Investment Rating - The investment rating for the company is "Outperform the Market" [4][5] Core Viewpoints - The company maintains a strong financial position with stable operating performance, achieving a revenue of RMB 35.34 billion in the first half of 2024, a year-on-year increase of 10.1%. However, the net profit attributable to the parent company decreased by 15.9% to RMB 1.83 billion [4][7] - The company continues to consolidate its leading position in the Greater Bay Area, with total contract sales amounting to approximately RMB 55.4 billion, a year-on-year decline of 33.8% [4][7] - The company has adopted a "commercial and residential dual-platform" strategy, with commercial property operating income increasing by 4.8% to RMB 1.33 billion, and rental income rising by 41.3% to RMB 297 million [4][7] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported total revenue of RMB 35.34 billion, with a gross profit margin of 13.7%, down 4.1 percentage points year-on-year. The asset-liability ratio, net debt ratio, and cash short-term debt ratio were 68.3%, 58.6%, and 1.53 times, respectively, maintaining a "green" status under the "three red lines" policy [4][6][7] - The average borrowing cost decreased to 3.47% by the end of the period, with a weighted average borrowing rate of 3.57%, down 41 basis points year-on-year [4][6] Market Position - The company achieved contract sales of RMB 261.1 billion in the Greater Bay Area, RMB 128.8 billion in East China, RMB 89.4 billion in Central and Western China, and RMB 74.7 billion in Northern China, representing 47.1%, 23.2%, 16.2%, and 13.5% of total contract sales, respectively [4][7] Strategic Initiatives - The company has implemented a "6+1" diversified land acquisition model, acquiring 12 plots of land with a total construction area of approximately 1.72 million square meters in major cities, with 66% of the new land reserves obtained through this model [4][8] - The company continues to enhance the interaction between its commercial property and real estate investment trust (REIT) platforms, with the REIT achieving operating income of RMB 1.034 billion, a year-on-year decrease of 2.5% [4][7] Valuation - The forecasted EPS for 2024 is RMB 0.81, with a projected market capitalization range of HKD 28.5 billion to HKD 35.7 billion, corresponding to a reasonable value range of HKD 7.09 to HKD 8.86 per share [5][8]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company's net profit has been under pressure, with a core net profit of 1.74 billion RMB in the first half of 2024, a decrease of 18.8% year-on-year, despite a revenue increase of 10.1% to 35.34 billion RMB [1] - The company has a sufficient amount of sold but unrecognized revenue, totaling 190.91 billion RMB, which supports future performance [1] - The company has maintained a healthy financial status with all "three red lines" indicators in the green zone, indicating a stable financial health [1] Financial Performance - In the first half of 2024, the company achieved a revenue of 35.34 billion RMB, a year-on-year increase of 10.1% [1] - The gross profit margin decreased to 13.7%, down 4.1 percentage points year-on-year, attributed to increased sales and marketing costs [1] - The average borrowing rate decreased to 3.57%, down 41 basis points year-on-year [1] Sales and Market Position - The company reported a sales amount of 55.4 billion RMB in the first half of 2024, a decline of 33.8% year-on-year, ranking ninth nationally [1] - In the Greater Bay Area, the company achieved a contract sales amount of approximately 26.11 billion RMB, accounting for 47.1% of total sales [1] Land Acquisition and Development - The company has expanded its land reserves through a diversified acquisition model, adding 12 plots of land with a total construction area of approximately 1.72 million square meters [1] - As of the first half of 2024, 94% of the company's land reserves are located in first- and second-tier cities, with the Greater Bay Area and Guangzhou accounting for 77.9% [1] Future Projections - Revenue projections for 2024-2026 are estimated at 83.97 billion RMB, 86.84 billion RMB, and 92.08 billion RMB, with year-on-year growth rates of 4.7%, 3.4%, and 6.0% respectively [1][2] - The projected PE multiples for 2024-2026 are 4X for both 2024 and 2025, and 3X for 2026 [1]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in 1H24 was impacted by a decline in gross margin and impairment provisions, with revenue of 35.34 billion yuan (up 10.1% year-on-year) and a net profit attributable to shareholders of 1.83 billion yuan (down 15.9%) [1] - The management has set an annual sales target of 147 billion yuan, reflecting a year-on-year growth of 3.5%, despite the challenges faced in the first half of the year [1] - The company has a strong land reserve of 25.03 million square meters, with approximately 94% located in first and second-tier cities, providing a solid foundation for future sales [1] Financial Performance - In 1H24, the company reported a gross margin of 13.7% (down 4.0 percentage points) and a net profit margin of 5.2% (down 1.6 percentage points) [1] - The company’s total debt as of the end of the period was 110.24 billion yuan (up 10.4%), with a cash-to-short-term debt ratio of 1.53 times [1] - The average financing cost decreased to 3.57% (down 0.41 percentage points) [1] Sales and Market Position - The company achieved a contract sales amount of 55.4 billion yuan in 1H24 (down 33.7%), ranking 9th among the top 100 real estate companies in China, showing a slight improvement from the previous year [1] - As of July 2024, the company completed 41.1% of its annual sales target, indicating potential challenges in achieving the full-year goal [1] Land Acquisition Strategy - The company adopted a diversified land acquisition strategy, securing 12 plots of land with a total construction area of 1.722 million square meters, focusing on high-energy cities such as Shanghai, Beijing, Guangzhou, Hangzhou, Chengdu, and Hefei [1] - The management's commitment to maintaining the sales target despite market conditions reflects their confidence in the company's operational strategy and land reserves [1] Earnings Forecast - The report adjusts the earnings forecast for the company, projecting revenues of 86.78 billion yuan, 92.70 billion yuan, and 99.27 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.04 billion yuan, 3.10 billion yuan, and 3.21 billion yuan for the same years [2][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company's performance in H1 2024 showed a decline below market expectations, with revenue of 35.34 billion yuan, a year-on-year increase of 10.1%, but a net profit drop of 15.9% to 1.83 billion yuan. The core net profit also decreased by 18.8% to 1.74 billion yuan, with earnings per share down by 28.3% to 0.455 yuan [4]. - Despite the decline in sales, the company remains actively engaged in land acquisition, focusing on core first- and second-tier cities. In H1 2024, the company achieved sales of 55.4 billion yuan, a decrease of 33.8% year-on-year, completing 38% of its annual sales target [4]. - The company has a strong cash position with monetary funds of 48.14 billion yuan, a 4.4% increase from the end of 2023, and a low average financing cost of 3.57% [5]. Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 35.34 billion yuan, a 10.1% increase year-on-year, but a gross profit of 4.85 billion yuan, down 15.0% year-on-year. The comprehensive gross margin was 13.7%, a decrease of 4.1 percentage points [4]. - The company’s net profit margin was 5.2%, down 1.6 percentage points year-on-year, with a total of 1.91 trillion yuan in unsold but contracted sales, which is 2.5 times the revenue from the previous year [4]. Sales and Land Acquisition - The company’s sales volume decreased by 33.8% year-on-year to 55.4 billion yuan, with a sales area of 1.88 million square meters, down 24.0% year-on-year. The average selling price per square meter was 29,500 yuan, a decrease of 12.7% [4]. - In H1 2024, the company acquired land in seven cities, totaling 1.72 million square meters, with a focus on first- and second-tier cities, maintaining a diversified land acquisition strategy [4]. Financial Health - The company reported a total debt of 110.2 billion yuan, with a net debt ratio of 58.6% and a cash-to-short-term debt ratio of 1.53 times, indicating a strong financial position [5]. - The company’s projected net profit for 2024-2026 is adjusted to 3.0 billion, 3.2 billion, and 3.5 billion yuan respectively, reflecting a cautious outlook amid declining industry conditions [4].

Investment Rating - The report maintains a "Buy" rating for the company, Yuexiu Property (123 HK), with a target price of HKD 6.60, indicating a potential upside of 72.8% from the current price of HKD 3.82 [2][6]. Core Insights - The company's performance for the first half of 2024 met expectations, with revenue increasing by 10.1% year-on-year to RMB 35.34 billion. The real estate development and management segments saw revenue growth of 10.2% and 45.2%, respectively [2][5]. - The gross profit margin declined by 4.1 percentage points to 13.7%, primarily due to a decrease in development margins. Core net profit fell by 18.8% to RMB 1.74 billion, aligning with forecasts [2][5]. - The company expects sales to improve in the August to October period, although achieving the full-year sales target of RMB 1.47 trillion may be challenging under current market conditions [2][5]. - The average financing cost decreased by 41 basis points to 3.57%, with expectations for further reductions in a more liquid environment [2][5]. Financial Overview - For the first half of 2024, the company reported a revenue of RMB 35.34 billion, with a gross profit of RMB 4.85 billion, reflecting a gross margin of 13.7% [5][7]. - The company has a stable net debt ratio of approximately 58.6%, with cash levels increasing to RMB 48.14 billion [2][5]. - The projected revenue for 2024 is RMB 86.79 billion, with a core profit forecast of RMB 3.27 billion, indicating a decline of 15.2% year-on-year [4][7]. Market Position - The company holds a land bank of 25.03 million square meters, with about 40% located in the Greater Bay Area, and approximately 44% of its projects are in first-tier cities [2][5]. - The management remains optimistic about capturing market demand when conditions improve, supported by a solid financial position and favorable government policies for state-owned enterprises [2][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12] Core Views - The company's performance has been under pressure, with a slight decline in gross margin. In the first half of 2024, the company achieved revenue of 35.3 billion RMB, a year-on-year increase of 10.1%, while net profit attributable to shareholders was 1.8 billion RMB, a year-on-year decrease of 15.9% [1][4] - The company has maintained a stable dividend payout, with an interim dividend of 0.173 RMB per share, accounting for approximately 40% of core net profit [1][4] - The company is focused on the Greater Bay Area, achieving 37.7% of its annual sales target in the first half of 2024, despite a decline in sales area and amount [1][6] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 35.3 billion RMB, a 10.1% increase year-on-year. However, the net profit attributable to shareholders decreased by 15.9% to 1.8 billion RMB, and core net profit fell by 18.8% to 1.7 billion RMB. The gross margin was approximately 13.7%, down 4.1 percentage points year-on-year [1][4][6] - The company’s financial health remains robust, with a debt-to-asset ratio of 68.3% and a net debt ratio of 58.6% as of the end of the first half of 2024 [1][8] Sales and Market Strategy - The company completed a sales area of 1.88 million square meters in the first half of 2024, a year-on-year decrease of 24.0%, with sales amounting to 55.4 billion RMB, down 33.8% year-on-year. The sales distribution by region shows that the Greater Bay Area accounted for 47% of total sales [1][6][8] - The company has adopted a diversified land acquisition strategy, adding 12 plots of land with a total construction area of approximately 1.72 million square meters, 88% of which are located in first-tier and key second-tier cities [1][6] Financial Forecasts - The company is expected to maintain its profit forecasts, with projected net profits of 3.2 billion RMB and 3.3 billion RMB for 2024 and 2025, respectively. The earnings per share are expected to be 0.79 RMB and 0.82 RMB for the same years, corresponding to a price-to-earnings ratio of 4.2 and 4.0 times [1][9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company has a stable investment outlook with ample land reserves, maintaining its annual sales target. The mid-term dividend payout ratio remains stable. The company reported a revenue growth of 10.1% year-on-year for the first half of 2024, despite a decline in net profit by 15.9% [2][3] - The company’s gross margin is under pressure, decreasing by 4.1 percentage points year-on-year to 13.7%. The operating cash flow for the first half of 2024 was 61.3 billion, with cash at the end of the period amounting to 481.4 billion, an increase of 4.4% from the beginning of the year [2][3] - The company achieved a contract sales amount of 554.0 billion, a decrease of 33.8% year-on-year, but improved its sales ranking to 9th place. The sales target for the year remains unchanged at 1,470 billion [2][3] - The company has diversified its land acquisition strategies, adding 12 plots of land with a total construction area of 1.72 million square meters, focusing on high-tier cities. The total land reserve is 25.03 million square meters, with significant portions in the Greater Bay Area and Guangzhou [2][3] - The company’s commercial properties generated rental income of 297 million, a year-on-year increase of 41.3%. The average financing cost decreased by 41 basis points to 3.57% [2][3] Financial Summary and Valuation Indicators - For the first half of 2024, the company reported revenue of 353.4 billion, net profit of 18.3 billion, and core net profit of 17.4 billion. The expected net profits for 2024-2026 are projected at 35.2 billion, 39.7 billion, and 44.3 billion respectively, with corresponding EPS of 0.88, 0.99, and 1.10 [3][4] - The company’s P/E ratios for 2024, 2025, and 2026 are projected at 4.0, 3.5, and 3.2 respectively, indicating a favorable valuation compared to earnings growth [3][4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [2][7]. Core Views - The company reported a revenue of 35.34 billion yuan for the first half of 2024, a year-on-year increase of 10.1%, but the net profit attributable to shareholders decreased by 15.9% to 1.83 billion yuan due to declining gross margins [1]. - The company has a resilient sales performance, with a contract sales amount of 55.4 billion yuan in the first half of 2024, a decrease of 34% year-on-year, which is better than the industry average decline of 42% [1]. - The company is focusing on high-energy cities and has added 12 new projects in 7 cities, with 88% located in first-tier and key second-tier cities [1]. - The financial situation remains stable, with a debt-to-asset ratio of 68.3% and a net debt ratio of 58.6% as of the first half of 2024 [1]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 35.34 billion yuan, up 10.1% year-on-year, while the net profit attributable to shareholders was 1.83 billion yuan, down 15.9% [1]. - The gross margin decreased to 13.7%, a decline of 4.1 percentage points year-on-year, leading to a gross profit drop of 15% [1]. - The company plans to adjust its net profit forecasts for 2024, 2025, and 2026 to 3.20 billion yuan, 3.49 billion yuan, and 3.81 billion yuan, respectively, reflecting a modest growth rate [2]. Sales and Market Position - The company maintained its leading position in the Guangzhou market, achieving sales of 23.05 billion yuan, which accounted for 41.6% of total sales [1]. - The company’s sales in the Greater Bay Area reached 26.1 billion yuan, representing 47.1% of total sales [1]. Land Acquisition and Development Strategy - The company has adopted a "6+1" diversified land acquisition model, adding 12 new projects with a total construction area of 1.72 million square meters, with 57% located in the Greater Bay Area [1]. - As of the first half of 2024, the total land reserve stood at 25.03 million square meters, with 94% located in first and second-tier cities [1]. Financial Health - The company’s financial indicators remain stable, with a debt-to-asset ratio of 68.3%, a net debt ratio of 58.6%, and a cash-to-short-term debt ratio of 1.53 times as of the first half of 2024 [1]. - The weighted average financing cost decreased by 41 basis points year-on-year to 3.57% [1].

公 司 报 告 越秀地产(0123.HK) 结算端增收不增利，投资结构持续优化 推荐（维持） 事项： 股价：3.82 港元 主要数据 | --- | --- | |------------------|-------------------------------------| | 行业 | 房地产 | | 公司网址 | www.y uexiuproperty.com;www.irasia. | | | com/listco/hk/yuexiuproperty | | 大股东/持股 | 越秀集团/40.8% | | 实际控制人 | 广州市人民政府 | | 总股本(百万股) | 4025.4 | | 流通 A 股(百万股 | 0 | | 流通 B/H 股( | 4025.4 | | 总市值（亿元） | 140.36 | | 流通 A 股市值( | 0 | | 每股净资产(元) | 14.14 | | 资产负债率(%) | 74.96 | 行情走势图 相关研究报告 【平安证券】越秀地产（0123.HK）*年报点评*销售逆 势双位数增长，紧抓分化机遇积极扩张*推荐20240327 【平安证券】越秀地产（0123.H ...

Financial Performance - Revenue for the period was approximately RMB 35.34 billion, an increase of 10.1% year-on-year[4] - Gross margin was approximately 13.7%, a decrease of 4.1 percentage points year-on-year[4] - Profit attributable to equity holders was approximately RMB 1.83 billion, a decrease of 15.9% year-on-year[4] - Core net profit was approximately RMB 1.74 billion, a decrease of 18.8% year-on-year[4] - Cumulative contract sales amounted to approximately RMB 55.4 billion, a decrease of 33.8% year-on-year[4] - Revenue for the six months ended June 30, 2024, reached RMB 35,340,264 thousand, an increase of 10.5% compared to RMB 32,095,187 thousand for the same period in 2023[37] - Real estate development revenue was RMB 32,796,336 thousand, up 10.3% from RMB 29,773,778 thousand year-on-year[37] - The company reported segment performance of RMB 3,103,540 thousand for the six months ended June 30, 2024, a decrease of 27.4% from RMB 4,270,545 thousand in the same period of 2023[35] - The company’s operating profit for the six months ended June 30, 2024, was RMB 3,267,968 thousand, down from RMB 4,346,803 thousand in the previous year[35] - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.4550, down from RMB 0.6345 in the previous year, indicating a decline of about 28.3%[56] Assets and Liabilities - Total assets increased by 5.6% year-on-year to approximately RMB 423.54 billion[6] - Total liabilities increased to RMB 317,480,428 thousand from RMB 298,969,948 thousand, reflecting a rise of approximately 6.2%[16] - The total equity increased to RMB 106,061,519 thousand as of June 30, 2024, from RMB 102,208,780 thousand, marking a growth of about 3.6%[16] - The company’s borrowings rose to RMB 110,239,318 thousand, up from RMB 105,370,898 thousand, indicating an increase of approximately 4.0%[16] - The net gearing ratio was 58.6%, an increase of 1.6 percentage points[6] - The company’s cash and cash equivalents decreased to RMB 25,582,007 thousand from RMB 30,278,611 thousand, a decline of approximately 15.5%[20] - The company reported a net cash outflow from financing activities of RMB 4,147,345 thousand, contrasting with a net inflow of RMB 3,295,947 thousand in the previous year[20] Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.189 per share, amounting to approximately 40% of core net profit[5] - The company declared an interim dividend of RMB 0.173 per share for the six months ended June 30, 2024, compared to RMB 0.213 per share in the same period of 2023, representing a decrease of approximately 18.8%[53] Land and Development - Total land reserves reached approximately 25.03 million square meters, with 94% located in first-tier and key second-tier cities[4] - The company acquired 12 new land parcels with a total construction area of approximately 1.72 million square meters in key cities[90] - The total land reserve in the Greater Bay Area amounts to 10,317,700 square meters, with 6,344,300 square meters under construction and 3,973,400 square meters undeveloped[136] Market and Economic Conditions - The real estate market showed a significant rebound in June 2024, but overall, the market remained in a phase of stabilization and adjustment[82] - The group expects the real estate market to stabilize amid continued supportive policies from the government, with a gradual improvement in key economic indicators[102] Operational Efficiency and Strategy - The group plans to focus on "precise investment" and "sales-driven investment" strategies in the second half of the year, targeting core cities and high-quality projects[105] - The group aims to enhance operational efficiency and reduce costs through lean management, with a focus on improving seven key capabilities: customer research, investment, product, marketing, service, cost, and large-scale operations[104] Employee and Governance - The company employed approximately 18,800 employees as of June 30, 2024, down from 19,300 employees as of December 31, 2023[171] - The company has complied with the Corporate Governance Code during the six months ending June 30, 2024[172]