Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company has shown significant sales growth, with a total sales amount of 251.0 billion yuan in January-February 2025, representing a year-on-year increase of 21.8% [1] - The company ranked third in total sales amount in the industry, outperforming the average performance of the top 100 real estate companies [1] - The company has actively acquired land in key cities, achieving a top position in land acquisition amount with 317.7 billion yuan in January-February 2025 [2] - The company has reported steady growth in recurring income, with a total of 83.9 billion yuan in recurring business income for January-February 2025, a year-on-year increase of 11.6% [3] - The company is expected to maintain strong earnings growth, with an estimated EPS of 3.73 yuan for 2024 [4] Summary by Sections Sales Performance - In January-February 2025, the company achieved a sales area of 1.073 million square meters, a year-on-year increase of 8.7%, with an average sales price of 23,392 yuan per square meter, up 12% year-on-year [1] - In February alone, the sales amount reached 135 billion yuan, a year-on-year increase of 46.9% [1] Land Acquisition - The company acquired land worth 317.7 billion yuan, with a new value of 620.7 billion yuan, leading the land acquisition rankings [2] - Notable acquisitions include a land parcel in Shanghai for 50.9 billion yuan and a new land price record in Hangzhou at 50,683 yuan per square meter [2] Recurring Income - The company's recurring business income for January-February 2025 was 54.6 billion yuan, reflecting a year-on-year increase of 12.7% [3] - The growth in recurring income is expected to continue with the opening of five new major shopping centers in 2025 [3] Earnings Forecast - The company is projected to have a net profit of 28.5 billion yuan in 2025, with a year-on-year growth of 7.17% [10] - The estimated P/E ratio for 2025 is 5.83, indicating a favorable valuation [10]

2 月销售量价齐升，优质资产率先修复 ——华润置地点评报告 事件 2025 年 3 月 13 日，华润置地发布 2025 年 2 月经营数据情况。 投资要点 ❑ 销售额同比高增，印证核心地段核心资产价格率先修复 2025 年 1-2 月，公司累计销售额 251.0 亿元，同比增长 21.8%；销售面积 107.3 万平方米，同比增长 8.7%；销售均价 23392 元/平，同比上涨 12%，与 2024 年销售均价相比上涨 1.5%。2 月单月来看，公司销售额 135 亿元，同比增 长 46.9%；销售面积 58.5 万平，同比增长 28.1%；销售均价 23077 元/平，同 比增长 14.6%。2025 年 1-2 月公司全口径销售金额位列克而瑞排行榜第 3 位， 与 2024 年相比排名保持稳定，公司销售金额同比增幅亮眼，显著优于百强房企 平均表现（百强 2 月增幅 1.2%，1-2 月增幅-1.2%），彰显了公司城市深耕的优 势，我们认为在市场企稳修复期的，公司的销售弹性更加值得关注。 ❑ 经常性收入稳健增长，2 月单月增幅扩大 2025 年 1-2 月公司经常性业务收入 83.9 亿元，同比增长 1 ...