Guangda Securities: Maintains "buy" rating on China Resources Land (01109.HK) as average selling price has significantly increased, and asset operation shows steady growth.

According to the Smart Financial APP, Guotai Junan Securities released a research report stating that it maintains a "buy" rating on China Resources Land (01109.HK). Considering that the national real estate sales are still in a downward trend, urban and regional differentiation is significant. The company's residential sales in the first eight months of the year followed the overall trend of the industry with a double-digit decline. The company has lowered its forecasted net profit for the years 2025-2027 to 24.74/25.27/25.53 billion yuan (originally 26.25/28.15/28.93 billion yuan). The current stock price corresponds to a PE valuation for the years 2025-2027 of 8.5/8.3/8.3 times respectively. The company has a good brand reputation, focuses on real estate development in core cities, and provides stable cash flow through stable asset operation. It has significant credit advantages.