Huafa Properties(600325) 长江证券·2025-03-18 08:46Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In the short term, the company has ample sellable land reserves, which will support future sales once market demand improves [2]. - In the long term, the industry supply structure is optimizing, and the company is expected to deepen its investment in core cities, pursuing quality growth [2]. - The company is actively repurchasing shares for employee stock ownership plans or equity incentives, effectively aligning shareholder interests with management [2]. Financial Performance Summary - In 2024, the company's revenue was 59.99 billion (-16.8%), with a net profit attributable to shareholders of 0.95 billion (-48.2%) and a non-recurring net profit of 0.66 billion (-24.5%). The comprehensive gross margin was 14.3% (-3.8 percentage points), with a dividend payout ratio of 30.0% and a dividend yield of 1.8% [6][10]. - The company maintained a sales scale of 105.44 billion (-16.3%) for five consecutive years, ranking 10th in the industry, with a sales area of 3.7 million square meters (-7.5%) and an average sales price of 29,000 yuan per square meter (-9.6%) [10]. - The company’s interest-bearing debt was 141.6 billion (-1.7%) at the end of 2024, with a financing cost of 5.22% (-0.26 percentage points), indicating a stable debt structure [10]. Sales and Market Position - The company’s sales in the East China region accounted for 44% (down from 55% last year), while the South China region increased to 30% (up from 25% last year), and the Zhuhai region maintained a 24% share (up from 15% last year) [10]. - The company acquired six projects in high-capacity cities such as Shanghai, Guangzhou, Chengdu, and Xi'an, with a total land acquisition amount of 9.4 billion (-85.9%) and a floor price of 28,000 yuan per square meter (+107.8%) [10]. Future Outlook - The company forecasts net profits attributable to shareholders of 0.9 billion, 0.92 billion, and 0.95 billion for 2025-2027, with growth rates of -5%, 2%, and 3%, respectively, corresponding to price-earnings ratios of 17.7, 17.4, and 16.9 times [10].