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 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]

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 ...

Group 1 - The core viewpoint of the news is that Yuexiu Property is focusing on precise investment strategies for 2025, emphasizing "steady investment" and "sales-driven investment" while targeting core cities and regions for land acquisition [1] - The company has set an equity investment budget of 30 billion yuan for the beginning of the year, which will be dynamically adjusted based on strategic development requirements and market changes [1] - In 2024, Yuexiu Property's total equity investment reached 29.46 billion yuan, with over 80% allocated to first-tier cities, specifically 9.3 billion yuan in Beijing, 6.9 billion yuan in Shanghai, and 8.16 billion yuan in Guangzhou [1] Group 2 - A market analyst noted that the top ten real estate companies are heavily invested in first-tier cities, but sustained success requires three key advantages: ample cash reserves, strong product capabilities, and a well-established land acquisition-sales cycle [2] - The analyst emphasized that having affordable financing and proven product lines are essential for continuous development in first-tier cities [2] - The importance of a sustainable cycle of using operational profits for reinvestment in development was highlighted as a critical factor for success in the competitive market [2]

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]