CMSK(001979) 东吴证券·2025-03-18 09:38Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In 2024, the company achieved a revenue of 178.95 billion yuan, a year-on-year increase of 2.3%, while the net profit attributable to shareholders was 4.04 billion yuan, a decrease of 36.1% [8] - The revenue growth was driven by an increase in the scale of project handovers, although gross profit margin declined by 1.5 percentage points to 15.6% due to increased credit and asset impairment losses [8] - The company ranked among the top five in the industry for sales, with a signed sales area of 9.36 million square meters and a sales amount of 219.3 billion yuan, demonstrating resilience during the industry downturn [8] - The company focused its investments on core cities, acquiring 26 land parcels with a total construction area of approximately 2.25 million square meters and an investment amount of about 48.6 billion yuan [8] - The company has a clear financing advantage, with a comprehensive funding cost reduced to 2.99%, and plans to repurchase shares worth 351 to 702 million yuan, reflecting confidence in its operations and future development [8] - The profit forecast for 2025 and 2026 has been adjusted downwards to 4.17 billion yuan and 4.35 billion yuan respectively, with corresponding EPS of 0.46 and 0.48 yuan [8] Financial Summary - Total revenue for 2023 was 175.01 billion yuan, with a projected increase to 178.95 billion yuan in 2024 [1] - The net profit for 2023 was 6.32 billion yuan, expected to decrease to 4.04 billion yuan in 2024 [1] - The latest diluted EPS is projected to be 0.45 yuan for 2024, with a gradual increase to 0.54 yuan by 2027 [1] - The company’s P/E ratio is projected to be 21.76 for 2024, decreasing to 18.04 by 2027 [1]