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].

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的內容概不負責，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） 二零二四年第一季度財務及業務回顧 以下提供有關中國海外宏洋集團有限公司（「公司」）及其附屬公司（統 稱「本集團」）二零二四年第一季度經營表現的若干未經審核之財務資料。 財務表現 截至二零二四年三月三十一日止三個月，本集團收入約為人民幣 74.99 億 元，相比去年同期下降 17.5%，而本季度的經營溢利約為人民幣 7.76 億元， 相比去年同期下降 37.1%。 業務回顧 於二零二四年第一季度，本集團及本集團之聯營公司及合營公司（統稱「中 海宏洋系列公司」）共錄得合約銷售額約為人民幣 79.17 億元，涉及銷售面 積約為 711,400 平方米，相比去年同期分別下降 41.4%及 38.4%。另外，於 二零二四年三月三十一日，累計認購而有待簽訂買賣合同總額約為人民幣 8.79 億元，涉及面積約為 67,100 平方米。 於本季內，本集團於銀川新購得一塊土 ...

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 ...

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）： 1.74 稳中求进，巩固下沉城市优势 2024.03.29 海 ——2023年业绩点评 [ 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） 6,193 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 受行业影响，2023年公司物业销售业务毛利率短暂承压，期待市场逐步企稳；公司在 中国海外宏洋集 ...

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) \n截至二零二三年十二月三十一日止年度 之末期業績公告 | | | 財務摘要 | | 1. | 本集團 ...

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 ...