Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][13] Core Views - The company is a leading real estate enterprise with the highest equity sales in the industry, maintaining a "Buy" rating despite a decline in revenue and profit [6] - The company focuses on high-energy urban core areas, ensuring strong profit certainty [6] - The projected net profit for 2025-2027 is estimated at 19.88 billion, 21.54 billion, and 22.49 billion yuan respectively, with corresponding EPS of 1.82, 1.97, and 2.05 yuan [6] Financial Performance - In 2024, the company achieved revenue of 185.15 billion yuan, a year-on-year decrease of 8.6%, and a net profit of 15.64 billion yuan, down 38.9% [7] - The decline in profit was primarily due to a 91.4% drop in fair value gains from investment properties and a decrease in gross margin to 17.7% [7] - The company had a cash balance of 124.17 billion yuan, representing 13.7% of total assets, with a cash flow from operations of 46.45 billion yuan [7] Sales and Market Position - The company recorded sales of 310.7 billion yuan in 2024, a slight increase of 0.3%, with a sales area of 11.49 million square meters, down 14% [8] - The average selling price increased by 16.6% to 27,047 yuan per square meter, with a market share rising to 3.21% [8] - The company ranked first in land acquisition with a total of 22 plots purchased for 80.6 billion yuan, focusing 77% of this in first-tier cities [8] Commercial Property Performance - The commercial property revenue reached 7.13 billion yuan, up 12.1%, with a 96.5% occupancy rate in mature shopping centers [9] - The average financing cost was only 3.1%, among the lowest in the industry, with a healthy debt structure [9]