Jinwu Financial News | Guoxin Securities released a research report, China Resources Land (01109) released its 2023 financial report, and the company achieved operating revenue of 251.1 billion yuan, +21% year over year; of these, development and sales revenue was 2121 billion yuan, +20% year over year; recurring business revenue was 39.1 billion yuan, +26% year over year. In 2023, the company achieved core net profit of 27.8 billion yuan, +2.9% year-on-year.
According to the bank, the company's recurring business accounted for 15.6% of revenue, an increase of 0.7 percentage points over the previous year; core net profit accounted for 34.4%, an increase of 10.4 percentage points over the previous year. Throughout 2023, the company's comprehensive gross profit margin was 25.2%. Although it fell slightly by 1 percentage point year on year, it remained in the first tier of the industry. Among them, the gross margin of development property settlement fell 2.3 percentage points to 20.7%, while the gross margin of investment properties increased 4.0 percentage points to 69.6%, helping the company operate steadily.
According to the bank, the previous profit forecast is basically maintained. The company's core net profit for 2024-2025 is estimated to be 304/31.9 billion yuan (original value was 305/33.9 billion yuan), with corresponding earnings per share of 4.26/4.47 yuan, respectively. Corresponding to the current stock price PE is 5.2/5.0 times, respectively, maintaining a “buy” rating.