Core Viewpoint - The management of Vanke expresses strong confidence in the future, believing that the real estate market will return to a stable and healthy development track under policy guidance and support [4][10]. Group 1: Management Confidence and Strategy - Vanke's management acknowledges the difficulties faced in 2024 but emphasizes their commitment to addressing risks and challenges through enhanced management capabilities [4]. - The management team has successfully delivered over 26,000 housing units from January to May, indicating stable operational performance [4]. - Vanke's management has received recognition and support from local governments and partners, boosting their confidence in navigating the market [4]. Group 2: Debt Management and Financial Strategy - Vanke is confident in its ability to address debt challenges with support from various stakeholders and internal efforts [6]. - The company plans to enhance cash flow through accelerated sales, dynamic control of development pace, and balancing income and expenditure [7]. - Vanke aims to revitalize its existing resources and improve product quality, creating a positive cycle of resource activation, product upgrades, and sales [7]. Group 3: Business Development and Market Position - Vanke's operating service business has established a leading position in several sectors, achieving revenue of 28.7 billion yuan in the first five months of 2025, a 7.8% increase year-on-year [8]. - The company will focus on enhancing customer loyalty, improving service efficiency, and establishing high-quality asset exit channels [8]. - Vanke plans to leverage its multi-business layout to promote synergy and develop diverse scenarios and composite business models [8]. Group 4: Market Outlook - Vanke believes that the real estate market will stabilize due to improved land supply structures and increased availability of high-quality residential land [10]. - The management sees a solid foundation for demand recovery, supported by policy measures and ongoing adjustments to restrictive measures [10]. - The trend towards diversified and quality new housing supply is expected to counterbalance the impact of the second-hand market [11].

证券研究报告 | 公司点评报告 2025 年 05 月 12 日 保利发展（600048.SH） 多措并举盘活存量资源，定向可转债获证监会批复 总量研究/房地产 24 年公司实现累计归母净利润 50 亿元，同比下降 58.6%，与业绩快报基本一 致，判断公司后续营收增速或承压，结算毛利率或逐步筑底；销售排名保持行业 第一，新增投资保持聚焦；多措并举盘活存量资源，土储结构持续优化；融资成 本持续下降，直融占比提升，可转债已获证监会同意注册批复；资产经营稳步发 展，物业服务规模持续扩大。预计 2025-2027 年 EPS 分别为 0.43、0.44 和 0.55 元，认为公司具备穿越周期的能力，若行业右侧出现其仍是竞争格局改善的核 心受益标的，且随着公司逐步盘活存量资源，市场对公司减值压力的担忧或也 有望缓释，维持"强烈推荐"评级。 q 24 年公司实现归母净利润 50 亿元，同比下降 58.6%，与业绩快报基本一 致，判断公司后续营收增速或承压，结算毛利率或逐步筑底。公司 24 年营 收/营业利润/归母净利分别为 3117 亿/151 亿/50 亿，同比分别-10.1%/- 37.7%/-58.6%。在行业下 ...