房地产/房地产开发 公 司 研 越秀地产（00123.HK） 营收增长毛利率下滑，多元拓储能力行业领先 究 2024年03月27日 ——公司信息更新报告 投资评级：买入（维持） 齐东（分析师） 胡耀文（联系人） qidong@kysec.cn huyaowen@kysec.cn 证 书编号：S0790522010002 证书编号：S0790122080101 日期 2024/3/27  营收增长毛利率下滑，多元拓储能力行业领先，维持“买入”评级 当前股价(港元) 4.220 公 一年最高最低(港 元) 13.420/4.160 越秀地产发布 2023 年全年业绩。公司销售保持高增，投资拿地多元化方式且聚 司 焦高能级城市，TOD 和城市更新业务进展顺利。受销售市场下行影响，我们下 信 总市值(亿港元) 169.87 调 2024-2025 年并新增 2026 年盈利预测，预计 2024-2026 年公司归母净利润分 息 流通市值(亿港元) 169.87 更 别为 35.2、39.7、44.3 亿元（2024-2025 年原值 51.5、59.6 亿元），对应 EPS 为 总股本(亿股) 40.25 新 0. ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 房地产 | 公司研究 业绩回落、销售逆增，财务表现稳健 2024年3月26日 越秀地产 (00123.HK) 买入 营收稳健、业绩低于预期，已售未结资源丰富、未来结算确定性强。越秀地产公布2023年业绩公 维持 告，2023年公司实现营业收入802.2亿元，同比+10.8%；毛利122.6亿元，同比-17.2%；归母 净利润31.9亿元，同比-19.4%；核心净利润34.9亿元，同比-17.5%；每股盈利0.85元，同比-28.4%。 公司营收增长稳健，但利润有所下滑，低于市场预期。业绩下滑主要源于：1）公司23年综合毛利 市场数据：2024年3月26日 收盘价（港币） 4.38 率15.3%，同比-5.1pct；2）23年其他经营净收益-13.5亿元，主要包括投资物业重估净跌值15.0 恒生中国企业指数 5,825 亿元。此外，公司23年三项费率（财务、销售、管理费用）4.9%，同比-0.7pct；所得税31.5亿 52周最高/最低价 (港币) 11.87/4.18 元，同比 ...

Investment Rating - The investment rating for the company is "Buy" [3][4][10] Core Views - The company achieved a revenue of 80.2 billion RMB in 2023, representing a year-on-year growth of 10.8%. However, the net profit attributable to shareholders decreased by 19.4% to 3.2 billion RMB, primarily due to a decline in gross margin and losses from fair value changes [4][7][10] - The company maintained a stable dividend payout, with a total annual dividend of 0.347 RMB per share, which accounts for approximately 40% of core net profit [4][8] - Sales increased by 13.6%, with a total sales area of 4.45 million square meters, achieving a sales amount of 142 billion RMB, exceeding the annual sales target by 7.6% [7][8] - The company has a healthy financial position, with a debt-to-asset ratio of 67.4% and a net debt ratio of 57.0% as of the end of 2023 [8][10] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 80.2 billion RMB, a 10.8% increase from the previous year. The net profit attributable to shareholders was 3.2 billion RMB, down 19.4% year-on-year, while core net profit was 3.5 billion RMB, a decrease of 17.5% [4][11] - The gross margin was approximately 15.3%, down 5.1 percentage points from the previous year, and the company incurred a loss of 1.35 billion RMB from fair value changes [4][8] Sales and Land Bank - The company achieved a sales area of 4.45 million square meters, a 7.5% increase year-on-year, with total sales amounting to 142 billion RMB, reflecting a 13.6% growth [7][8] - The company added 28 new land parcels across 11 cities, with a total construction area of approximately 4.91 million square meters, translating to a saleable value of 130 billion RMB [7][10] Financial Health - The company maintained a "green" financial status, with a debt-to-asset ratio of 67.4% and a net debt ratio of 57.0% as of the end of 2023. The cash-to-short-term debt ratio was 2.0, indicating strong liquidity [8][10] - The average borrowing cost was 3.82%, down 34 basis points, and 22% of the company's debt is due within one year, reflecting a manageable debt structure [8][10]

公 房地产 司 2024年03月 27日 报 越秀地产(0123.HK) 告 销售逆势双位数增长，紧抓分化机遇积极扩张 推荐（维持） 事项： 公司发布2023年报，2023实现收入802.2亿元，同比增长10.8%；归母净利 股价：4.38 港元 润31.9亿元，同比下降19.4%，拟派发末期股息每股0.148港元。 平安观点： 公 主要数据  充裕货值推动销售超额完成全年目标，设立2024年销售正增长目标：2023 司 年公司收入、归母净利润分别同比增长10.8%、下滑19.4%，增收不增利 行业 房地产 年 公司网址 www.yuexiuproperty.com;www.irasia. 主要系毛利率下滑（同比下滑5.1pct）及计提减值所致。合同销售额1420.3 com/listco/hk/yuexiuproperty 亿元，同比增长 13.6%，销售增速领先主流房企，全年销售目标完成率 报 大股东/持股 越秀集团/40.8% 107.6%。2024年公司提出1470亿元销售目标，较2023年全年销售额同 点 实际控制人 广州市人民政府 比增长3.5%，2024年可售货值约2700亿元，当前95%土储 ...

Financial Performance - Revenue for the year was approximately RMB 80.22 billion, an increase of 10.8% year-on-year[4] - Gross margin was approximately 15.3%, a decrease of 5.1 percentage points year-on-year[4] - Profit attributable to equity holders was approximately RMB 3.19 billion, a decrease of 19.4% year-on-year[4] - Core net profit was approximately RMB 3.49 billion, a decrease of 17.5% year-on-year[4] - The company reported a pre-tax profit of RMB 7,720,643 thousand for the year ended December 31, 2023, down from RMB 10,829,634 thousand in 2022, a decrease of approximately 28.5%[32] - The company recorded a net loss of RMB 1,366,252,000 from the revaluation of investment properties in the Luogang and Chentougang projects for 2023, compared to no loss in 2022[36] - The company recorded a net loss of approximately RMB 1.348 billion in other income, primarily due to a net decline in the revaluation of investment properties amounting to RMB 1.502 billion[123] - The total tax expenses for the year were RMB 4,070,016,000, down from RMB 5,202,161,000 in 2022, indicating a reduction of approximately 21.7%[46] Sales and Contracted Sales - Total contracted sales for the year amounted to approximately RMB 142.03 billion, an increase of 13.6% year-on-year[4] - The company recorded a total contracted sales amount of approximately RMB 1420.3 billion, a year-on-year increase of 13.6%, exceeding the annual target of RMB 1320 billion by 107.6%[97] - Contracted sales in the Greater Bay Area reached approximately RMB 71.6 billion, a year-on-year increase of 20.0%, accounting for 50.4% of total contracted sales[66] - The average selling price per square meter for contract sales was approximately RMB 31,900, an increase of 5.6% year-on-year[97] - In the Greater Bay Area, contract sales amounted to approximately RMB 71.60 billion, representing 50.4% of the company's total contract sales for the year, with a year-on-year increase of 20.0%[100] Assets and Liabilities - Non-current assets totaled RMB 63,014,367 thousand in 2023, a slight increase from RMB 62,377,910 thousand in 2022[12] - Current assets increased significantly to RMB 338,164,361 thousand in 2023, up from RMB 283,974,066 thousand in 2022, representing a growth of approximately 19.1%[12] - Total liabilities rose to RMB 298,970,948 thousand in 2023, compared to RMB 261,559,235 thousand in 2022, indicating an increase of about 14.3%[13] - The company's net assets reached RMB 102,208,780 thousand in 2023, up from RMB 84,792,741 thousand in 2022, reflecting a growth of approximately 20.5%[13] - The total equity attributable to the company's equity holders increased to RMB 55,628,905 thousand in 2023, compared to RMB 47,429,623 thousand in 2022, representing a growth of about 17.5%[13] Cash Flow and Financial Position - Cash and cash equivalents increased by 31.3% to RMB 46.1 billion[6] - The weighted average borrowing rate for the year was 3.82%, a decrease of 34 basis points year-on-year[5] - The company maintained a "green file" status under the "three red lines" policy, with a net debt ratio of 57.0%, down 5.7 percentage points[5] - The group achieved a contract collection rate of 83% this year, resulting in positive operating cash flow[79] - The average borrowing rate decreased to 3.82% in 2023 from 4.16% in 2022, reflecting a favorable financing environment[136] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.148 per share, totaling approximately 40% of core net profit[5] - The company proposed a final dividend of HKD 0.148 per share, totaling approximately RMB 539,403,000, pending approval at the annual general meeting[48] - Basic earnings per share attributable to equity holders were RMB 0.8542 in 2023, down from RMB 1.1932 in 2022, reflecting the impact of a rights issue that raised approximately HKD 83.1 billion[132] Land Acquisition and Development - The company expanded its land reserves by acquiring 28 plots in 11 cities, totaling approximately 4.91 million square meters[5] - The company acquired 28 new land parcels with a total construction area of approximately 4.91 million square meters, focusing on first-tier and key second-tier cities[67] - As of December 31, the company holds a total land reserve of approximately 25.67 million square meters, with 95% located in first-tier and second-tier cities[68] Operational Efficiency and Cost Management - The cost of sold properties increased to RMB 64,209,104,000 in 2023, up from RMB 53,931,462,000 in 2022, reflecting a growth of approximately 19%[40] - Sales and marketing expenses for 2023 totaled approximately RMB 2.451 billion, an increase of 20.1% year-on-year, accounting for 3.1% of total revenue, up 0.3 percentage points from the previous year[126] - Administrative expenses amounted to approximately RMB 1.799 billion in 2023, a 1.7% increase year-on-year, and accounted for 2.2% of total revenue, down 0.2 percentage points from the previous year[127] Market Outlook and Strategy - The outlook for 2024 anticipates a gradual recovery in the real estate market, supported by government policies aimed at stabilizing growth[82] - The group plans to focus on inventory reduction, investment optimization, and risk control to achieve its annual sales and operational targets for 2024[84] - The investment strategy will emphasize "precise investment" and "sales-driven investment," targeting core cities and high-quality second-tier cities[85] ESG and Corporate Governance - The company’s ESG rating improved, achieving a 4-star rating in the GRESB assessment for 2023[78] - The company has adhered to the Corporate Governance Code throughout the year ending December 31, 2023[153]

智通财经APP讯，越秀地产(00123)发布公告，2024年2月，公司实现合同销售(连同合营及联营公司项目的合同销售)金额约为人民币38.15亿元，同比下降约72.2%，实现合同销售面积约为14.46万平方米，同比下降约64.3%。 2024年1月至2月，公司累计合同销售(连同合营及联营公司项目的合同销售)金额约为人民币103.61亿元，同比下降约54.1%，累计合同销售面积约为37.35万平方米，同比下降约41.8%。 2024年2月，公司通过公开挂牌方式取得合肥市1幅地块约99.64%的实际权益。该地块位于合肥市滨湖区，总建筑面积合共约11.40万平方米，规划用途为住宅用地。代表公司实际权益的土地价款约为人民币14.09亿元。 ...

Financial Performance - In the first half of 2023, the company achieved revenue of approximately RMB 32.1 billion, representing a year-on-year increase of 2.6%[9] - The gross profit margin was approximately 17.8%, a decrease of 3.4 percentage points year-on-year[9] - Profit attributable to equity holders was approximately RMB 2.18 billion, an increase of 27.5% year-on-year[9] - The core net profit was approximately RMB 2.15 billion, reflecting a year-on-year increase of 0.8%[9] - The group achieved rental income of approximately RMB 210 million from commercial properties, a year-on-year increase of 16.7%[18] - Yuexiu Service, in which the group holds a 66.92% stake, reported revenue of approximately RMB 1.51 billion, a year-on-year increase of 38.7%, with a net cash inflow of approximately RMB 290 million[19] - The group reported a profit of RMB 2,919,441,000 for the six months ended June 30, 2023, representing an increase of 13.0% compared to RMB 2,583,256,000 in the same period of 2022[107] - Total comprehensive income for the period was RMB 2,967,013,000, up 42.3% from RMB 2,086,859,000 year-on-year[107] - The company's profit attributable to equity holders for the six months ended June 30, 2023, was RMB 2,177,419,000, an increase of 27.5% compared to RMB 1,707,123,000 for the same period in 2022[142] - Basic earnings per share for the six months ended June 30, 2023, was RMB 0.6345, up from RMB 0.5152 in the same period of 2022, reflecting a growth of 23.1%[142] Sales and Contract Performance - The company recorded contract sales of approximately RMB 83.63 billion, a year-on-year increase of 71.0%, completing 63.4% of the annual sales target of RMB 132 billion[11] - Contract sales in the Greater Bay Area amounted to approximately RMB 46.13 billion, accounting for 55.2% of total contract sales[12] - The average contract sales price was approximately RMB 33,800 per square meter, reflecting a year-on-year increase of 22.9%[38] - In the first half of 2023, the total contracted sales amount in the Greater Bay Area reached approximately RMB 46.13 billion, representing a year-on-year increase of 45.3%, accounting for 55.2% of the company's total contracted sales[41] - In Guangzhou, the contracted sales amounted to approximately RMB 40.26 billion, a year-on-year increase of 37.2%, contributing 48.1% to the company's total contracted sales[41] - In Shenzhen, the company recorded contracted sales of approximately RMB 2.42 billion, a significant year-on-year increase of about 7.2 times[41] - The total contracted sales in the East China region reached approximately RMB 18.63 billion, a year-on-year increase of 151.4%, accounting for 22.3% of the company's total contracted sales[43] Land Acquisition and Development - The company acquired 11 new land parcels with a total construction area of approximately 2.17 million square meters in major cities[14] - The total land reserve of the group is approximately 28.13 million square meters, with 93% located in first-tier and second-tier cities[15] - The company’s land reserve acquisition through diversified platforms accounted for 22% from TOD, 14% from state-owned enterprise cooperation, and 27% from industrial land[14] - The Greater Bay Area accounted for approximately 46.1% of the land reserve, while East China accounted for 18.8%[55] - The company’s land acquisition strategy includes high equity stakes, with several parcels having over 95% equity[56] - The company is focusing on expanding its presence in key cities such as Beijing, Shanghai, and Guangzhou[55] Financial Management and Capital Structure - The group successfully issued corporate bonds totaling RMB 5.4 billion with an average borrowing rate of 3.37%, optimizing its debt structure[21] - The group completed a rights issue with a net fundraising amount of approximately HKD 8.3 billion, reflecting strong shareholder confidence in future development[22] - The group's cash and cash equivalents totaled approximately RMB 49.25 billion, an increase of 40.2% from the beginning of the year, with a debt-to-asset ratio of 66.8%[22] - The group completed new financing of approximately RMB 32.83 billion in the first half of 2023, with domestic financing of RMB 26.41 billion and overseas financing of RMB 6.42 billion[78] - As of June 30, 2023, total borrowings amounted to approximately RMB 99.82 billion, up from RMB 88.30 billion as of December 31, 2022[82] - The net debt-to-equity ratio as of June 30, 2023, was 53.2%, a decrease from 18% in the previous year[78] - The group’s working capital as of June 30, 2023, was approximately RMB 128.34 billion, an increase from RMB 105.46 billion at the end of 2022[81] - The group has approximately 106.1 billion HKD (equivalent to about 97.8 billion RMB) in bank borrowings denominated in HKD and 12 billion USD (equivalent to about 86.6 billion RMB) in medium to long-term notes as of June 30, 2023[88] Market Outlook and Challenges - The group anticipates challenges in the real estate market due to external pressures but expects recovery supported by government policies[25] - The real estate market is expected to stabilize in the second half of 2023, with potential growth in sales and prices driven by government policies and economic recovery[29] - The group expects the RMB to USD exchange rate to remain volatile but stabilize slightly by the end of 2023 due to ongoing economic support measures from the central government[89] Operational Efficiency - The company will continue to focus on "precise investment" and "spending within means" strategies, targeting core cities and regions for resource allocation[30] - The company aims to strengthen its commercial property operations and enhance brand influence in the commercial sector[31] - The company will manage liquidity risks and optimize its debt structure while maintaining compliance with the "three red lines" policy and investment-grade credit ratings[33] - The company plans to implement a precise sales strategy and enhance digital marketing through the "Yuexiu Fangbao" platform to achieve annual sales and cash collection targets[28] Employee and Corporate Governance - The group employed approximately 19,510 employees as of June 30, 2023, an increase from 18,400 employees at the end of 2022[92] - The company’s board approved the interim financial data on August 25, 2023, indicating timely financial reporting[191] - The company has not engaged in any arrangements that would allow directors or their family members to benefit from purchasing shares or debt securities of the company during the first half of 2023[196]

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。 （在香港註冊成立的有限公司） （股份代號：00123） 二 ○ 二 三 年 中 期 業 績 公 告 業績摘要 ‧ 營業收入約為人民幣321.0億元，同比上升2.6%。 ‧ 毛利率約為17.8%。 ‧ 權益持有人應佔盈利約為人民幣21.8億元，同比上升27.5%；核心淨利潤*約 為人民幣21.5億元，同比上升0.8%。 ‧ 期內累計合同銷售（連同合營企業及聯營公司項目的銷售）金額約為人民幣 836.3億元，同比上升71.0%。期內在大灣區實現合同銷售金額為約人民 幣461.3億元，同比上升45.3%；在華東地區實現合同銷售金額約為人民幣 186.3億元，同比上升151.4%。 ...

Financial Performance - Revenue for the year 2022 reached RMB 72,415,643, an increase of 26.2% compared to RMB 57,378,861 in 2021[5] - Gross profit for 2022 was RMB 14,805,616, up from RMB 12,482,465 in 2021, reflecting a growth of 18.6%[5] - Profit attributable to equity holders was RMB 3,953,352, representing an increase of 10.2% from RMB 3,588,929 in the previous year[5] - Basic earnings per share for 2022 were RMB 1.2767, compared to RMB 1.1590 in 2021, marking a rise of 10.1%[5] - The core net profit for 2022 was RMB 4,237,930, slightly up from RMB 4,152,049 in 2021, indicating a growth of 2.1%[5] - The company declared a dividend of RMB 0.547 per share for 2022, compared to RMB 0.536 in 2021, representing a 2.1% increase[5] - The company achieved a net profit attributable to equity holders of approximately RMB 3.95 billion, an increase of 10.2% year-on-year, while core net profit rose by 2.1% to approximately RMB 4.24 billion[25] - The company reported a significant increase in revenue, achieving a total of 55 billion in 2022, reflecting a robust growth trajectory[104] Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 346,351,976, an increase of 10.3% from RMB 313,854,885 in 2021[6] - Cash and cash equivalents totaled RMB 35,118,452, down from RMB 40,499,046 in 2021, indicating a decrease of 13.5%[6] - Shareholders' equity increased to RMB 47,429,623 in 2022, up from RMB 46,236,070 in 2021, reflecting a growth of 2.6%[6] - As of December 31, 2022, the company's working capital was approximately RMB 105.46 billion, an increase from RMB 80.18 billion on December 31, 2021, with a current ratio of 1.6 times compared to 1.4 times in the previous year[75] - Total borrowings and notes amounted to RMB 88.30 billion as of December 31, 2022, up from RMB 75.53 billion a year earlier, with a net debt of RMB 67.34 billion compared to RMB 43.64 billion in 2021[76] - The company's total equity reached RMB 84.79 billion, increasing from RMB 74.37 billion in the previous year, resulting in a capital debt ratio of 44.3%, up from 37.0%[76] Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new property developments[4] - The company expanded its national layout to 30 cities, with a focus on the Guangdong-Hong Kong-Macao Greater Bay Area and key regions such as East China, Central China, Northern China, and Western China[16] - The company plans to continue its "one city, one policy" investment strategy, focusing on advantageous regions such as the Greater Bay Area and East China[40] - The company is actively pursuing market expansion strategies in various regions, including the Greater Bay Area and Hainan, to enhance its competitive edge[108] - The company is considering potential mergers and acquisitions to strengthen its market presence and operational capabilities[60] Sales Performance - The company's total contract sales reached RMB 125.03 billion in 2022, an increase of 8.6% year-on-year, exceeding the annual sales target of RMB 123.5 billion[15] - The company achieved sales of its TOD projects amounting to RMB 22.09 billion, representing a year-on-year increase of 23.6%[30] - The company recorded a significant increase in contract sales in the East China region, achieving RMB 42.95 billion, a year-on-year increase of 65.7%[27] - In 2022, the total contract sales amount in the Greater Bay Area reached approximately RMB 59.68 billion, accounting for 47.7% of the company's total contract sales[47] - The company achieved contract sales of approximately RMB 53.19 billion in Guangzhou, representing 42.5% of the company's total contract sales for the year[48] Financial Management - The company maintained a healthy financial performance with a debt-to-asset ratio of 68.8%, a net debt ratio of 62.7%, and a cash-to-short-term debt ratio of 2.23 times[17] - The average borrowing cost decreased by 10 basis points year-on-year to 4.16%, positioning the company in a leading industry position[17] - The company is committed to maintaining a prudent financial policy, focusing on cash flow management and reducing financing costs[43] - The company plans to continue monitoring interest rate market changes and optimize its debt structure to manage interest rate risks[78] Sustainability and ESG - The company established an ESG professional committee and received a BB rating from MSCI, indicating strong recognition for its sustainable development efforts[18] - The company’s green building area increased by 113% year-on-year, reflecting its commitment to sustainable development[35] - The company’s ESG performance was recognized with a BB rating from MSCI and a two-star rating (79 points) from GRESB, indicating strong sustainability practices[36] - The board is responsible for overseeing the company's ESG development direction and strategy, regularly discussing and reviewing ESG-related risks and opportunities[113] Corporate Governance - The company has adhered to the Corporate Governance Code throughout the fiscal year ending December 31, 2022[84] - The board consists of five executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2022[114] - The company emphasizes high transparency in information disclosure, continuously optimizing mid-term and annual reports, and proactively releasing monthly unaudited sales and land acquisition announcements[98] - The company has a structured process for shareholders to raise inquiries and concerns, ensuring effective communication with the board[143] Human Resources - As of December 31, 2022, the group employed approximately 18,400 employees, an increase from 17,980 employees as of June 30, 2022[83] - The company is committed to human resource optimization and management, focusing on building a strong organizational structure to support growth initiatives[108] Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and transparency[139] - The company has arranged for directors and senior management to have liability insurance, which is effective throughout the year[120]

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。 （在香港註冊成立的有限公司） （股份代號：00123） 二 ○ 二 二 年 全 年 業 績 公 告 業績摘要 ‧ 營業收入約為人民幣724.2億元，同比上升26.2%。 ‧ 毛利率約為20.4%，同比下降1.4個百分點。 ‧ 權益持有人應佔盈利約為人民幣39.5億元，同比上升10.2%。 ‧ 核心淨利潤*約為人民幣42.4億元，同比上升2.1%。 ‧ 年內累計合同銷售（連同合營及聯營公司項目的銷售）金額約為人民幣1,250.3 億元，同比上升8.6%。年內在大灣區實現合同銷售金額約為人民幣596.8億 元，在華東地區實現合同銷售金額人民幣429.5億元。 ...