2025年8月，公司实现合同销售金额132亿元，同比下降13.2%;合同销售面53.9万平方米，同比下降 26.7%。2025年1-8月，公司实现合同销售金额1368亿元，同比下降12.0%;合同销售面积512.0万平方 米，同比下降23.3%。 销售均价提升明显，销售结构聚焦核心 2025年1-8月，公司实现合同销售金额1368亿元，克而瑞销售排行榜稳居行业前三;2025年上半年，公司 实现签约销售金额1103亿元(同比下降11.5%)，签约销售面积412万平方米(同比下降20.9%)，签约销售均 价2.68万元/平方米(同比提升11.9%)，销售结构聚焦核心，销售均价提升明显，15个城市市占率排名前 三。拿地方面坚持"量入为出"原则，合理把握投资节奏，聚焦一二线城市，2025年上半年权益投资 322.8亿元，新增土地储备148万平方米，有效补充核心城市优质土储。截至2025年6月30日，公司总土 储面积为4895万平方米。 智通财经APP获悉，光大证券发布研报称，维持华润置地(01109)"买入"评级，考虑到当前全国房地产销 售仍处于下行通道，城市分化和区域分化明显，1-8月公司商品房销售金额跟随行业大势 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has a solid leading position in the market, with significant credit advantages due to reduced financing costs and improved debt structure [2][3]. - Despite a decline in revenue and net profit in 2024, the company showed a positive growth trend in the first quarter of 2025 [1][2]. Financial Performance Summary - In 2024, the company achieved total revenue of CNY 311.67 billion, a decrease of 10.14% year-on-year, with real estate sales at CNY 287.35 billion, down 10.90% [1]. - The net profit attributable to shareholders for 2024 was CNY 5.00 billion, a significant decline of 58.56% [1]. - For the first quarter of 2025, total revenue was CNY 54.27 billion, reflecting a year-on-year increase of 9.09%, while net profit was CNY 1.95 billion, down 12.27% [1]. Sales and Market Position - The company maintained its position as the industry leader with a signed area of 17.97 million square meters in 2024, a decrease of 24.7%, and a signed amount of CNY 323.0 billion, down 23.5% [2]. - The market share in 38 core cities reached 7.1%, an increase of 0.3 percentage points from 2023, with 14 cities achieving over 10% market share [2]. Financing and Debt Structure - By the end of 2024, the company's direct financing balance was CNY 69.9 billion, accounting for 20.03% of interest-bearing liabilities, an increase of 3.72 percentage points year-on-year [3]. - The long-term debt (maturing in over three years) amounted to CNY 138.1 billion, with a significant increase in proportion to total debt [3]. - The average cost of interest-bearing liabilities decreased to 2.92%, marking a historical low [3]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to CNY 5.50 billion and CNY 5.87 billion, respectively, with a new forecast for 2027 at CNY 6.11 billion [4]. - The current stock price corresponds to a PE ratio of 18.2, 17.1, and 16.4 for 2025, 2026, and 2027, respectively [4].