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].

Financial Performance - For the first quarter of 2024, the group's revenue was approximately RMB 7.499 billion, a decrease of 17.5% compared to the same period last year[3] - The operating profit for the same quarter was approximately RMB 776 million, reflecting a decline of 37.1% year-on-year[3] - The total contracted sales amount recorded by the group and its associated companies was approximately RMB 7.917 billion, down 41.4% year-on-year, with a sales area of about 711,400 square meters, a decrease of 38.4%[4] Land Acquisition and Reserves - The group acquired a new land parcel in Yinchuan with a floor area of approximately 87,700 square meters, for a land price of approximately RMB 220 million[4] - The total land reserve held by the group and its associated companies amounted to approximately 17,888,800 square meters, with the group's attributable floor area being about 14,743,500 square meters[4] Pending Sales Contracts - As of March 31, 2024, the total amount of subscribed but pending sales contracts was approximately RMB 879 million, covering an area of about 67,100 square meters[4] Financial Management and Caution - The group maintains a professional and prudent financial management approach, closely monitoring external economic conditions and industry consolidation opportunities[5] - The announcement includes forward-looking statements that involve risks and uncertainties, and actual performance may differ from these statements[6] - Shareholders and potential investors are advised to exercise caution when trading the company's securities and to seek professional advice if needed[6] Information Availability - The first quarter review is available on the company's website and other financial news platforms[6]

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[中I Tnaf 国bol]e 海_Ti外tle]宏 洋集团（0081） [评Tab级le_：Inv est] 增持 当前价格（港元）： 1.76 销售弱复苏 2024.04.10 海 ——2024年 3 月经营数据点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 1.64-4.59 当前股本（百万股） 3,559 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 6,264 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2024 年 3 月公司销售额继续同比下滑，但降幅小幅收窄，销售表现初现弱复苏，单 中国海外宏洋集 ...

Investment Rating - The report maintains a "Buy" rating for China Overseas Macro Yang Group (0081) [4] Core Views - The company's 2023 performance met expectations, with a focus on deepening its presence in third- and fourth-tier cities, while maintaining a "Buy" rating. The 2023 revenue was 56.4 billion RMB, and net profit was 2.3 billion RMB, representing a year-on-year decline of 1.9% and 26.9%, respectively [3][4] - The company is gradually increasing its market share in the 40 cities it operates in, with sufficient sellable resources to support future operations. In 2023, sales increased by 6.2% year-on-year, with 45% of cities ranking in the top three for sales and 18% being the market leader in their respective areas [3] - The gross profit margin dropped to 11.2% in 2023, down 3.2 percentage points year-on-year, primarily due to the property sales business, which accounted for 99.4% of revenue. However, improvements are expected as market conditions stabilize [3] - The company's asset-liability ratio decreased to 75% in 2023, indicating a solid financial position, with a net debt ratio of 46% and a weighted average financing cost of 4.6% [3] Financial Summary - 2023 revenue: 56.4 billion RMB, down 1.9% year-on-year [3] - 2023 net profit: 2.3 billion RMB, down 26.9% year-on-year [3] - 2023 gross profit margin: 11.2%, down 3.2 percentage points year-on-year [3] - 2023 asset-liability ratio: 75%, down 4 percentage points year-on-year [3] - 2023 net debt ratio: 46%, down 2.8 percentage points year-on-year [3]

Financial Performance - The group's revenue for the year was RMB 56.41 billion, a decrease of 1.9% compared to the previous year, with gross profit and gross margin recorded at RMB 6.31 billion and 11.2%, respectively[2]. - The profit attributable to the owners of the company was RMB 2.30 billion, down 26.9% year-on-year, with basic earnings per share of RMB 0.647[4]. - The gross profit for the year was RMB 6.31 billion, a decrease of 23.7% compared to RMB 8.28 billion in 2022, resulting in a gross margin of approximately 11.2%[13]. - Operating profit for the year was RMB 4.21 billion, down 32.9% from RMB 6.27 billion in 2022[14]. - The overall profit for the segment decreased by 27.1% to RMB 4.37 billion from RMB 5.99 billion in 2022[24]. - The total profit before tax for the year was RMB 4,122,713, reflecting the overall performance of the company[59]. Sales and Contracting - The company's contracted sales for the year reached RMB 42.82 billion, a 6.2% increase from RMB 40.32 billion in 2022[13]. - The total contract sales amount for the year ended December 31, 2023, reached RMB 42.82 billion, an increase of 6.2% compared to RMB 40.32 billion in 2022[20]. - The total contracted area for the year was 3,532,400 square meters, a decrease of 5.2% from 3,725,200 square meters in 2022[20]. - The average selling price of residential properties was approximately RMB 13,200 per square meter, reflecting a 9.7% increase[7]. - Approximately 83% of the completed floor area of 7,370,100 square meters was sold by year-end, compared to 85% in 2022[23]. Cash Flow and Financial Health - The group's cash collection from sales reached RMB 44.8 billion, with net operating cash flow significantly increasing to RMB 9.10 billion from RMB 0.49 billion in the previous year[2]. - As of December 31, 2023, the total cash and bank balances were RMB 26.02 billion, accounting for 17.1% of the group's total assets, with a net debt ratio of 46.0%, down from 48.8% in the previous year[2]. - The company reduced its total bank and other loans to RMB 34.909 billion, down from RMB 43.005 billion at the end of 2022[29]. - The net debt-to-equity ratio improved to 46.0% from 48.8% in 2022, indicating better financial health[32]. - The company maintained a current ratio of 1.8, up from 1.6 in 2022, reflecting improved liquidity[31]. Land Acquisition and Reserves - The total floor area of new land purchases during the year was approximately 1,835,100 square meters, with a total cost of about RMB 9.76 billion[2]. - The group held a land reserve of 18,806,800 square meters, with 1,738,400 square meters held by joint ventures and associates, and the attributable land reserve area was 15,517,500 square meters[2]. - The company acquired 13 land parcels for a total consideration of RMB 9.765 billion, adding approximately 1,835,100 square meters of floor area to its land reserves[15]. - As of December 31, 2023, the total land reserves amounted to 18,806,800 square meters, down from 24,532,600 square meters in 2022[17]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.11 per share, down from HKD 0.15 per share in the previous year, resulting in a total annual dividend of HKD 0.16 per share[4]. - The company plans to distribute a total dividend of HKD 0.16 per share for the year, down from HKD 0.21 per share in the previous year, reflecting a reduction of HKD 0.05[78]. - The proposed final dividend for the year ending December 31, 2023, is HKD 0.11 per share, totaling approximately HKD 391,531,000, a decrease from HKD 0.15 per share in 2022, which amounted to HKD 533,906,000[70]. Market Outlook and Strategy - The real estate market is expected to gradually stabilize in 2024, supported by policies aimed at expanding domestic demand and risk prevention[10]. - The group plans to implement a "one area, one policy" product strategy and launch standardized renovation series to enhance customer satisfaction[11]. - The group continues to focus on developing properties in second and third-tier cities, catering to the varying housing demands in different markets[19]. - The group plans to accelerate property sales and cash recovery while maintaining prudent land reserve replenishment[38]. Corporate Governance and ESG - The group’s ESG rating improved, with MSCI rating upgraded from BB to BBB and Wind ESG rating upgraded from A to AA[9]. - The company has adhered to corporate governance principles and complied with all applicable codes as of December 31, 2023[87]. - The company is committed to enhancing corporate governance as part of its value creation strategy[87]. Employee and Talent Management - The group emphasizes talent development and aims to create a positive work environment to enhance employee engagement and satisfaction[11]. - As of December 31, 2023, the group employed 2,586 staff, down from 3,061 in 2022, with total employee costs approximately RMB 962 million, compared to RMB 1,014 million in the previous year[36].

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[中I Tnaf 国bol]e 海_Ti外tle]宏 洋集团（0081） [评Tab级le_：Inv est] 增持 当前价格（港元）： 1.90 销售走弱，坚守中高端市场 2024.03.11 海 ——2 月经营数据点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 1.64-4.59 当前股本（百万股） 3,559 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 6,763 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司发布 2月经营数据，月度销售额边际走弱，同比降幅达到 59%，销售市场有待 中国海外宏洋集团 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The company reported a 9% year-on-year decline in contract sales for January, which is significantly less than the 36% decline experienced by the top 50 real estate companies, indicating strong resilience [3]. - The company’s sales area increased by 5% month-on-month in January, showcasing a marginal improvement in sales performance despite the seasonal downturn in the industry [3]. - The average selling price in January was 11,167 RMB per square meter, down 8% from the average for the entire year of 2023, reflecting the impact of the company's sales strategy [3]. Financial Summary - The company’s projected revenues for 2023 to 2025 are expected to decline by 6.7% and 5.8% respectively, before recovering with a growth of 5.5% in 2025 [2][3]. - The earnings per share (EPS) estimates for 2023, 2024, and 2025 are 0.83 RMB, 0.78 RMB, and 0.82 RMB respectively [3]. - The company reported a net profit of 2,938 million RMB for 2023, with a projected decline of 6.7% for 2024 [2]. Market Position - The company has not acquired any new land reserves in January, aligning with the overall slowdown in land acquisition among major real estate firms [3]. - The company continues to focus on the mid-to-high-end market segment, maintaining a competitive edge in lower-tier cities [3].