智通财经APP讯，新城控股(601155.SH)发布公告，11月份公司实现商业运营总收入约11.55亿元，比上 年同期增长8.96%;1-11月公司累计实现商业运营总收入约128.52亿元，比上年同期增长10.36%。 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 19 yuan for 2026 [2][8]. Core Views - The company experienced a decline in residential sales, with total revenue for the first nine months of 2025 at 34.37 billion yuan, a year-on-year decrease of 33.34%, and a net profit attributable to shareholders of 0.974 billion yuan, down 33.05% [2][8]. - The commercial operation revenue showed steady growth, with a total income of approximately 10.511 billion yuan for the first nine months of 2025, reflecting a year-on-year increase of 10.82% [8]. - The company has diversified its financing channels, with interest-bearing debt of approximately 52.3 billion yuan as of mid-2025, and a net debt ratio of 53.4% [8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 88.999 billion yuan, 63.948 billion yuan, 57.387 billion yuan, and 54.139 billion yuan respectively, with year-on-year growth rates of -25.3%, -28.1%, -10.3%, and -5.7% [4][9]. - Net profit attributable to shareholders is projected to be 0.752 billion yuan in 2024A, decreasing to 0.637 billion yuan in 2025E, then increasing to 0.831 billion yuan in 2026E, and 0.952 billion yuan in 2027E, with growth rates of 2.1%, -15.4%, 30.5%, and 14.5% respectively [4][9]. - The company's earnings per share (EPS) are forecasted to be 0.33 yuan in 2024A, 0.28 yuan in 2025E, 0.37 yuan in 2026E, and 0.42 yuan in 2027E [4][9].

Core Viewpoint - New城控股 reported a year-on-year increase in commercial operating revenue for September and the first nine months of 2023, indicating positive growth trends in the company's financial performance [1] Financial Performance - In September, the company achieved total commercial operating revenue of approximately 1.173 billion yuan, representing a year-on-year growth of 10.13% [1] - For the first nine months of 2023, the cumulative total commercial operating revenue reached approximately 10.511 billion yuan, reflecting a year-on-year increase of 10.82% [1] Sales Performance - In September, the company recorded a contract sales amount of approximately 1.484 billion yuan, with a sales area of about 211,300 square meters [1] - From January to September, the cumulative contract sales amount was approximately 15.050 billion yuan, with a total contract sales area of around 1,959,100 square meters [1]