历经三年有余的深度调整，当前的房地产行业已处于筑底企稳的阶段，"卷产品、竞品质"成为市场竞争的 核心。最能对购房决策产生影响的因素也不再仅局限于房屋价格和地理位置上，房屋交付质量也已跃升为 房企兑现产品承诺、塑造品牌口碑、构建客户终身价值的核心战场。 能切实兑现"好房子"，是开发商赢得口碑、获得青睐的关键因素——越秀地产以一份亮眼业绩证明了自身 过硬的产品实力。2025年上半年，越秀地产实现475.7亿元营业收入，同比增长34.6%，已连续7年保持 稳健增长；核心净利润15.2亿元、归母净利润13.7亿元；合同销售额615亿元，同比上升11%，表现优 于百强房企平均水平，在克而瑞行业排名稳居第8位。 今年6月中旬完成首期交付的广州琶洲南TOD项目正是越秀地产产品实力的全方位体现。"这个项目交付 以来，获得了非常好的认可，这也体现出我们在不好的环境下把基本功做得更扎实。"8月26日，在越秀 地产的中期业绩会上，管理层如是称。 造一个、红一个，每个项目热销神话的背后，是越秀地产持续兑现高品质居住空间的产品力和交付力。以 此为坚实的根基，面向全年1205亿元的销售目标，越秀地产董事长及执行董事林昭远表示，"下半年， ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company has transitioned from a capital investment phase to a harvest phase, with an expected compound annual growth rate (CAGR) of approximately 164% for net profit attributable to the parent company from 2024 to 2027 [7][28] - The company has achieved a significant market penetration, covering 98.9% of counties and 91.2% of townships in China, with a cash conversion cycle of -31 days, indicating strong cash flow [7][10] - The company is focusing on enhancing buyer experience and deepening channel coverage to solidify its competitive edge [12][16] Summary by Sections Financial Performance - Total revenue is projected to grow from 17.9 billion in 2024 to 26.7 billion in 2027, with year-on-year growth rates of 5%, 16%, 13%, and 14% respectively [6] - Net profit attributable to the parent company is expected to increase from 30 million in 2024 to 550 million in 2027, with growth rates of 101%, 395%, 116%, and 71% respectively [6][28] - The gross margin is forecasted to improve from 10.13% in 2024 to 11.82% in 2027 [6] Market Position and Strategy - The company has established itself as the largest digital pharmaceutical trading and service network in China, with a focus on the outpatient pharmaceutical B2B market [16] - The company has a strong user base with 43.3 million monthly active buyers and a high retention rate, indicating strong customer loyalty [10][12] - The company is leveraging its digital capabilities to enhance operational efficiency and customer experience, which is expected to drive future growth [16][28] Business Model and Growth Drivers - The company’s business model is characterized by a fast cash turnover and strong cash flow, with cash and cash equivalents accounting for approximately 52% of total assets [11][34] - The company is expanding its product offerings and exploring new business lines, such as AI applications and health insurance, to diversify revenue streams [11][12] - The company’s strategic partnerships and innovative service offerings are expected to enhance its market competitiveness and profitability [7][10]

4月18日，城建发展发布2024年年度报告。 报告期内，公司实现营业收入254.42亿元，同比增长24.94%，主要是公司主营房地产行业 结转收入增 加所致。公司前五名客户合计的营业收入75.2亿元，占全年营业收入的29.56%，公司营业成本214.14亿 元，同比增长32.10%，主要是结转项目增加和不同项目成本利润水平不同所致。 加上公司2024年的计提资产减值，城建发展利润受到了较大影响。2024年，公司归母净利润出现了较大 程度的亏损，为-9.51亿元，同比下降270.17%，扣非净利润更是降至-15.49亿元，同比下降397.40%。 净利润下滑 城建发展成立于1998年，目前为房地产开发、对外股权投资和商业地产经营三大板块。其中房地产开发 为主业，主要开发类型涵盖住宅、公寓、别墅、商业、酒店、写字楼、文旅等多种业态，开发区域遍及 北京、上海、天津、重庆、成都、南京、青岛、三亚、保定等区域。 城建发展在财报中表示，公司逐步形成了以龙樾和国誉府系列的高端品牌。对外股权投资呈现出流动性 强、资产处置灵活的特点。以云蒙山和黄山为代表的文旅地产布局初步形成，。商业地产经营规模、经 营能力持续提高，商业地产战 ...