Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109 HK) with a target price raised to HKD 31.68, indicating a potential upside of 23.0% from the current price of HKD 25.75 [2][6][10]. Core Insights - The company is experiencing stable development across its diversified business segments while maintaining its dividend payout ratio. Despite a decline in profit margins, the company has managed to sustain its dividend rate [2][6]. - The report highlights that property delivery increases in 2024 will drive property development revenue growth by 11.8% to RMB 237.15 billion, contributing to an overall revenue increase of 11.0% to RMB 278.80 billion [6][7]. - The company’s net debt ratio is projected to remain low at 31.9% by the end of 2024, with a decrease in average financing costs to 3.11%, the lowest in the industry [6][7]. Financial Overview - Revenue for 2023 is projected at RMB 251.14 billion, increasing to RMB 278.80 billion in 2024, with a year-on-year growth of 11.0% [5][7]. - Core profit is expected to decline from RMB 27.77 billion in 2023 to RMB 25.42 billion in 2024, reflecting an 8.5% decrease [5][7]. - The gross profit margin is anticipated to decrease by 3.6 percentage points to 21.6% in 2024, influenced by a drop in property development gross margin [6][7]. Business Performance - The company’s contract sales amount is expected to reach RMB 261.1 billion in 2024, a decrease of 15% year-on-year, but it ranks third in the industry [6][7]. - The asset management scale has increased by 8.1% to RMB 462.1 billion, with shopping center revenue showing a strong performance, growing by 19.2% year-on-year [6][7]. - The company plans to increase its operational shopping centers from 92 to 116 by the end of 2028, which is expected to drive revenue growth in the operational real estate segment by over 10% annually for the next three years [6][7].

Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109 HK) with a target price of HKD 31.68, indicating a potential upside of 23.0% from the current price of HKD 25.75 [1][2][10]. Core Insights - The company is experiencing stable development across its diversified business segments while maintaining its dividend payout ratio. Despite a decline in profit margins, the company has managed to sustain its dividend rate [2][6]. - The report highlights a projected revenue growth of 11.0% year-on-year for 2024, with total revenue expected to reach RMB 278.8 billion, driven by increased property deliveries [6][7]. - The company’s net profit is forecasted to decline by 18.5% to RMB 25.6 billion in 2024, primarily due to a decrease in gross profit margin [6][7]. Financial Overview - Revenue for 2023 is reported at RMB 251.1 billion, with a projected increase to RMB 278.8 billion in 2024 [5][7]. - The gross profit margin is expected to decrease from 25.2% in 2023 to 21.6% in 2024, reflecting a 3.6 percentage point decline [7][11]. - The company’s net debt ratio is projected to remain low at 31.9% by the end of 2024, with a decrease in average financing costs to 3.11%, the lowest in the industry [6][7]. Business Performance - The company’s property development revenue is expected to grow by 11.8% to RMB 237.2 billion in 2024, supported by increased property deliveries [6][7]. - Contract sales for 2024 are projected to reach RMB 261.1 billion, although this represents a 15% decline year-on-year [6][7]. - The asset management segment has shown an 8.1% increase in scale, with operational income from shopping centers, offices, and hotels totaling approximately RMB 193 billion, RMB 18.8 billion, and RMB 20.7 billion respectively [6][7]. Future Outlook - The company anticipates a stable sales performance in 2025, supported by a total saleable value of approximately RMB 500.9 billion [6][7]. - The report suggests that the stable performance of the investment property portfolio will help mitigate the impact of declining industry gross margins, maintaining overall profit stability [6][7].