股票研究 /[Table_Date] 2025.09.05 多元业务齐头并举，机器人股权投资步入收获期 首开股份(600376) 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 黄可意(分析师) | 010-83939815 | huangkeyi@gtht.com | S0880525070021 | 本报告导读： 2025H1，公司利润层面仍然承压，出现业绩亏损；销售规模同比下滑，拿地保持谨 慎；经营业务和创新业务稳定推进，展望多元业务协同发展。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | ...

Core Viewpoint - The company is experiencing profit pressure with losses in 2025H1, while sales scale is declining year-on-year, and land acquisition remains cautious. However, operational and innovative businesses are steadily advancing, with a focus on multi-business synergy [1]. Investment Highlights - The company is rated as "Buy" due to its brand and resource integration advantages in the real estate development sector as a state-owned enterprise in Beijing. It holds equity in Yushu Technology through its subsidiary, Shoukai Yingxin, and is expected to enter a harvest period. The projected net asset per share for 2025-2027 is 4.47/3.87/3.47 yuan, with a target price of 3.35 yuan based on a PB of 0.75X for 2025 [2]. - In 2025H1, the company reported a revenue increase of 105.2% year-on-year to 18.04 billion yuan, driven by an increase in housing delivery projects. However, the net profit attributable to shareholders was -1.84 billion yuan, primarily due to low gross profit, high taxes and expenses, and significant losses from joint ventures amounting to 1.33 billion yuan [2]. Real Estate Development Business - The company's sales area in 2025H1 was 720,000 square meters, a year-on-year decline of 1.7%, with sales revenue of 11.41 billion yuan, down 25.1%. The average sales price was 15,827 yuan per square meter. The company ranked 41st in the total sales amount according to CRIC, remaining in the second tier [3]. - As of June 2025, the company had 148 major projects for sale or under sale, with a total construction area of 43 million square meters. Projects in Beijing accounted for 36.3% of the total area, while those outside Beijing accounted for 63.7%. The company added only one new land reserve in 2025H1, covering an area of 27,000 square meters in Daxing, Beijing [3]. Operational and Innovative Business Development - The company is refining its operational business, with a property leasing area of 1.73 million square meters and hotel room sales of 157,000 room-nights in 2025H1. The overall occupancy rate of six core landmark shopping malls reached 95%. The "Shoukai Leshang" long-term rental apartment brand has opened 11 locations in Beijing, Hangzhou, and Fuzhou, with nearly 7,000 listings and a rental rate of 93% in 2025H1. The "Shoukai Cuncao" elderly care brand is gradually establishing its influence with nine nursing homes in various districts of Beijing [3].