Minsheng Securities released a research report stating that it maintains the “recommended” rating of China's Jinmao (00817) and predicts revenue of 81,853 billion yuan/89.916 billion yuan/97.825 billion yuan respectively in 2024-2026. The company relies on its parent company, Sinochem, to continuously obtain low-cost capital on the financing side; on the investment side, it relies on the ability of urban operations to obtain high-quality projects in Tier 1 and 2 cities; on the sales side, it relies on “government” brand influence and customer confidence to guarantee the delivery of buildings; and operates various self-owned businesses such as businesses, offices, and hotels on the holding side.
The bank mentioned that in 2023, China's Jinmao sales volume was 141.2 billion yuan, ranking 13th in the industry; in 2023, it achieved repayment of 147.3 billion yuan, with a repayment rate of 104%, which is consistent with last year; the regions that contributed the most to the company's contract sales in 2023 were East China (35.6%) and North China (35.4%), and core Tier 1 and 2 cities accounted for more than 88% of contracts, with a single contract of over 3 billion yuan; in 2023, the Huaxia Jinmao Shopping Center closed infrastructure investment fund was officially launched, with a fund size of 1,068 billion yuan. In 2024, the distribution rate is expected to be 4.92%, achieving a “closed loop of investment and finance management” for commerce.