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]

交银国际研究 公司更新 内地房地产 2024 年 8 月 13 日 收盘价 目标价 潜在涨幅 港元 4.45 港元 6.60↓ +48.3% 越秀地产 (123 HK) 上半年业绩预览：料毛利率受压，下调目标价 2024 上半年料毛利率将降至 13 – 14%：我们认为房地产开发商的 2024 上 半年业绩毛利率和任何有关调整销售目标的指引都是最为关键的指标，因 为收入受具体项目交付进度的影响更大。我们预计越秀地产 2024 上半年 的毛利率将降至 13 – 14%，与我们全年预测之 13.5%相若。 可能下调销售目标：我们预计越秀地产 2024 上半年合同销售额为 554 亿 元（人民币，下同），同比降 33.8%，仅占全年销售目标 1,470 亿元的 37.7 %。同时，我们预计越秀地产可能会修改其全年销售目标。我们预期 越秀 2024 全年合同销售额为 1,160-1,200 亿元。 物管业务收入增长超过 20%：受惠于过去越秀地产销售增长以及交付稳 定，加上外托项目交付，我们预计物管服务渠道项目转化至在管项目可带 动物管收入同比增长维持 20 %以上。 下调收入及利润预测：我们下调了 2024 和 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The major shareholder plans to increase their stake in the company, indicating strong confidence in its intrinsic value [4][5] - Despite a decline in sales, the company has improved its industry ranking, focusing investments on core first and second-tier cities [4][5] - The company is classified as a green enterprise, maintaining low financing costs while actively expanding [4][5] Financial Summary - The company reported a sales amount of 30.01 billion yuan from January to April 2024, a year-on-year decrease of 47.5%, with a sales area of 1.023 million square meters, down 38.7% [4] - The company achieved a total sales target completion of 20.4% for the year [4] - The company acquired five land parcels in Shanghai, Guangzhou, and Hefei, with a total investment of 7.42 billion yuan, a year-on-year decrease of 48% [4] - The company's land reserve at the end of 2023 was 25.67 million square meters, distributed across 29 cities [4] Profit Forecast - The report forecasts net profits for 2024-2026 to be 3.20 billion yuan, 3.54 billion yuan, and 3.91 billion yuan respectively [5][6] - The current price corresponds to a price-to-earnings ratio of 6.1 for 2024 and 5.5 for 2025 [5][6] Revenue and Profit Trends - The company's revenue is projected to grow from 80.22 billion yuan in 2023 to 91.85 billion yuan in 2024, reflecting a year-on-year growth rate of 14.5% [6][8] - The net profit is expected to slightly increase from 3.18 billion yuan in 2023 to 3.20 billion yuan in 2024, indicating a minimal growth rate of 0.6% [6][8]

Investment Rating - The report maintains a "Buy" rating for Yuexiu Property [4][12]. Core Views - Guangzhou Assets plans to increase its stake in Yuexiu Property by up to 2%, with a total investment not exceeding 556.5 million RMB, which is approximately 369 million RMB based on recent stock prices [2][3]. - The acquisition aims to strengthen shareholder relations and explore a "bad asset + real estate" business model, leveraging the strategic investment to enhance cooperation [2][3]. - Yuexiu Property has shown resilience, being the only company in the top 30 to maintain positive sales growth since the market downturn in 2021, supported by strong land reserves and favorable policies [2][3]. - Profit forecasts indicate a net profit of 3.5 billion RMB in 2024 and 4 billion RMB in 2025, reflecting year-on-year growth of 10% and 14% respectively, with a reasonable valuation target of 9.12 HKD per share [2][3]. Financial Summary - Revenue is projected to grow from 80.22 billion RMB in 2023 to 93.56 billion RMB in 2024, representing an 11% increase [3][9]. - The net profit for 2023 is estimated at 3.18 billion RMB, with a forecasted increase to 3.50 billion RMB in 2024, indicating a 10% growth [3][9]. - The earnings per share (EPS) is expected to rise from 0.79 RMB in 2023 to 0.87 RMB in 2024 [3][9]. - The price-to-earnings (P/E) ratio is projected to be 6.5x in 2024 and 5.7x in 2025, suggesting a favorable valuation [3][9].

Financial Performance - Total revenue for 2023 reached RMB 80,222,011, an increase of 10.5% from RMB 72,415,643 in 2022[16] - Gross profit for 2023 was RMB 12,257,627, down 17.2% from RMB 14,805,616 in the previous year[16] - Profit attributable to equity holders was RMB 3,185,085, a decrease of 19.4% compared to RMB 3,953,352 in 2022[16] - Basic earnings per share for 2023 were RMB 0.8542, down from RMB 1.1932 in 2022[16] - Core net profit for 2023 was RMB 3,493,235, a decline of 17.5% from RMB 4,237,930 in the previous year[16] - The company declared a dividend of RMB 0.347 per share, down from RMB 0.547 in 2022[16] - Operating revenue for 2023 reached RMB 80.22 billion, a growth of 10.5% from RMB 72.42 billion in 2022[17] - Core net profit attributable to equity holders was RMB 4.24 billion in 2023, up from RMB 4.02 billion in 2022, reflecting a growth of 5.5%[18] - The gross profit margin was approximately 15.3%, a decrease of 5.1 percentage points year-on-year[42] - The company’s core net profit was approximately RMB 3.49 billion, a year-on-year decrease of 17.5%[42] Market Position and Strategy - The company aims to expand its market presence and enhance product offerings in the upcoming fiscal year[16] - New product development initiatives are underway to improve service delivery and customer satisfaction[16] - The company is exploring potential mergers and acquisitions to strengthen its market position[16] - Future guidance indicates a focus on sustainable growth and operational efficiency improvements[16] - The company plans to focus on inventory reduction, investment optimization, and risk control to achieve its 2024 sales and operational targets[55] - The company plans to continue its "commercial and residential dual development" strategy to enhance the contribution of commercial properties to financial performance[57] - The company aims to strengthen its investment strategy by focusing on core cities and optimizing resource allocation towards first-tier and quality second-tier cities[56] - The company is actively pursuing new projects in first-tier and second-tier cities, aiming to enhance its market position and growth potential[107] Sustainability and ESG Initiatives - The company achieved a GRESB rating upgrade from two stars in 2022 to four stars in 2023, with a score increase from 79 to 92[20] - The company plans to reduce carbon emissions intensity by 44% for public projects and 23% for residential projects by 2030 compared to 2019 levels[21] - The company has established an ESG committee to enhance governance and oversight of environmental, social, and governance matters[100] - The board is responsible for overseeing the company's ESG development direction and strategy, regularly discussing related risks and opportunities[136] Assets and Liabilities - Total assets increased to RMB 401.18 billion in 2023, up from RMB 346.35 billion in 2022, representing a growth of 15.5%[17] - Shareholder equity rose to RMB 55.63 billion in 2023, compared to RMB 47.43 billion in 2022, marking an increase of 17.5%[19] - The company's total land reserves reached approximately 25.67 million square meters by the end of the year[29] - The company maintained a "green file" status for its "three red lines" indicators, with asset-liability ratio, net debt ratio, and cash short-term debt ratio at 67.4%, 57.0%, and 2.01 times, respectively[28] - The company's working capital as of December 31, 2023, was approximately RMB 128.08 billion, with a current ratio of 1.6 times[89] Debt and Financing - The average weighted borrowing rate decreased to 3.82% in 2023 from 4.16% in 2022, indicating improved financing conditions[18] - The company's debt structure and financing costs continued to optimize, with a weighted average borrowing cost decreasing by 34 basis points to 3.82%[28] - As of December 31, 2023, total borrowings and notes amounted to RMB 104,370,863, an increase of 18.2% from RMB 88,298,334 on December 31, 2022[90] - The capital debt ratio (net borrowings to total capital) improved to 42.6% from 44.3% year-on-year[90] Land Acquisition and Development - The company added 28 new land parcels across 11 cities, with a total construction area of approximately 4.91 million square meters, all located in first-tier and key second-tier cities[29] - The company’s land reserves are distributed across 29 cities, indicating a broad market presence[74] - The company has ongoing construction projects totaling 7,194,200 square meters within the Greater Bay Area[75] - The company has a significant land acquisition in Nansha, with 478,200 square meters in the Nansha Port Community[73] Investor Relations and Corporate Governance - The company emphasizes high transparency in information disclosure, regularly updating investors on operational dynamics and development strategies[121] - The company received several awards in 2023, including the "Top 10 Brand Value of Chinese Real Estate Enterprises" and "Excellence Award for Corporate Governance and ESG"[125] - The company has a diverse board selection policy that considers various factors, including gender, age, cultural background, and professional experience[138] - The company emphasizes effective communication with shareholders to enhance investor relations and transparency in business performance and strategies[165] Employee and Management - The company employed approximately 19,300 employees as of December 31, 2023, a slight decrease from 19,510 employees on June 30, 2023[97] - Mr. Zhu Hu Song appointed as Executive Director and Co-General Manager in April 2023, with over 10 years of senior management experience in the group's operations[127] - The board consists of six executive directors, one non-executive director, and four independent non-executive directors as of December 31, 2023[138] Charitable Contributions - A total of RMB 2.0 billion was donated in 2023 to support education and youth development initiatives[22] - The company made charitable donations totaling RMB 63.25 million during the fiscal year ending December 31, 2023[175]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - Revenue growth is stable with consistent dividends, but profit margins and impairment losses have negatively impacted performance. In 2023, the company achieved operating revenue of 80.22 billion RMB, a year-on-year increase of 10.8%, while net profit attributable to shareholders was 3.19 billion RMB, down 19.4% year-on-year. The core net profit was 3.49 billion RMB, a decrease of 17.5% year-on-year. The company plans to distribute dividends of 1.4 billion RMB, maintaining a payout ratio of 40% of core net profit [11][12]. - Sales have shown positive growth for two consecutive years, with a strong investment focus on core cities. The total sales amount reached 142 billion RMB, a year-on-year increase of 14%, achieving 108% of the sales target. The company improved its national ranking to 12th, with sales in first-tier cities accounting for 62%, an increase of 10 percentage points from 2022 [19][21]. - The company has seen a significant increase in interest-bearing debt, with a total of 104.4 billion RMB at the end of 2023, up 18% year-on-year. The weighted average financing cost improved to 3.82%, falling below 4% for the first time [11][12]. - Profit forecasts indicate steady growth in sales and revenue, with net profit projected at 3.5 billion RMB and 4 billion RMB for 2024 and 2025, respectively, reflecting year-on-year increases of 10% and 14%. The report assigns a reasonable valuation of 0.6 times the net asset value at the end of 2023, translating to a target price of 9.14 HKD per share [11][12]. Summary by Sections Revenue Growth and Dividend Stability - In 2023, the company reported operating revenue of 80.22 billion RMB, a 10.8% increase year-on-year. However, net profit attributable to shareholders fell to 3.19 billion RMB, a 19.4% decline, with core net profit at 3.49 billion RMB, down 17.5% [11][12]. Sales Performance and Investment Focus - The company achieved total sales of 142 billion RMB, marking a 14% increase and surpassing its target by 8%. The sales in first-tier cities rose to 62%, reflecting a strategic focus on high-potential urban areas [19][21]. Debt and Financing Cost - Interest-bearing debt reached 104.4 billion RMB, an 18% increase from the previous year. The financing cost improved to 3.82%, indicating better financial management [11][12]. Profit Forecast and Valuation - Future profit estimates suggest a net profit of 3.5 billion RMB in 2024 and 4 billion RMB in 2025, with corresponding price-to-earnings ratios of 4.6x and 4.0x. The target price is set at 9.14 HKD per share based on a valuation of 0.6 times the net asset value [11][12].