Core Insights - Yuexiu Property (0123.HK) reported a revenue of approximately 86.4 billion yuan for 2024, representing a year-on-year increase of 7.7%, while the net profit attributable to equity holders decreased by 67.3% to approximately 1.04 billion yuan [1] - The company achieved a total contracted sales of approximately 114.54 billion yuan in 2024, a decline of 19.4% compared to the previous year, and did not meet its initial target of 147 billion yuan for the year [1] - For 2025, Yuexiu Property set a sales target of 120.5 billion yuan, indicating a growth of 5.2% from 2024 [1] Financial Performance - The gross profit margin for 2024 was approximately 10.5%, a decrease of 4.8 percentage points year-on-year [1] - The core net profit for 2024 was approximately 1.59 billion yuan, down 54.4% year-on-year [1] - The company reported a cash inflow from operating activities of 21.73 billion yuan, significantly up from 8.35 billion yuan in 2023 [4] Land Acquisition and Inventory - In 2024, Yuexiu Property acquired 24 new land parcels across 8 cities, totaling approximately 2.71 million square meters, all located in first and second-tier cities [1][3] - As of the end of 2024, the total land reserve was approximately 19.71 million square meters, with 96% located in first and second-tier cities [1] - The company’s land reserve in first-tier cities accounted for 42.9% of the total [3] Sales and Market Strategy - The average contract sales price for 2024 was 29,200 yuan per square meter, with a total recognized sales amount of 80.8 billion yuan [3] - In the first two months of 2025, the company achieved a contract sales amount of approximately 12.83 billion yuan, reflecting a year-on-year increase of 23.8% [3] - The company emphasized a flexible marketing strategy to address market pressures, focusing on inventory reduction and digital marketing initiatives [2] Investment and Financial Health - Yuexiu Property completed equity investments totaling 29.46 billion yuan in 2024, with significant investments in Beijing, Shanghai, and Guangzhou [2] - The company maintained a cash reserve of approximately 50 billion yuan at the end of 2024, an increase of 8.6% from the beginning of the year [4] - The company’s financial metrics remained healthy, with a debt-to-asset ratio of 68.1% and a net gearing ratio of 51.7% [4] Operational Efficiency - The company established a production management center to enhance operational efficiency and asset utilization [5] - The chairman indicated a focus on maintaining positive operating cash flow and reducing financing costs while ensuring financial stability [5]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Insights - The company reported a main business revenue of 86.4 billion RMB in 2024, representing a year-on-year growth of 7.7%. However, the net profit attributable to shareholders decreased by 67.3% to 1.04 billion RMB, primarily due to a decline in settlement profit margins and increased impairment losses [4][7] - The company aims for a sales target of 120.5 billion RMB in 2025, reflecting a 5.2% increase from the actual sales in 2024 [7] Financial Performance - The company's main business revenue is projected to grow from 86.4 billion RMB in 2024 to 91.7 billion RMB in 2025, with a growth rate of 6.14% [6] - The net profit attributable to shareholders is expected to decline to 956 million RMB in 2025, with a year-on-year decrease of 8.08% [6] - The company’s diluted earnings per share (EPS) for 2025 is estimated at 0.24 RMB, with a corresponding price-to-earnings (P/E) ratio of 20.94 times [6] Sales and Market Position - In 2024, the company achieved a sales volume of 114.5 billion RMB, marking a 19.4% decrease year-on-year, but it ranked 8th among real estate companies, entering the top 10 for the first time [7][28] - The average selling price in 2024 was 29,206 RMB per square meter, down 8.5% from the previous year [33] Land Acquisition and Development - The company focused on acquiring land in core first and second-tier cities, with over 70% of new land reserves located in first-tier cities [7] - In 2024, the company acquired 24 plots of land across 8 cities, with a total land reserve of 271 million square meters, a decrease of 44.8% year-on-year [7] Financial Health - As of the end of 2024, the company had cash and cash equivalents of 29.7 billion RMB, a year-on-year increase of 1.6% [25] - The company’s total interest-bearing debt was 103.89 billion RMB, a slight decrease of 0.5% year-on-year, with a net debt ratio of 71.3% [19][23]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.85 [8][9]. Core Views - The company reported a revenue of RMB 86.4 billion for 2024, a year-on-year increase of 8%, but a significant decline in net profit attributable to shareholders of RMB 1.04 billion, down 67% year-on-year, which aligns with the earnings forecast [1][2]. - The decline in profitability is attributed to a decrease in gross margin from project handovers and inventory impairment, but there is optimism for recovery as the real estate sector stabilizes [1][2]. - The company’s sales revenue for 2024 was RMB 114.5 billion, a decrease of 19% year-on-year, but it outperformed the top 100 companies in the sector, which saw a 31% decline [3][4]. Summary by Sections Financial Performance - The company’s gross margin decreased by 4.8 percentage points to 10.5%, primarily due to a 5.4 percentage point drop in the gross margin of project handovers to 9.2% [2]. - The company recorded an inventory impairment of RMB 2.27 billion, an increase of RMB 700 million year-on-year [2]. - The total unsold resources at the end of 2024 were RMB 170 billion, down 15% year-on-year, but still more than double the amount expected to be recognized in 2024 [2]. Sales and Land Acquisition - The company’s land acquisition amount decreased by 21% to RMB 38.6 billion, with a land acquisition intensity of 34% [3]. - The company aims to achieve a sales target of RMB 120.5 billion for 2025, a 5% increase year-on-year, supported by a robust land reserve primarily located in first and second-tier cities [3][4]. Financing and Cost Structure - The company’s interest-bearing debt remained stable, with a cash-to-short-term debt ratio of 2.1x and a financing cost reduction of 33 basis points to 3.49% [4]. - The company successfully activated funds of RMB 13.5 billion through land acquisitions in Guangzhou, indicating a focus on optimizing existing projects [4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are RMB 0.25, RMB 0.27, and RMB 0.34 respectively, reflecting a significant downward adjustment of 69% and 70% from previous estimates [5][21]. - The report shifts the valuation method from price-to-earnings (PE) to price-to-book (PB), with a target PB of 0.46x for 2025, leading to a target price of HKD 6.85 [5][21].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The new housing transaction area has shown a month-on-month increase, indicating a potential recovery in the real estate market [3] - The sales decline is continuing to narrow, with land transaction volumes decreasing, which is suppressing new construction momentum [3] - The first quarter of 2025 has seen a preliminary stabilization in sales, supported by more proactive fiscal policies and moderately loose monetary policies [8] Summary by Sections Sales Performance - In the first three months of 2025, the top 100 real estate companies reported a total sales amount of 784.67 billion yuan, a year-on-year decrease of 7.3%, with a cumulative equity sales area of 57.67 million square meters, down 5.0% year-on-year [5] - The average sales price for the top 100 companies was 19,960.6 yuan per square meter [5] - The sales performance among different tiers of companies showed low differentiation, with the top 10, 50, and 100 companies experiencing year-on-year sales declines of 8.4%, 7.1%, and 7.3% respectively [6] Company Insights - Poly Development maintained the highest sales scale in the first quarter, with a total sales amount of 63 billion yuan, showing a slight year-on-year increase of 0.2% [7] - China Overseas Property experienced a significant year-on-year sales decline of 22.9% [7] - Companies like Yuexiu Property and Huafa achieved impressive sales growth, with year-on-year increases of 42.0% and 44.8% respectively [7] Investment Recommendations - Recommended companies include those with strong fundamentals in urban areas and those capable of capturing the demand from improvement-type customers, such as Greentown China, China Overseas Development, and China Jinmao [8] - Companies benefiting from both residential and commercial real estate recovery include New City Holdings and Longfor Group [8] - The second-hand housing transaction scale and penetration rate are expected to continue rising, indicating a promising outlook for the real estate after-service market [8]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company is expected to improve sales while actively optimizing its land reserve structure. Despite a decline in net profit, revenue is projected to grow, indicating a focus on operational efficiency and market positioning [4][7]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 86.4 billion yuan, a year-on-year increase of 7.7%. However, the net profit attributable to shareholders was 1.04 billion yuan, reflecting a significant decline of 67.3% [4]. - The gross profit margin decreased by 4.8 percentage points to 10.5% in 2024, impacting overall profitability [7]. Sales and Market Strategy - The company aims for a sales target of 120.5 billion yuan in 2025, representing a growth of 5.2%. The contract sales for the first two months of 2025 reached 12.83 billion yuan, up 23.8% year-on-year [7]. - The company has a marketable inventory valued at approximately 235.4 billion yuan, with a focus on first-tier and key second-tier cities for land acquisitions [7]. Financial Health - The company completed equity investments of 29.46 billion yuan in 2024, with 82.7% of the new land reserves located in major cities like Beijing, Shanghai, and Guangzhou [7]. - The company maintains a healthy financial status, with a debt-to-asset ratio of 74.6% and an average borrowing cost of 3.49% [1][7]. Future Projections - Revenue is expected to continue growing, with projections of 94.2 billion yuan in 2025 and 102.2 billion yuan in 2026, reflecting a compound annual growth rate of approximately 8% [6][10]. - The earnings per share (EPS) forecast for 2025 is adjusted to 0.27 yuan, with a price-to-earnings (P/E) ratio of 18.0 times [7][10].

Core Viewpoint - Yuexiu Property has gained significant attention recently due to strong sales performance and strategic product launches in major cities like Beijing and Shanghai, indicating a robust market position and growth potential [1][4]. Group 1: Sales Performance - In the past week, Yuexiu Property achieved a remarkable sales figure of 152 billion yuan from two projects in Beijing, with over 1,000 units sold, marking a significant impact on the local market [1]. - For the fiscal year 2024, Yuexiu Property reported a revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, with a core net profit of 1.59 billion yuan and a total contract sales amounting to 114.54 billion yuan, ranking 8th in the industry [1][6]. - The company’s sales in first-tier cities contributed over 50% of total sales, with Guangzhou being the largest market at 43.37 billion yuan, followed by Beijing and Shanghai [3][4]. Group 2: Product Strategy - Yuexiu Property has established product strength as a core competitive advantage, launching 16 product standards that have been well-received in the market [4]. - The "4+X" product system has shown strong sales performance, with notable projects achieving top sales rankings in their respective cities [4][5]. - The company aims to enhance its product offerings to ensure they are desirable to customers and competitive within the industry [8]. Group 3: Financial Health - Yuexiu Property maintains a strong financial position with over 50 billion yuan in cash reserves, reflecting a healthy cash flow and operational efficiency [6]. - The company has consistently remained in the "green" zone of the "three red lines" policy, indicating a stable financial structure and low debt levels [6]. - As of the end of 2024, the company’s interest-bearing debt was reduced to 103.89 billion yuan, with a low financing cost of 3.49%, positioning it favorably within the industry [6]. Group 4: Future Outlook - For 2025, Yuexiu Property has set a sales target of 120.5 billion yuan, representing a growth of 5.2%, supported by anticipated government policies aimed at stabilizing the market [7][8]. - The company plans to focus on quality sales, inventory reduction, and maintaining positive cash flow while optimizing its investment strategies [8]. - Yuexiu Property's strategic approach and emphasis on product quality and operational efficiency are expected to provide a valuable reference for other leading firms in the industry [8].

Investment Rating - The report maintains a "Buy" recommendation for Yuexiu Property (0123.HK) [1] Core Views - The company is expected to improve sales while actively optimizing its land reserve structure [1][7] - In 2024, the company achieved revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, but the net profit attributable to shareholders decreased by 67.3% to 1.04 billion yuan [4][6] - The company aims for a sales target of 120.5 billion yuan in 2025, representing a year-on-year growth of 5.2% [7] Financial Performance - Revenue and profit projections for the upcoming years are as follows: - 2024: Revenue of 86.4 billion yuan, net profit of 1.04 billion yuan - 2025: Revenue of 94.2 billion yuan, net profit of 1.09 billion yuan - 2026: Revenue of 102.2 billion yuan, net profit of 1.14 billion yuan - 2027: Revenue of 110.4 billion yuan, net profit of 1.18 billion yuan [6][9] - The gross margin is projected to decline to 10.5% in 2024, down from 15.3% in 2023 [6][10] Land Acquisition and Financial Strategy - In 2024, the company completed equity investments of 29.46 billion yuan, with 100% of new land reserves located in first-tier and key second-tier cities [7] - The company maintains a healthy financial status, with a debt-to-asset ratio of 74.6% and an average borrowing cost of 3.49% [1][7] Market Position and Outlook - As a local state-owned enterprise in the Greater Bay Area, the company is positioned to expand its market share during the industry downturn, leveraging its financing advantages and diversified land acquisition strategies [7] - The report suggests that despite the ongoing industry adjustments, the company has the potential for growth due to its financial strengths and land reserve optimization [7][8]

Core Viewpoint - Yuexiu Property achieved a revenue of 86.4 billion yuan in 2024, marking a year-on-year growth of 7.7% and maintaining a healthy financial status with a net operating cash flow of 21.73 billion yuan and cash reserves of 50.05 billion yuan, up 8.6% from the beginning of the year [1][2] Financial Performance - The company’s interest-bearing debt was reduced to 103.89 billion yuan by the end of 2024, with short-term debt accounting for only 22% [1] - The weighted average financing cost for bonds issued domestically was 2.61%, while the overall weighted financing cost for the year decreased to 3.49%, positioning the company at a low level within the industry [1] Business Strategy - The company emphasizes sustainable growth driven by internal cash flow rather than relying solely on financing, showcasing a consistent positive operating cash flow over the years [1] - Yuexiu Property is recognized as a representative of high-quality development in the industry, focusing on "precise investment + high-quality turnover" to strengthen its presence in core cities like Beijing, Shanghai, and Guangzhou [1][2] Market Positioning - The company implemented a "one strategy, one plan" marketing approach to solidify its leading position in the Greater Bay Area and Guangzhou markets, achieving a top 10 market share in Beijing and a top 5 position in Hangzhou for 2024 [2] Operational Efficiency - A new production management center was established to integrate various departments, enhancing the agility of the production system and improving asset and turnover efficiency [2] - The company aims to eliminate ineffective costs through lean management, thereby enhancing profitability [2] Future Outlook - For 2025, the company plans to maintain positive operating cash flow, continue reducing financing costs, and ensure compliance with the "three red lines" policy to enhance financial health and liquidity [2]

本公告乃根據上市規則第13.18條之規定而作出。 本公告乃由越秀地產股份有限公司（「本公司」）董事會根據香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.18條之披露規定而作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就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之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 公 告 公司秘書 香港，二○二五年三月三十一日 於本公告刊發日期，董事會成員包括： 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 非執行董事： 張貽兵及蘇俊杰 於二○二五年三月三十一日，本公司（作為借款人）與一家銀行（「貸款人」）訂立一份融資協議 （「融資協議」），據此，貸款人在融資協議的條款及條件之規限下提供 200,000,000港元之循環 貸款融資，貸款期由融資協議日期起計364天。 融資協議規定，倘本公司之控股股東越秀企業（集團）有限公司（「越秀企業」）於本公司已發行 之具投票權股份中持有少於30%之直接或間接權益，或倘越秀企業不再是 ...

t 1 - 1 - N'EDDER 对于房地产的走势，林昭远认为持续用力推动房地产市场的止跌回稳，这是一个总基调，从一二月份的情况看，所有的案场、看房人流在大幅度的提升，可 以看到市场的信心应该在恢复之中，我们预判今年会达到一个触底的过程。 谈及"好房子"政策对于二手房市场的影响，他认为按照目前的存量和从二手房的角度看，确实会带来一定压力，但是影响很有限，因为落实"好房子"的城市 数量目前还比较少。 t 29 SP 成功能 are P and delivery of pp r free 7-7 200 11 - 12 1000 a 11 83 also de r 89 ry IT 出品 | 搜狐地产&焦点财经 作者 | 王泽红 3月31日，越秀地产（00123.HK）召开2024年业绩发布会，董事长及执行董事林昭远、副董事长及执行董事朱辉松、联席总经理及执行董事江国雄、财务总 监曾志钊、总经理助理 姜永进等高管出席。 年报显示，越秀地产去年实现864亿元营业收入，同比增长7.7%；核心净利润为15.9亿元，归母净利润保持在10.4亿元；合同销售额为1145.4亿元，在行业排 名位居第8位。 具体来看，一二线城 ...