Huafa Properties(600325) 申万宏源·2025-03-16 08:44Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company experienced a significant decline in performance, with a drop in revenue and profit margins, but managed to improve its sales ranking and maintain smooth financing [7] - Despite the downturn in the real estate sector, the company achieved a sales amount of 105.4 billion yuan in 2024, ranking 10th nationally, which is an improvement from the previous year [7] - The company has a solid land reserve strategy focused on core first and second-tier cities, and its financing costs have decreased, indicating a stable financial position [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 59.99 billion yuan, a year-on-year decrease of 16.8%, with a net profit of 0.951 billion yuan, down 48.2% from the previous year [6][8] - The company’s gross margin for 2024 is expected to be 14.3%, reflecting a decline of 3.8 percentage points year-on-year [7] - The forecast for net profit for 2025 is adjusted to 0.98 billion yuan, with further projections of 1.177 billion yuan for 2026 and 1.426 billion yuan for 2027 [7][8]