NJGK(600064) 开源证券·2025-04-23 06:51Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue has decreased due to a contraction in its real estate business, while the net profit attributable to shareholders has increased year-on-year. The company is expected to see continuous improvement in performance due to its strong financing channels [4][5] - The company has provided profit forecasts for 2025-2027, estimating net profits of 2.21 billion, 2.46 billion, and 2.59 billion yuan respectively, with corresponding EPS of 1.3, 1.4, and 1.5 yuan. The current stock price corresponds to PE valuations of 5.7, 5.2, and 4.9 times [4][5] Financial Performance Summary - In 2024, the company achieved operating revenue of 1.98 billion yuan, a year-on-year decrease of 58.16%. The net profit attributable to shareholders was 1.73 billion yuan, a year-on-year increase of 10.58%. The net profit excluding non-recurring items was 1.62 billion yuan, a year-on-year decrease of 1.54% [5][8] - The company's operating cash flow was -500 million yuan in 2024, with a gross margin of 21.88% and a net margin of 83.09%, reflecting increases of 9.55 percentage points and 51.72 percentage points year-on-year respectively [5][8] - The real estate business saw a significant decline in revenue, with a year-on-year decrease of 84.09% in operating income from real estate development [5][6] Real Estate Business Overview - The company reported a contract sales area of 18,700 square meters in 2024, a year-on-year decrease of 92.66%, and a contract sales amount of 620 million yuan, a year-on-year decrease of 67.59% [6] - New construction area decreased by 80.78% year-on-year, while the completed area decreased by 61.93% [6] Financing and Cost Management - The company has maintained smooth financing channels, with an average financing cost of 2.72% in 2024, down 0.27 percentage points from the same period in 2023 [7] - The company has authorized borrowing up to 2 billion yuan from Nanjing Bank, with a loan balance of 300 million yuan as of the end of 2024 [7] Financial Metrics and Projections - The company’s financial metrics for 2023A to 2027E show a projected operating revenue of 2.24 billion yuan in 2025E, with a year-on-year growth of 13.6% [8][11] - The projected net profit for 2025E is 2.21 billion yuan, reflecting a year-on-year growth of 28.4% [8][11] - The company’s P/E ratio is projected to decrease from 5.7 in 2025E to 4.9 in 2027E, indicating an improving valuation [8][11]