一位市场分析人士表示，前十房企都在重仓一线城市，但是要想在一线城市获得持续成功，至少需要同 时具备三大优势。第一，有便宜的钱、有充裕的现金储备，支持在一线城市持续投拓发展；第二，过硬 的产品力，有行业领先、市场验证过的产品IP、标杆产品系；第三，城市深耕已形成拿地－销售的持续 良性滚动闭环，用经营赚来的钱再投入发展。 北京商报讯（记者 王寅浩 李晗）3月31日，越秀地产召开2024年度线上业绩发布会。越秀地产董事长林 昭远在业绩会上表示，2025年公司的投资刻度将更加精准，坚持"稳健投资""以销定投"，聚焦核心城 市、核心区域持续增储，不断优化存量和增量土储结构，增强投资收益的确定性。重点关注广州、深 圳、上海、北京四个一线城市和杭州、合肥、成都、西安等强二线城市的优质拿地机会，实现精准投 资。据透露，越秀地产年初权益投资预算铺排为300亿元，全年投资预算将根据战略发展要求以及销售 现金流回流情况及市场变化动态调整。 数据显示，越秀地产2024年全年权益投资总额294.6亿元，其中超80%资金精准投向北京、上海、广州 一线城市，分别投入93亿、69亿和81.6亿元。2024年，越秀地产新增土地储备约271万平 ...

Core Insights - In 2024, the company achieved a revenue of approximately 864.0 billion RMB, representing a year-on-year increase of 7.7% despite ongoing market pressures [3] - The company's contract sales, including joint ventures, amounted to approximately 1,145.4 billion RMB, marking its first entry into the top 10 national sales rankings, placing 8th [3][2] - The company is focusing its investment strategy on first-tier and key second-tier cities, acquiring 24 new land parcels in 2024, with over 70% of new land reserves located in first-tier cities [6] Financial Performance - The company reported a rental income of approximately 6.68 billion RMB from directly held commercial properties, a year-on-year increase of 37.1% [4] - The company's cash and cash equivalents totaled approximately 500.5 billion RMB, an increase of 8.6% from the beginning of the year, indicating strong liquidity [5] Regional Sales Breakdown - Contract sales from the Greater Bay Area reached approximately 488.4 billion RMB, accounting for 42.7% of total contract sales, with Guangzhou contributing about 433.7 billion RMB [3] - The East China region generated approximately 331.4 billion RMB in contract sales, representing 28.9% of total sales, with Hangzhou alone contributing about 221.0 billion RMB [3] - The Central and Western regions achieved contract sales of approximately 196.0 billion RMB, while the Northern region contributed about 129.6 billion RMB [3] Strategic Initiatives - The company is implementing a "commercial and residential dual development" strategy, enhancing its product offerings in line with government policies promoting quality housing [4][7] - The company introduced the "4×4 good product concept" and the 4+X product series, focusing on quality, warmth, intelligence, and growth to meet diverse market needs [7] - Recent projects in first-tier cities have seen significant sales success, with notable transactions in Guangzhou and Beijing, indicating strong market demand [8]

Financial Performance - Total revenue for the year was approximately RMB 86.4 billion, an increase of 7.7% year-on-year[3] - Gross profit margin was approximately 10.5%, a decrease of 4.8 percentage points year-on-year[3] - Profit attributable to equity holders was approximately RMB 1.04 billion, a decrease of 67.3% year-on-year[5] - Core net profit was approximately RMB 1.59 billion, a decrease of 54.4% year-on-year[5] - Total contracted sales amounted to approximately RMB 114.54 billion, a decrease of 19.4% year-on-year[3] - The operating profit for the year was RMB 3,451,169, down from RMB 6,670,336 in 2023, reflecting a decrease of about 48.3%[26] - The company reported a pre-tax profit of RMB 4,195,629 for the year ended December 31, 2024, compared to RMB 7,720,643 in 2023, a decline of approximately 45.6%[26] - The company achieved operating revenue of approximately RMB 86.4 billion, an increase of 7.7% year-on-year[51] - The gross profit margin was approximately 10.5%, a decrease of 4.8 percentage points compared to the previous year[51] - Profit attributable to equity holders was approximately RMB 1.04 billion, a decline of 67.3% year-on-year[51] - Core net profit was approximately RMB 1.59 billion, down 54.4% year-on-year[51] Assets and Liabilities - Cash and cash equivalents, along with other restricted deposits, totaled approximately RMB 50.05 billion, an increase of 8.6% from the beginning of the year[4] - Non-current assets increased to RMB 69,661,119 thousand in 2024 from RMB 63,014,367 thousand in 2023, representing an increase of approximately 10.5%[9] - Current assets totaled RMB 340,791,865 thousand in 2024, slightly up from RMB 338,164,361 thousand in 2023, indicating a growth of about 0.8%[9] - Total liabilities increased to RMB 306,373,816 thousand in 2024 from RMB 299,969,948 thousand in 2023, reflecting a rise of approximately 2.1%[10] - The net asset value rose to RMB 104,079,168 thousand in 2024, compared to RMB 102,208,780 thousand in 2023, marking an increase of about 1.8%[10] - The company's borrowings increased to RMB 103,888,742 thousand in 2024 from RMB 103,370,898 thousand in 2023, reflecting a rise of approximately 0.5%[10] - The current liabilities totaled RMB 220,514,657 thousand in 2024, up from RMB 210,086,539 thousand in 2023, representing an increase of about 4.3%[10] Cash Flow and Financing - The company's investment properties increased to RMB 17,029,312 thousand in 2024 from RMB 16,785,640 thousand in 2023, a growth of approximately 1.5%[9] - The company completed new financing of approximately RMB 41.69 billion in 2024, with total borrowings at approximately RMB 103.89 billion as of December 31, 2024[99] - The company's operating cash flow and committed bank financing are the main sources of liquidity, with a net debt ratio of 51.7%[99] - The weighted average borrowing rate was 3.49%, a decrease of 33 basis points year-on-year[4] - The average financing cost decreased by 33 basis points year-on-year to 3.49%[60] - The company has arranged financial products to hedge approximately RMB 6.97 billion of foreign currency borrowings, maintaining a low foreign exchange exposure[106] Dividends and Shareholder Information - The board recommended not to declare a final dividend for the year, with total dividends amounting to approximately 44% of core net profit[5] - The board proposed not to declare a final dividend for the year ending December 31, 2024, with total dividends for the year being HKD 0.189 per share (equivalent to RMB 0.173)[51] - Basic earnings per share attributable to equity holders for 2024 were RMB 0.2584, down from RMB 0.8542 in 2023[96] - There will be a suspension of share transfer registration from June 17, 2025, to June 20, 2025, inclusive[114] - Shareholders must submit transfer forms by June 16, 2025, at 4:30 PM to qualify for the annual general meeting on June 20, 2025[114] Operational Strategy and Market Position - The company maintained a "green file" status under the "three red lines" policy, with a net debt ratio of 51.7%, down 5.3 percentage points[4] - The company is currently analyzing the impact of the new Hong Kong Financial Reporting Standard No. 18 on its financial statements and disclosures[18] - The company plans to continue expanding its real estate development and management services to enhance revenue streams[19] - The management is focused on evaluating the performance of its business segments to allocate resources effectively and improve overall profitability[19] - The company is committed to achieving net-zero emissions by 2060 and plans to peak carbon emissions by 2030[61] - The company is focused on a "precise investment" strategy, emphasizing investment in core cities and high-quality second-tier provincial capitals[66] - The company aims to implement a "one strategy per project" marketing approach to accelerate sales and cash collection[65] - The company is advancing its "commercial and residential dual development" strategy to increase the contribution of commercial properties to financial performance[67] Employee and Operational Metrics - The company employed approximately 15,180 employees as of December 31, 2024, down from 18,800 employees on June 30, 2024[110] - The company's selling and marketing expenses for 2024 were approximately RMB 2.719 billion, a year-on-year increase of 10.9%, accounting for 3.1% of the annual revenue, consistent with the previous year[92] - Administrative expenses decreased by 17.2% year-on-year to approximately RMB 1.489 billion, accounting for 1.7% of annual revenue, down from 2.2% the previous year[93] Real Estate Development and Land Acquisition - The company maintained a cautious land acquisition strategy, focusing on high-potential cities amid a differentiated land market[50] - In 2024, the company acquired 24 land parcels with a total construction area of approximately 2.71 million square meters, with over 70% of new land reserves located in first-tier cities[54] - The total land reserve held by the company is approximately 19.71 million square meters, with 36.5% located in the Greater Bay Area[83] - The company has a significant land reserve in the Greater Bay Area, totaling 7,193,000 square meters, with 4,644,100 square meters under construction[85] - The company aims to maintain a steady pace of project development in 2024, with all projects progressing normally[89]

Core Viewpoint - The real estate company Yuexiu Properties has launched a "4×4 Good Product Concept" to align with the industry's consensus on "good housing," aiming to drive a transformation towards high-quality development in the real estate sector [1][2][13] Group 1: 4×4 Good Product Concept - The "4×4 Good Product Concept" includes four dimensions and sixteen propositions, focusing on quality, warmth, intelligence, and growth [2][3] - The concept represents a shift from being a "space provider" to a "lifestyle service provider," emphasizing a dynamic evolution in product offerings [3][4] Group 2: Quality and Experience - In terms of quality, Yuexiu Properties emphasizes strict construction standards and continuous technological innovation to create products with long-term value [4] - The "temperature experience" aspect includes a "Ten-Item Health Home System" and wellness-oriented community features, enhancing the emotional connection within the living environment [4][5] Group 3: Community and Emotional Engagement - The company focuses on enhancing community living value and emotional experiences through design elements like extended home interfaces and hotel-style drop-off areas [6][7] - Projects like Xiangshan Yuyuan incorporate local cultural elements and natural resources, creating spaces that respect and renew historical context [6][8] Group 4: Customization and Lifestyle - Yuexiu Properties tailors community spaces to meet the desires of high-knowledge demographics, offering customized clubhouses that elevate social interactions to personal enjoyment [8][9] - The "Starry Future" project features a multifunctional clubhouse designed for various activities, promoting a sense of community and interaction among residents [10][11] Group 5: Sales Performance - The implementation of the "4×4 Good Product Concept" has contributed to strong sales performance, with recent projects in Beijing achieving over 1,000 units sold on opening day, totaling 15.2 billion yuan [12][13]

Core Viewpoint - The real estate industry is shifting from a focus on speed to prioritizing quality, with companies like Yuexiu Real Estate emphasizing product strength and aligning with national housing policies [2][9]. Group 1: Product Development and Strategy - Yuexiu Real Estate launched the "4×4 Good Product Concept," which focuses on quality, warmth, intelligence, and growth, aiming to create sustainable living solutions [3][4]. - The company introduced the "4+X Product System," which offers differentiated quality living solutions tailored to various cities and customer segments [5][6]. - The "4+X Product System" includes six major product lines, such as "Yue" for high-end improvements and "Tian" for urban renewal, reflecting a strategic focus on core cities [5][6]. Group 2: Market Performance and Sales - Yuexiu Real Estate has seen strong market performance, with flagship projects achieving significant sales figures, such as the Guangzhou project with a transaction value of 8.601 billion and the Beijing project at 6.017 billion [8]. - In 2025, the company reported robust sales momentum in major cities, with projects in Shanghai and Guangzhou achieving record sales [8]. - The company aims to continue its commitment to the "People's City" concept and the national "Good House" initiative through innovation and quality construction [8][9].

Core Viewpoint - The initiative to recover idle land using local special bonds is expected to accelerate significantly by 2025, with various cities actively participating in land recovery efforts [1][6]. Group 1: Land Recovery Initiatives - As of February 11, 2024, over 160 parcels of land covering more than 6.8 million square meters have been announced for recovery in cities like Foshan, Huizhou, Zhuhai, Zhongshan, and Jiangmen, with a total proposed acquisition price exceeding 35 billion yuan [2][3]. - Huizhou leads with a proposed acquisition price of over 12 billion yuan, followed by Zhuhai at 6.65 billion yuan [2][3]. - The Guangzhou Land Development Center is utilizing promissory notes or deferred cash payments for land recovery, which does not strain government finances while revitalizing idle land [2]. Group 2: Financial Implications for Companies - The total area of undeveloped residential and commercial land nationwide is approximately 57.6 million square meters, valued at around 3.5 trillion yuan, indicating a potential funding requirement of about 1.4 trillion yuan for future land recovery [3][5]. - The recovery and repurposing of idle land could potentially drive an additional 1 trillion yuan in new real estate or infrastructure investment [3][5]. - Companies like China Resources Land and Yuexiu Property have seen significant land returns, with Yuexiu returning land worth over 13 billion yuan between August and November 2024 [4]. Group 3: Market Dynamics and Future Outlook - The "debt land recovery model" is expected to facilitate the efficient revitalization of idle land, positively impacting the balance of supply and demand in the land market [5][6]. - The initiative is seen as a key measure to stabilize and promote real estate development investment and new project starts by 2025 [6]. - Future improvements in related policies and operational guidelines are anticipated to further enhance the recovery pace and promote a healthier real estate market [6].

Core Viewpoint - Yuexiu Property announced the public sale of its wholly-owned subsidiary Guangzhou Hongcheng Development Co., Ltd. for approximately 1.092 billion RMB [1] Group 1 - The sale will accelerate the turnover of commercial properties, optimize cash flow management, and improve capital utilization efficiency [2]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has experienced a significant improvement in sales margins in October, although it faces pressure in achieving its annual sales target. For the period from January to October 2024, the company achieved sales of 91 billion yuan, a year-on-year decrease of 24.8%, completing 61.9% of its 2024 sales target of 147 billion yuan [1][4]. - The company is actively acquiring core land reserves and participating in land storage to revitalize assets. In the first ten months of 2024, the company added a total construction area of 1.95 million square meters in key cities such as Guangzhou, Beijing, and Shanghai, with a focus on high-quality land acquisition [2]. - The company’s financial condition remains stable, with a net debt ratio of 58.6% and a cash-to-short-term debt ratio of 1.53 times as of mid-2024, indicating a strong credit advantage [2]. Summary by Sections Sales Performance - In October 2024, the company achieved sales of 13.36 billion yuan, representing a year-on-year increase of 46.8% and a month-on-month increase of 85.3% [1]. Land Acquisition and Asset Management - The company has focused on acquiring land in core first- and second-tier cities, with 62% of the newly added land area located in Guangzhou, Beijing, and Shanghai. The company plans to transfer three plots of land to the Guangzhou Land Development Center for storage, with a total area of approximately 230,000 square meters and a total consideration of about 13.5 billion yuan [2]. Financial Performance - For the first half of 2024, the company reported revenue of 35.34 billion yuan, a year-on-year increase of 10.1%. However, the comprehensive gross margin decreased by 4.0 percentage points to 13.7%, and the net profit attributable to shareholders was 1.83 billion yuan, down 15.9% year-on-year [2]. - The company’s expected basic EPS for 2024-2026 has been revised down to 0.76, 0.91, and 0.95 yuan, respectively, with the current stock price corresponding to a PE ratio of 7.4, 6.2, and 5.9 times for the same period [3].

Investment Rating - The report assigns an "Overweight" (OW) rating to Yuexiu Property Co Ltd, indicating a favorable outlook compared to peers [1][3][5]. Core Insights - Yuexiu Property is expected to outperform its peers in sales, profitability, and dividend prospects due to its high-quality sellable resources and superior land reserve channels [1][5]. - The company has a strong financial position and low liquidity risk, supported by its state-owned enterprise (SOE) background [1][6]. - The report anticipates a target price of HKD 5.48, representing a potential upside of approximately 20% from the current price [5][6]. Summary by Sections Sales Growth and Land Reserves - Yuexiu Property has approximately RMB 330 billion in unsold sellable resources, with over 65% located in first-tier cities and more than 30% in second-tier cities [5][6]. - The company has maintained a land acquisition strategy that allows it to purchase land at lower costs, with 60% of its unsold resources acquired during a period of significant price adjustments in 2022 [5][6]. Financing and Liquidity - The company has maintained a net debt ratio of 60% and a cash coverage ratio of 1.5 times for short-term debt, indicating strong liquidity [1][6]. - Yuexiu Property benefits from a diversified financing capability, with an average financing cost of 3.57%, one of the lowest among its peers [6]. Management Incentives and Dividend Yield - The management has implemented equity incentive plans to align interests with shareholders, aiming for a stable dividend payout ratio of 40% [2][5]. - The expected dividend yield for 2024-2026 is projected to be between 7-9%, which is among the highest in the industry [2][5]. Valuation and Market Position - The report highlights that Yuexiu Property's current valuation appears attractive at 5.0 times the 2025 price-to-earnings ratio, compared to 5.1 times for its H-share SOE peers [5][6]. - The company is expected to increase its market share to 1.3% in 2024, up from 1.2% in 2023, positioning it among China's top ten developers [5][6].

Financial Performance - In the first half of 2024, the company achieved revenue of approximately RMB 35.34 billion, representing a year-on-year increase of 10.1%[9] - The gross profit margin was approximately 13.7%, a decrease of 4.1 percentage points year-on-year[9] - Profit attributable to equity holders was approximately RMB 1.83 billion, down 15.9% year-on-year[9] - Core net profit was approximately RMB 1.74 billion, a decline of 18.8% year-on-year[9] - The company recorded contracted sales of approximately RMB 55.4 billion, a year-on-year decrease of 33.8%[10] - The company achieved rental income of approximately RMB 297 million from commercial properties, a year-on-year increase of 41.3%[15] - The company’s service group reported revenue of approximately RMB 1.96 billion, a year-on-year increase of 29.7%, with community value-added service income rising by 61.2%[17] - The company’s cash and cash equivalents totaled approximately RMB 48.14 billion, an increase of 4.4% from the beginning of the year, with a net debt ratio of 58.6%[20] - The average borrowing cost decreased by 41 basis points year-on-year to 3.57%, with the average borrowing cost at the end of the period further declining to 3.47%[20] - Basic earnings per share for the first half of 2024 were RMB 0.4550, down from RMB 0.6345 in the same period of 2023[67] Sales and Market Position - In the Greater Bay Area, contracted sales amounted to approximately RMB 26.11 billion, accounting for 47.1% of total contracted sales[11] - The company maintained its leading market position in the Greater Bay Area and ranked 9th in the industry based on contracted sales[10] - The average contract sales price in the first half of 2024 was approximately RMB 29,500 per square meter, a year-on-year decrease of 12.7%[34] - The total contracted sales amount in East China was approximately RMB 12.88 billion, a year-on-year decrease of 30.9%, accounting for 23.2% of the group's total[39] - The group's contracted sales in the Central and Western regions amounted to approximately RMB 8.94 billion, a year-on-year decrease of 25.8%, representing 16.2% of the total[40] - In the Northern region, the group's contracted sales reached approximately RMB 7.47 billion, a year-on-year increase of 9.6%, accounting for 13.5% of the total[41] Land Acquisition and Development - The company acquired 12 new land parcels with a total construction area of approximately 1.72 million square meters, with 66% of the new land reserves obtained through a diversified acquisition model[13] - As of June 30, the company had total land reserves of approximately 25.03 million square meters, with 94% located in first-tier and key second-tier cities[14] - The company has ongoing construction projects with a total area of 6.34 million square meters in the Greater Bay Area[54] - The company is focusing on optimizing land reserve structure and regional layout[50] - The Greater Bay Area accounts for approximately 41.2% of the total land reserve, while the East China region accounts for 19.1%[50] Financial Management and Strategy - The company is committed to maintaining a prudent financial policy, ensuring compliance with the "three red lines" and managing liquidity risks effectively[30] - The company plans to continue optimizing its debt structure and managing interest rate risks in response to market changes[78] - The company is focused on managing foreign exchange risks and optimizing its debt structure in response to market fluctuations[80] - The company has taken measures to manage foreign exchange risk, with foreign currency borrowings accounting for about 18% of total borrowings[79] - The company is committed to enhancing its market position through strategic land acquisitions and development projects[50] Cash Flow and Liquidity - The company's cash flow from operating activities for the six months ended June 30, 2024, showed a positive trend, contributing to the overall financial stability[106] - The net cash generated from operating activities for the six months ended June 30, 2024, was RMB 6,130,253, a decrease of 45.1% compared to RMB 11,316,664 for the same period in 2023[107] - The total cash and cash equivalents at the end of the period were RMB 25,582,007, down from RMB 30,278,611 at the end of June 2023, reflecting a decrease of 15.5%[109] - The group’s total borrowings, including lease liabilities, reached RMB 111.1 billion as of June 30, 2024, reflecting a strategic approach to financing[197] - The group maintains a rolling budget for cash reserves, including unutilized borrowing facilities and cash equivalents, to manage liquidity needs effectively[192] Employee and Management Compensation - The total salary paid to employees for the six-month period ending June 30, 2024, was approximately RMB 1.632 billion, with a workforce of about 18,800 employees[82] - The total remuneration for key management personnel for the six months ended June 30, 2024, was RMB 4,956,000, a decrease from RMB 5,190,000 for the same period in 2023[176] - The company has implemented share incentive plans to align employee interests with those of shareholders, enhancing retention and performance[82] Future Outlook - The company anticipates a noticeable improvement in the Chinese economy by Q4 2024, supported by increased domestic policy efforts[80] - Future guidance indicates a strategic emphasis on mergers and acquisitions to drive growth and increase market share[106]