Investment Rating - The investment rating for the company has been downgraded to "Accumulate" [4][6] Core Insights - The company's sales performance at the beginning of 2025 has been steady, with a slight increase in land acquisition efforts, although short-term performance may remain under pressure [1] - In 2024, the company achieved a total sales revenue of 40.11 billion yuan, a year-on-year decrease of 6.3%, while the sales revenue for January and February 2025 was 4.37 billion yuan, a decrease of 3.8% year-on-year [1][2] - The average sales price per square meter increased by 5.6% year-on-year to 12,000 yuan, indicating a gradual recovery in the sales market [1] - The company has increased its land acquisition efforts, with a total land area of 1.189 million square meters added in 2024, although the total land cost decreased by 46.5% [2] - The company's revenue for the first three quarters of 2024 was 26.96 billion yuan, down 31.0% year-on-year, with operating profit declining by 66.2% [3] - Financially, the company maintains a stable position with a net debt ratio of 44.5% and a cash-to-short-term debt ratio of 1.5 times [3] Summary by Sections Sales Performance - In 2024, the company recorded a total sales revenue of 40.11 billion yuan, a decrease of 6.3% year-on-year, with an average monthly sales of 3.34 billion yuan [1] - For January and February 2025, the sales revenue was 4.37 billion yuan, down 3.8% year-on-year, with sales figures of 2.21 billion yuan and 2.16 billion yuan for each month respectively [1] Land Acquisition - The company has increased its land acquisition efforts, with 1.189 million square meters added in 2024, although the total land cost decreased by 46.5% [2] - In the first two months of 2025, the company acquired an additional 300,000 square meters of land at a total cost of 1.34 billion yuan, resulting in a land acquisition sales ratio of 30.8% [2] Financial Performance - The company's revenue for the first three quarters of 2024 was 26.96 billion yuan, a decline of 31.0% year-on-year, with operating profit down 66.2% to 1.45 billion yuan [3] - The net debt ratio stands at 44.5%, and the company has a cash-to-short-term debt ratio of 1.5 times, indicating a stable financial condition [3] Earnings Forecast and Valuation - The basic EPS forecast for 2024 and 2025 has been revised down to 0.31 yuan and 0.35 yuan respectively, with a new forecast for 2026 set at 0.42 yuan [4] - The current stock price corresponds to a PE ratio of 5.9 times for 2024, 5.3 times for 2025, and 4.4 times for 2026 [4]

AI应用概念持续火热。 近期A股市场持续回调，上证指数早盘一度创出阶段新低，最低达到3227.36点，创业板指最低达到 2119.54点。市场信心有所受挫，但机构依然看好后市。 中信建投证券首席策略分析师陈果昨日在策略会上表示，继续中期看好中国股市"信心重估牛"，且认为 随着政策逐步加码展开与见效，2025年牛市有望从"流动性牛"逐步迈向"基本面牛"，虽然过程中难免出 现震荡分化，但市场将不会缺乏投资机会。 今日早盘，AI方向依然有亮眼的题材，IP经济大幅上扬，恒信东方两分钟拉升至"20cm"涨停，华立科 技同样"20cm"涨停，广博股份、东方智造等个股涨停。 两分钟"20cm"涨停 恒信东方今天以7.81元/股开盘，较昨收盘下跌0.76%；竞价交易后，该股便大幅飙升，短短两分钟时间 即拉升至"20cm"涨停。 截至上午收盘，该股报9.44元，上涨19.95%，创出阶段新高。恒信东方有众多时下热门题材，包括IP经 济、婴童概念、AIGC概念、算力租赁概念等。 在近期的众多热门题材中，IP经济无疑是最火爆的，该题材衍生的"谷子经济"概念横空出世。据 悉，"谷子经济"是指围绕二次元文化产品的一种消费经济形式，主要 ...

Financial Performance - For the nine months ended September 30, 2024, the group's revenue was approximately RMB 26.955 billion, a decrease of 31.0% compared to the same period last year, and operating profit was approximately RMB 1.450 billion, down 66.2% year-on-year [3]. - Cumulative contracted sales for the nine months ended September 30, 2024, totaled approximately RMB 26.406 billion, representing a decline of 23.3% year-on-year, with a sales area of approximately 2,327,700 square meters, down 18.7% [4]. Sales and Contracts - In Q3 2024, the total contracted sales amount for the group and its joint ventures was approximately RMB 7.389 billion, with a sales area of about 671,500 square meters [4]. - The group has a pending sales contract amount of approximately RMB 936 million, involving an area of about 67,500 square meters as of September 30, 2024 [4]. Land Reserves - As of September 30, 2024, the total area of land reserves held by the group was approximately 15,653,600 square meters, with the group's attributable area being about 13,045,100 square meters [4]. - The group acquired two new land parcels in Yinchuan and Ganzhou during the quarter, with an attributable floor area of approximately 360,200 square meters and a land cost of approximately RMB 1.448 billion [4]. Financial Management and Strategy - The group is maintaining prudent financial management and will closely monitor external economic conditions, RMB exchange rate fluctuations, industry merger and acquisition opportunities, and changes in national policies [5]. - The group emphasizes that the financial data provided is unaudited and should not be seen as an indication or guarantee of future performance [6]. - The group is focused on delivering long-term optimal returns to shareholders amidst the current economic landscape [5]. Reporting and Disclosure - The Q3 2024 financial and business review is available on the company's website and the Hong Kong Stock Exchange's website [7].

Financial Performance - For the first half of 2024, the company reported revenue of RMB 21.852 billion, a decrease of 19.6% year-on-year[10]. - Profit attributable to the company's owners was RMB 885 million, down 48.5% compared to the previous year[10]. - Basic earnings per share were RMB 0.249[10]. - Gross profit for the first half of 2024 decreased by 52.5% to RMB 2.108 billion, compared to RMB 4.435 billion in the same period of 2023, resulting in a gross margin of approximately 9.6%[25]. - Operating profit for the first half of 2024 was RMB 1.319 billion, a decline of 59.7% from RMB 3.273 billion in the same period of 2023[26]. - The company's net profit attributable to shareholders for the first half of 2024 was RMB 0.885 billion, down 48.5% from RMB 1.719 billion in the same period of 2023[28]. - The total comprehensive income for the period was RMB 623.83 million, compared to RMB 1.45 billion in the previous year, a decrease of approximately 56.9%[58]. - The income tax expense for the six months ended June 30, 2024, was RMB 495,263,000, a decrease of 60.2% from RMB 1,243,561,000 in the same period of 2023[84]. - The basic earnings per share for the period was RMB 24.9, down from RMB 48.3 in the same period of 2023, reflecting a decline of approximately 48.7%[56]. Sales and Market Conditions - The overall sales amount of residential properties in 100 major cities in China was RMB 2.09 trillion, a year-on-year decline of 38.7%[11]. - The sales area for residential properties was 101 million square meters, down 39.9% year-on-year[11]. - The average selling price of residential properties was RMB 20,600 per square meter, an increase of 3.5% compared to the end of last year[11]. - In the first half of 2024, the company's contracted sales amounted to RMB 19.017 billion, a year-on-year decrease of 26.7%, with a contracted sales area of 1,656,200 square meters, down 22.8%[15]. - The average selling price of residential properties was approximately RMB 12,500 per square meter, reflecting a year-on-year decline of 3.8%[15]. - The company continues to focus on developing properties in second and third-tier cities in mainland China to meet varying housing demands[31]. Operational Highlights - The company achieved a sales collection of RMB 17.216 billion during the review period, with cash reserves reaching RMB 25.209 billion, and the net debt ratio decreased from 46.0% to 44.5%[18]. - The company delivered approximately 3,224,500 square meters of properties, with a customer satisfaction rate of 91%[16]. - The company acquired three quality projects, adding a total of 246,900 square meters of land reserve at a cost of RMB 1.385 billion[16]. - The company’s commercial property rental rate reached 90% for key projects, with a record foot traffic of nearly 100,000 in just two days of operation[15]. - The company ranked 20th in the industry according to CRIC data, improving by 11 positions compared to the first half of 2023[15]. Financial Position and Debt Management - The company maintained a strict control over expenses, with selling and distribution expenses reduced to RMB 0.602 billion from RMB 0.829 billion in the same period of 2023[26]. - The company’s weighted average financing cost was maintained at a low level of 4.3% during the first half of 2024[18]. - The net debt-to-equity ratio was recorded at 44.5%, down from 46.0% at the end of 2023, indicating a healthy financial position[49]. - The total borrowings, including guaranteed notes and corporate bonds, amounted to RMB 42.126 billion, a reduction of RMB 1.438 billion from the end of last year[47]. - The company maintained a current ratio of 1.9 as of June 30, 2024, compared to 1.8 at the end of 2023, reflecting strong liquidity[49]. - The company has not engaged in any hedging or speculative financial instruments during the period[50]. Investment and Capital Expenditure - The group’s capital expenditure for the period amounted to approximately RMB 0.35 billion, an increase from RMB 0.17 billion in the same period of 2023[53]. - The company has launched five major products under its digital carbon management system, promoting low-carbon development in the industry[19]. - The company has completed approximately 3,224,500 square meters of construction projects, with about 74% sold before the end of the reporting period[35]. Shareholder and Governance Matters - The company declared an interim dividend of HKD 0.03 per share for the six months ended June 30, 2024[10]. - The interim dividend declared for the six months ended June 30, 2024, is HKD 0.03 per share, down from HKD 0.05 per share in 2023, indicating a decrease of 40%[123]. - The company has adhered to the corporate governance principles outlined in the listing rules and has maintained transparency and accountability to shareholders[141]. - The audit committee has reviewed the unaudited interim report for the six months ending June 30, 2024, discussing key audit and internal control matters with management[146].

中国海外宏洋集团（00081.HK） 优于大市 下沉市场优势凸显，销售排名持续提升 | --- | --- | --- | --- | --- | --- | |---------------------|--------|--------|--------|--------|--------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 57,492 | 56,408 | 45,269 | 38,264 | 35,478 | | (+/-%) | 6.8% | -1.9% | -19.7% | -15.5% | -7.3% | | 归母净利润(百万元) | 3150 | 2302 | 1602 | 1505 | 1713 | | (+/-%) | -37.6% | -26.9% | -30.4% | -6.0% | 13.8% | | 每股收益（元） | 0.89 | 0.65 | 0.45 | 0.42 | 0.48 | | EBIT Margin | 9.9% | 6.8% | 6.2% | 6.7% | 7.7% ...

Investment Rating - The report assigns a rating of "Accumulate" for China Overseas Macro Group (0081) [2][5]. Core Views - The company is focusing on a differentiated strategy in low-tier cities, which has shown positive results in the first half of 2024, despite the ongoing industry adjustment [4][5]. - The company's revenue for the first half of 2024 was 21.85 billion RMB, with a net profit of 880 million RMB, reflecting year-on-year declines of 19.6% and 48.5% respectively [5]. - The gross profit margin for the first half of 2024 was 9.6%, down 6.7 percentage points year-on-year, primarily due to a decline in the gross profit margin of the development business [5]. - The company aims to enhance its market share and influence in key cities, with sales in 21 of the 40 targeted cities ranking in the top three locally, indicating an increase in market share [5]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 21.85 billion RMB and a net profit of 880 million RMB, with year-on-year decreases of 19.6% and 48.5% respectively [5]. - The gross profit margin was 9.6%, a decline of 6.7 percentage points year-on-year, with the development business gross margin dropping to 9.3% [5]. - The average selling price decreased by 3.8% to 12,500 RMB per square meter, which is less than the national average decline of 6.3% [5]. Strategic Focus - The company is strategically focusing on 40 low-tier cities, with positive outcomes in market share in key cities [5]. - The sales amount for the first half of 2024 was 19.02 billion RMB, down 26.7%, but the decline was less than the overall drop of 41.8% for the top 50 real estate companies [5]. - The company has adopted a cautious investment approach, acquiring only three new land parcels with a total equity land price of 1.39 billion RMB [5]. Financial Health - The company maintains a low average financing cost of 4.3% and has reduced its proportion of interest-bearing debt in HKD and USD to 24%, down 8.6 percentage points from the end of 2023 [5]. - As of the end of June, the company had land reserves of 15.834 million square meters, with an equity ratio of 82.4%, corresponding to a value of 197.93 billion RMB and a depletion cycle of approximately 5.2 years [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （在香港註冊成立之有限公司） (股份代號: 81) 截至二零二四年六月三十日止六個月 之未經審核中期業績公告 | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 財務摘要 | | 1. | 截至二零二四年六月三十日止六個月內，本集團系列公司 1 合約銷售額達 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 52周内股价走势图 中国海外宏洋集团 恒生指数 -57% -45% -33% -21% -10% 2% 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/72024/8 本报告导读： 投资要点： [Table_Report] 相关报告 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 谢皓宇(分析师) | 黄可意(研究助理) | 白淑媛(分析师) | | | 010-83939826 | 010-83939815 | 021-38675923 | | | xiehaoyu@gtjas.com | huangkeyi028691@gtjas.com | baishuyua ...

股 票 研 究 销售放缓,谨慎加码下沉市场 ——2024 年 6 月经营数据点评 | | | | | |-----------------|--------------------|---------------------------|----------------------| | [table_Authors] | 谢皓宇(分析师) | 黄可意(研究助理) | 白淑媛(分析师) | | | 010-83939826 | 010-83939815 | 021-38675923 | | | xiehaoyu@gtjas.com | huangkeyi028691@gtjas.com | baishuyuan@gtjas.com | | 登记编号 | S0880518010002 | S0880123070129 | S0880518010004 | 本报告导读: 2024 年 6 月公司销售边际走弱,和行业走势出现分化,与公司下沉市场的布局特点存 在关联;上半年公司拿地投资态度谨慎,选择加码部分已布局重点城市。 投资要点: [Table_Summary] 2024 年 6 月,公司销售边际小幅走弱,拿地聚 ...

Financial Performance - Contract sales for the year ended December 31, 2023, were RMB 42.82 billion, an increase of 6.2% from RMB 40.32 billion in 2022[7]. - Revenue decreased by 1.9% to RMB 56.41 billion in 2023 from RMB 57.49 billion in 2022[7]. - Gross profit fell by 23.7% to RMB 6.31 billion, with a gross margin of 11.2%, down from 14.4% in the previous year[7]. - Profit attributable to owners of the company decreased by 26.9% to RMB 2.30 billion, resulting in a net profit margin of 4.1%, down from 5.5%[7]. - Earnings per share decreased by 28.7% to RMB 0.647 from RMB 0.907 in 2022[7]. - The company reported a revenue of RMB 564.08 billion for the year 2023, a decrease of 1.9% year-on-year[11]. - Profit attributable to the company's owners was RMB 2.302 billion, down 26.9% compared to the previous year, with basic earnings per share at RMB 0.647[11]. - The total operating profit for the year was RMB 4.207 billion, a decline of 32.9% from RMB 6.266 billion in 2022[29]. - The group’s net profit attributable to shareholders for the year was RMB 2.302 billion, down 26.9% from RMB 3.150 billion in 2022, with basic earnings per share of RMB 0.647 compared to RMB 0.907 in the previous year[29]. Inventory and Borrowings - Property inventory decreased by 18.8% to RMB 107.12 billion from RMB 131.89 billion in 2022[7]. - Total borrowings decreased by 8.5% to RMB 43.56 billion from RMB 47.60 billion[7]. - Net debt decreased by 4.0% to RMB 17.54 billion, with a net debt-to-equity ratio of 46.0%, down from 48.8%[7]. - The company's net debt ratio was reported at 46.0% for 2023, reflecting a stable financial position[10]. - The group’s total liabilities as of December 31, 2023, were RMB 165.58 billion, a decrease from RMB 264.89 billion in 2022, primarily related to land payments and property development[64]. Dividends - Proposed dividend per share was HKD 0.16, a decrease of 23.8% from HKD 0.21 in the previous year[7]. - The company declared a final dividend of HKD 0.11 per share, down from HKD 0.15 in 2022, resulting in a total annual dividend of HKD 0.16, compared to HKD 0.21 in 2022[11]. - The company reported a final dividend of HKD 0.11 per share, totaling approximately HKD 391,531,000, compared to HKD 533,906,000 in the previous year[155]. Market Dynamics - The overall market for residential sales in China saw a decline of 6.0% in sales value and 8.2% in sales area in 2023[13]. - The company expects the real estate market to gradually stabilize in 2024, driven by supportive policies and economic recovery[22]. - The company aims to focus on stable operations and financial safety, adapting to the changing real estate market dynamics[16]. Land and Projects - The company acquired 13 quality projects in 2023, adding a total gross floor area of 1,561,800 square meters and land costs amounting to RMB 7.679 billion[18]. - As of December 31, 2023, the total land reserve was 18,806,800 square meters, with the company's attributable gross floor area at 15,517,500 square meters[18]. - The total area contracted in Hefei was 386,000 square meters, accounting for 10.9% of the total contracted area[37]. - The total area of land reserves in the "Others" category accounted for 23.4% of the total land reserve[32]. Financial Health and Management - The weighted average financing cost for the year was 4.6%, maintaining a low level within the industry[18]. - The group maintained strict control over expenses, with selling and distribution expenses decreasing to RMB 1.552 billion from RMB 1.632 billion in 2022, resulting in a ratio of 3.9% of contract sales compared to 4.4% in the previous year[27]. - The group’s cash and bank balance as of December 31, 2023, was RMB 26.021 billion, down RMB 3.310 billion from RMB 29.331 billion in 2022, representing 17.1% of total assets[62]. - The group has not engaged in any speculative financial instruments during the year, focusing on prudent financial management[64]. Corporate Governance - The board of directors consists of eight members, all male, with plans to appoint at least one female director by December 31, 2024, aiming for a 10% female representation[91]. - The company has established a governance structure that includes an executive director, a CEO, and a vice president, all with extensive experience in real estate development and management[141][142][143]. - The board has established a governance structure with four committees to oversee operations, financial status, and corporate governance practices[82]. - The company has implemented a quality assessment system to mitigate construction quality risks and ensure project development proceeds smoothly[71]. Risk Management - The company has established a comprehensive risk management system, covering strategic, market, operational, financial, compliance, environmental, social, and governance (ESG) risks[127]. - The company has adopted an anti-corruption policy in 2022, emphasizing high standards of business integrity and transparency in all transactions[130]. - The compliance and risk management committee conducts regular compliance management coordination and reviews major compliance and risk issues[126]. Employee Engagement and Development - The company aims to enhance its talent development programs to support sustainable growth and maintain high employee engagement levels[24]. - The company has set a target to increase the proportion of female employees from 39.8% to 41.0% by December 31, 2025, reflecting a commitment to gender diversity[91]. - The company has implemented a compensation and benefits system that combines base salary, performance bonuses, and employee benefits, with regular reviews based on industry standards and company performance[167]. Shareholder Communication - The company holds regular meetings with securities analysts and investors to provide relevant data and timely responses to inquiries[136]. - The board has reviewed the implementation and effectiveness of the shareholder communication policy, concluding that it has been effectively executed[136]. - The company allows shareholders holding at least 5% of the voting rights to request a shareholders' meeting, which must be convened within 21 days of the request[137].