CWTC Co., Ltd.(600007) 国泰海通证券·2025-04-25 06:50Investment Rating - The report maintains an "Accumulate" rating for the company [3][11]. Core Views - The company is expected to achieve an EPS of 1.29 yuan and 1.34 yuan for 2025 and 2026 respectively, with a target price set at 25.78 yuan based on a 20X PE for 2025 [3][11]. - The company aims to leverage strategic opportunities in Beijing to enhance its core competitiveness, focusing on the renovation and upgrade of the China World Trade Center area [11]. Financial Summary - For 2024, the company reported a revenue of 39.12 billion yuan, a slight decrease of 1.05% year-on-year, while the net profit attributable to shareholders was 12.62 billion yuan, an increase of 0.25% [11][13]. - The company plans to distribute a cash dividend of 1.1 yuan per share (including tax) for 2024, resulting in a payout ratio of 88% and a dividend yield of 4.88% based on the closing price on April 23, 2025 [11]. - The revenue from property leasing and management for 2024 was 33.86 billion yuan, a marginal increase of 0.04%, with a gross margin of 66.04%, slightly down by 0.37 percentage points from 2023 [11][12]. Revenue Breakdown - In 2024, the company's rental income from various segments was as follows: office buildings (15.11 billion yuan), shopping malls (12.86 billion yuan), apartments (1.87 billion yuan), hotels (5.26 billion yuan), and others (4.02 billion yuan) [11]. - The average rental rates for 2024 were 639 yuan/sqm/month for office buildings (up 1 yuan), 1309 yuan/sqm/month for shopping malls (up 30 yuan), and 367 yuan/sqm/month for apartments (down 3 yuan) [11]. Market Data - The company's total market capitalization is 22.785 billion yuan, with a total share capital of 1,007 million shares [6]. - The stock price has fluctuated between 20.79 and 27.59 yuan over the past 52 weeks [6]. Financial Forecast - The company forecasts revenues of 40.36 billion yuan for 2025, with a slight increase in net profit to 12.98 billion yuan [5][12]. - The projected net profit margin for 2025 is expected to be around 32.2% [12]. Key Financial Ratios - The return on equity (ROE) is projected to be 12.9% for 2025, with a net asset return rate of 12.8% for 2027 [5][12]. - The company maintains a net debt ratio of -30%, indicating a strong financial position [7].