Everbright Securities: Maintains LONGFOR GROUP "Buy" Rating with Steady Growth in Asset Operations

Everbright Securities released a research report stating that the forecast for Longfor Group's net profit attributable to shareholders for 2025-2027 is 6.22 billion, 7.64 billion, and 8.94 billion yuan, respectively, corresponding to the basic EPS for 2025-2027 of 0.89, 1.09, and 1.28 yuan. Given the company's stable development in asset operation and property management sectors, it maintains an "Overweight" rating. The report mentions that as of June 2025, the company's 89 operating shopping malls (including 75 heavy assets and 14 light assets) performed well, with a total operating area of 12.56 million square meters (including parking spaces), an overall occupancy rate of 96.8%, and a total sales growth of 17%. There are 127,000 opened long-term rental apartments, with an overall occupancy rate of 95.6%. There are approximately 2,200 property management projects, covering an area of about 400 million square meters. In the first half of 2025, the property investment sector's operating income was 7.01 billion yuan (a year-on-year increase of 2.5%), with a gross profit margin of about 77.7% (compared to 74.6% in the same period of 2024), while the property service sector's operating income was 6.26 billion yuan, with a gross profit margin of about 30%, both remaining basically flat compared to the same period in 2024