2025 年 08 月 29 日 招商蛇口 (001979) 业绩平稳,拿地积极 报告原因: 有业绩公布需要点评 ST N (维持) | 市场数据: | 2025年08月28日 | | --- | --- | | 收盘价（元） | 9.06 | | 一年内最高/最低（元） | 13.44/8.40 | | 市净率 | 0.8 | | 股息率%（分红/股价） | 2.14 | | 流通 A 股市值 (百万元) | 76,633 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 10.86 | | 资产负债率% | 67.86 | | 总股本/流通 A 股 (百万) | 9,061/8,458 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大盘对比走势： 袁豪 A0230520120001 vuanhao@swsresearch.com 曹曼 A0230520120003 caoman@swsresearch ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 20.4 billion yuan in Q1 2025, a year-on-year decrease of 13.9%, while net profit attributable to shareholders increased by 34% to 4.5 billion yuan, exceeding market expectations [6] - The company is actively acquiring land, with a land acquisition amount of 20 billion yuan in Q1 2025, a year-on-year increase of 102%, indicating a focus on core cities [6] - The company maintains a strong financial position with a weighted financing cost of 2.99% and is in the green zone regarding the "three red lines" policy [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 169.4 billion yuan, with a year-on-year decrease of 5.3% [5] - Net profit attributable to shareholders for 2025 is projected to be 4.2 billion yuan, reflecting a year-on-year increase of 4.7% [5] - The company’s gross margin is expected to be 14.5% in 2025, with a return on equity (ROE) of 4.1% [5] Sales and Market Position - In Q1 2025, the company achieved sales of 35.1 billion yuan, ranking fifth in the industry, with a sales area of 1.46 million square meters [6] - The average selling price was 24,000 yuan per square meter, showing a slight year-on-year decrease of 0.4% [6] - The company’s total uncompleted area at the end of 2024 was 27.15 million square meters, covering 2.9 times the sales area for 2024 [6]