses performed exceptionally well in 2024, driving significant profit growth. The long-term outlook remains positive as the company, as an industry leader, continues to expand in institutional brokerage and trading, leveraging its resource advantages to gradually develop derivatives and related businesses [2][11]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 43.397 billion yuan, a year-on-year increase of 20.1%, and a net profit attributable to shareholders of 13.024 billion yuan, up 38.9%. The weighted average return on equity (ROE) increased by 2.12 percentage points to 8.1% [6][11]. - The company's brokerage, investment banking, asset management, interest income, and proprietary trading revenues were 7.843 billion, 2.922 billion, 3.893 billion, 2.357 billion, and 15.075 billion yuan, respectively, with year-on-year changes of +15.5%, -20.8%, -5.0%, -15.9%, and +58.6% [11]. Market Position - The company’s market share in brokerage services improved, with a daily average trading volume of 1,210.187 billion yuan in stock-based transactions, reflecting a 22.0% year-on-year increase. The brokerage business revenue growth was in line with market growth, maintaining a stable market share and commission rate [11]. - The company ranked fourth in the industry for IPOs, with an equity financing scale of 16.327 billion yuan, down 71.2% year-on-year, while its bond financing scale reached 980.386 billion yuan, up 23.2% year-on-year, securing a solid third place in market share [11]. Asset Management - As of the end of 2024, the company’s total asset management scale was 588.430 billion yuan, a year-on-year increase of 6.5%. The public fund management scale of Huazhong Fund was 772.405 billion yuan, up 14.4% year-on-year, contributing 3.43% to the group's net profit [11]. Investment Strategy - The company is expected to achieve net profits attributable to shareholders of 13.293 billion and 14.410 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 21.34 and 19.69, and price-to-book (PB) ratios of 1.57 and 1.46 [11].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of 278.8 billion yuan in 2024, representing a year-on-year growth of 11.0%. The development business contributed 237.15 billion yuan, growing by 11.8%, while recurring income reached 41.65 billion yuan, up by 6.6% [1]. - The company has become a leader in domestic commercial operations, with its "Wanda" shopping centers contributing significantly to stable cash flow and valuation differentiation. In 2024, rental income from shopping centers, offices, and hotels was 19.4 billion, 1.88 billion, and 2.07 billion yuan respectively, with shopping centers opening 16 new locations [1]. - The comprehensive gross profit margin for 2024 was 21.6%, with the development gross margin declining by 3.9 percentage points to 16.8% due to industry downturns, while the property business gross margin increased by 0.4 percentage points to 70.0% [2]. - The company ranked third in sales with a contracted amount of 261.1 billion yuan, a decrease of 15.0% year-on-year, and a market share of 2.70% [2]. - The company has maintained a healthy leverage level with a debt-to-asset ratio of 55.6% and a net interest-bearing debt ratio of 31.9% [3]. Financial Summary - The company’s net profit attributable to shareholders was 25.58 billion yuan, down 18.5% year-on-year, while core net profit was 25.42 billion yuan, down 8.5% [2]. - The company’s financing cost was 3.11%, which is among the lowest in the industry, benefiting from its state-owned enterprise background [3]. - The asset management scale reached 462.1 billion yuan, with a year-on-year increase of 34.6 billion yuan, supported by the establishment of dual REITs platforms [3]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 274.66 billion, 279.27 billion, and 264.68 billion yuan respectively, with net profit attributable to shareholders projected at 26.00 billion, 26.46 billion, and 26.57 billion yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of 278.8 billion yuan in 2024, representing a year-on-year growth of 11.0%. The development business contributed 237.15 billion yuan, growing by 11.8% year-on-year, while recurring income reached 41.65 billion yuan, up 6.6% year-on-year, accounting for 14.9% of total revenue [1]. - The company has become a leader in domestic commercial operations, with its "Wanda" shopping centers contributing stable cash flow and valuation differentiation. In 2024, rental income from shopping centers, offices, and hotels was 19.4 billion, 1.88 billion, and 2.07 billion yuan respectively, with shopping centers opening 16 new locations and achieving a retail sales growth of 19.2% year-on-year [1][2]. - The company’s comprehensive gross margin was 21.6%, with a development gross margin of 16.8%, down 3.9 percentage points year-on-year, while the property management gross margin increased by 0.4 percentage points to 70.0% [2]. - The company ranked third in sales with a contracted sales amount of 261.1 billion yuan, a decrease of 15.0% year-on-year, and a market share of 2.70% [2]. - The company has maintained a healthy leverage level with a debt-to-asset ratio of 55.6% and a net interest-bearing debt ratio of 31.9% as of the end of 2024 [3]. Summary by Sections Financial Performance - The company reported a net profit attributable to shareholders of 25.58 billion yuan, down 18.5% year-on-year, and a core net profit of 25.42 billion yuan, down 8.5% year-on-year. The contribution of recurring income to core net profit increased to 40.7%, surpassing 10.34 billion yuan for the first time [2]. - The company’s asset management scale reached 462.1 billion yuan by the end of 2024, with a year-on-year increase of 34.6 billion yuan, supported by the establishment of dual REITs platforms [3]. Future Projections - The report adjusts profit forecasts for the company, estimating revenues of 274.66 billion, 279.27 billion, and 264.68 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is projected to be 26.00 billion, 26.46 billion, and 26.57 billion yuan for the same years [4].

中金：维持华润置地跑赢行业评级 目标价32.80港元 财务盘面韧性突出：2024年公司扣预负债率/净负债率同比-1.8ppt/-0.7ppt至55.6%/31.9%，现金储备 同比增16.5%至1,332亿元;平均融资成本同比-45bps至3.11%，平均债务期限延长至6.7年。 发展趋势 夯实领先身位，发力"大资管"第二增长曲线。公司2024年末资产管理规模同比增8%至4,621亿元(其 中购物中心总资产同比增21%至2,705亿元，占比63%)，优质底层资产价值持续提升。该行认为后续业 务端，公司有望持续发力多元持有型资产运营管理能力建设;资本市场平台端，有望持续打通以公募 REITs为代表的资本循环通道，释放资产价值、提升资本配置效率、进一步提升市占率。 开发业务有望持续发挥压舱石作用。公司2025年初可售货值约5,009亿元，在此基础上其提出销售 额在2024年基础上保持增长的销售目标，着力于在兼顾利润前提下实现更优销售流速。结算方面，考虑 公司2024年末并表口径已售未结2,267亿元、其中1,935亿元计划于2025年内结算，该行认为2025年开发 业务收入有望保持相对稳定。 华润置地2024年业 ...