CMSK(001979) 开源证券·2025-03-18 08:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12][19] Core Views - The company has focused on acquiring land in core cities, which has resulted in a stable sales performance despite a decline in profit due to impairment provisions [6][7][12] - The company reported a total operating revenue of 1789.48 billion yuan in 2024, a year-on-year increase of 2.25%, while the net profit attributable to shareholders decreased by 36.09% to 40.39 billion yuan [6][9] - The company’s gross margin and net margin were 14.61% and 2.34%, respectively, both showing a decline compared to the previous year [6][9] Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 1789.48 billion yuan, up 2.25% year-on-year, while the net profit attributable to shareholders was 40.39 billion yuan, down 36.09% [6][9] - The company’s gross margin decreased by 1.28 percentage points to 14.61%, and the net margin fell by 2.86 percentage points to 2.34% [6][9] - The net cash flow from operating activities was 319.64 billion yuan, an increase of 1.69% year-on-year, with a year-end cash balance of 1003.51 billion yuan [6] Sales and Land Acquisition - The company’s signed sales amount in 2024 was 2193.02 billion yuan, a decrease of 25.31% year-on-year, with a signed sales area of 935.90 million square meters, down 23.50% [7] - The company ranked first in sales amount in five cities, including Xi'an and Changsha, and maintained a fifth position in the overall sales ranking [7] - In 2024, the company acquired 26 land parcels with a total construction area of approximately 2.25 million square meters and a total land cost of about 48.6 billion yuan, with an investment intensity of 22% [7] Strategic Focus - The company is committed to its "AI+" strategy, exploring advanced technologies for smart services and operations, resulting in a 12% year-on-year increase in income from held properties [8] - The investment in core cities accounted for 90% of the total investment, with 59% of the investment directed towards first-tier cities [7][12]