NJGK(600064) 开源证券·2025-04-23 08:23Investment 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 the parent company 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 ratios 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%, while the net profit attributable to the parent company 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, down 1.54% year-on-year [5][8] - The company's gross margin and net margin for 2024 were 21.88% and 83.09%, respectively, reflecting increases of 9.55 percentage points and 51.72 percentage points year-on-year [5][8] - The company's 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 [6][8] Sales and Contract Performance - 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, down 67.59% year-on-year [6] - New construction area and completed area also saw significant declines of 80.78% and 61.93% year-on-year, respectively [6] Financing and Cost Management - The company has maintained smooth financing channels, with an average financing cost of 2.72% in 2024, a decrease of 0.27 percentage points compared to 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]