房地产业绩回升

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招商蛇口(001979):结转权益比例提升 回购有望提速
Xin Lang Cai Jing· 2025-04-30 06:44
Core Viewpoint - The company reported a decline in revenue but an increase in net profit, indicating a shift in project equity recognition and potential recovery in performance [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 20.448 billion, a year-on-year decrease of 13.90% - The net profit attributable to shareholders was 0.445 billion, reflecting a year-on-year increase of 34.02% [1]. - The sales amount for Q1 2025 was 35.070 billion, down 12.8% year-on-year, with a sales area of 1.4582 million square meters, a decrease of 12.5% year-on-year [2]. Land Acquisition - The company acquired 7 land parcels in Q1 2025, all located in first and second-tier cities, with a total equity acquisition amount of 11.54 billion and a comprehensive equity ratio of 57.6% [2]. REIT Expansion - The company announced a second expansion of the Bosera Shekou Industrial Park REIT, planning to acquire additional infrastructure projects to enhance its operational cycle and support its development strategy [2]. Share Buyback - As of March 31, the company had repurchased 26.682 million shares, accounting for 0.294% of the total share capital, with a total expenditure of 0.265 billion, representing 37.75% of the planned buyback amount [3]. - The company plans to accelerate share repurchases to protect investor interests and boost market confidence [3]. Future Outlook - The company anticipates a recovery in performance as high-profit projects begin to be recognized, projecting net profits of 4.96 billion, 5.65 billion, and 6.39 billion for 2025-2027, with year-on-year growth rates of 22.9%, 13.9%, and 13.0% respectively [4]. - The current stock price corresponds to PE valuations of 16.6x, 14.6x, and 12.9x for the respective years, maintaining a "buy" rating [4].