Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company reported a steady growth in revenue with a 10.8% year-on-year increase, achieving a total revenue of 802.2 billion RMB in 2023. However, the net profit attributable to shareholders decreased by 19.4% to 31.9 billion RMB due to declining settlement profit margins and losses from investment properties [5][6] - The company has a strong cash position, with cash on hand increasing by 34.0% year-on-year to 29.3 billion RMB, and a sales target of 147 billion RMB for 2024, representing a 3.5% increase from the previous year [5][6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 802.2 billion RMB, a 10.8% increase from the previous year. The net profit attributable to shareholders was 31.9 billion RMB, down 19.4% year-on-year, while core net profit decreased by 17.5% to 34.9 billion RMB [5][6][9] - The gross margin for 2023 was 15.3%, a decline of 5.1 percentage points compared to the previous year. The company’s net profit margin, attributable net profit margin, and core net profit margin were 5.7%, 4.0%, and 4.4%, respectively, all showing a year-on-year decline [5][6][9] Sales and Market Position - The company exceeded its 2023 sales target, achieving a sales volume of 1,420.3 billion RMB, a 13.6% increase year-on-year. The average selling price was 31,911 RMB per square meter, up 5.7% year-on-year [5][6][17] - The company maintained its leading position in the Greater Bay Area and Guangzhou, with sales in the Greater Bay Area reaching 716.0 billion RMB, a 20.0% increase year-on-year [5][6][17] Land Acquisition and Development - The company focused on land acquisition in core first- and second-tier cities, adding 28 plots of land in 11 cities in 2023, with a total land reserve of 2,567 million square meters [5][6][19] - The company’s land acquisition methods included public bidding, cooperation, and land leasing, with public bidding accounting for 48% of the new land acquired [5][6][19] Financial Health - The company’s total assets reached 401.2 billion RMB by the end of 2023, with total liabilities of 299.0 billion RMB, resulting in a debt-to-equity ratio of 73.5% [5][6][23] - The weighted average financing cost decreased to 3.82% in 2023, with a cash-to-short-term debt ratio of 1.27X, indicating a strong liquidity position [5][6][15][12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [2][3]. Core Insights - The company's 2023 performance met expectations, with revenue of 80.22 billion yuan, a year-on-year increase of 10.8%. However, the gross margin decreased by 5.1 percentage points to 15.3% due to lower-than-expected project prices and impairment provisions of approximately 1.57 billion yuan for development and held-for-sale properties. The net profit attributable to shareholders was 3.19 billion yuan, down 19.4% year-on-year [1][2]. - The sales target for 2024 is set at 147 billion yuan, reflecting a year-on-year growth of approximately 3.5%. The company achieved a contract sales amount of 142 billion yuan in 2023, exceeding its target by 7.6% [1][2]. - The company actively increased its land reserves, adding 4.91 million square meters in 2023, all located in first-tier and key second-tier cities. This includes a diverse approach to land acquisition, with 53% through methods such as TOD, industrial land purchases, state-owned enterprise cooperation, and urban renewal [1][2]. - Urban renewal projects are expected to commence a supply cycle in 2024, with significant projects in Guangzhou and Shanghai contributing to future sales [1][2]. - Financing costs have been optimized, with the weighted average borrowing cost decreasing by 34 basis points to 3.82% by the end of 2023. All three red line indicators remain in the green zone [1][2]. Financial Summary - For 2023, the company reported a core net profit of 3.49 billion yuan, a decrease of 17.5% year-on-year. The projected core net profits for 2024 and 2025 are 3.25 billion yuan and 3.66 billion yuan, respectively, indicating a recovery in 2025 with a growth of 12.7% [2][6]. - The gross margin is expected to decline to 13.2% in 2024, with a gradual recovery to 13.9% by 2026. The return on equity (ROE) is projected to improve from 5.7% in 2023 to 6.5% in 2026 [2][6]. - The company plans to distribute a dividend of 0.38 Hong Kong dollars per share for 2023, with a dividend payout ratio of 40% [1][2].

[Table_StockInfo] 买入 2024年 03月 28日 （维持） 证券研究报告•2023年业绩公告点评 当前价： 4.22港元 越秀地产（0123.HK） 房地产 目标价： ——港元 合同销售逆势增长，商业双平台稳健运营 投资要点 西南证券研究发展中心 [T ab财le务_S优u势mm突a出ry，] 借贷成本持续优化。2023年公司实现收入802.2亿元，同比上 [分Ta析bl师e_：Au池th天or惠] 升 10.8%；毛利率 15.3%，同比下降5.1个百分点；核心净利润34.9亿元，同 执业证号：S1250522100001 比下降17.5%。公司债务结构持续优化，融资渠道多元化，2023年公司境内成 电话：13003109597 功发行 69亿元公司债券，加权平均借贷年利率 3.37%，境外发行自贸区债 34 邮箱：cth@swsc.com.cn 亿元，加权平均借贷年利率3.92%；境外发行首单点心债12.1亿元；年内加权 分析师：刘洋 平均借贷年利率为3.82%，同比下降34pp。期末剔除预收款后的资产负债率、 执业证号：S1250523070005 净借贷比率和现金短债比分别为67 ...

越秀地产（00123.HK）2023年年报点评 营收双位数增长，商品房销售及土地拓展数据亮眼 2024年03月27日 ➢ 营收规模同比两位数增长，净利润受市场影响下降。2023 年公司实现营业 推荐 维持评级 收入802.2亿元，同比增长10.8%；公司2023年获得核心净利润34.9亿元， 当前价格： 4.22港元 同比下降17.5%，公司2023年主要结算2021年下半年及2022年获取的项目， 在此期间房地产市场仍处于波动阶段，房价尚未企稳，或是出现核心净利润两位 [Table_Author] 数下降的原因；公司2023年实现毛利率15.3%，同比下降5.1个百分点，可能 系销售和营销成本同比上升所致。 ➢ 公司2023年全年销售金额增速超两位数，大湾区持续深耕。2023年公司 实现 1420.3 亿元的销售金额，同比上升 13.60%，而根据克而瑞研究院数据， TOP100房企销售金额的同比下降16.5%。得益于全国化进程加速，2023年公 司在大湾区实现合同销售金额约为人民币716.0亿元，同比上升20.0%，在广州 分析师 李阳 实现合同销售金额约为人民币613.2亿元，同比上升15.3%。 执业 ...

证券研究报告·海外公司点评·地产(HS) 越秀地产（00123.HK） 2023 年业绩公告点评：超额完成销售目标， 2024 年 03月 27日 深化 TOD 全国布局 证券分析师 房诚琦 买入（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 白学松 执业证书：S0600523050001 营业收入（百万元） 72,502 80,222 88,966 96,884 101,825 baixs@dwzq.com.cn 同比 26.36% 10.83% 10.72% 8.90% 5.10% 证券分析师 肖畅 归母净利润（百万元） 3,953 3,185 3,354 3,491 3,577 执业证书：S0600523020003 同比 10.15% -19.43% 5.31% 4.08% 2.44% xiaoc@dwzq.com.cn EPS-最新摊薄（元/股） 0.98 0.79 0.83 0.87 0.89 P/E（现价&最新摊薄） 4.06 5.0 ...

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. ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][9]. Core Views - The company achieved a revenue of 80.22 billion yuan in 2023, representing a year-on-year growth of 10.8%, while the net profit attributable to shareholders decreased by 19.4% to 3.19 billion yuan [3][4]. - The decline in net profit is attributed to a decrease in gross margin, which fell by 5.1 percentage points to 15.3% in 2023, alongside a loss of 1.348 billion yuan from changes in the fair value of investment properties [3][4]. - The company’s contract sales reached 142 billion yuan, up 13.6% year-on-year, outperforming the average decline of 18% among the top 30 real estate companies [3][4]. - The company has diversified its land acquisition channels, adding 28 new projects in key cities, with a total saleable value of approximately 130 billion yuan [3][4]. Summary by Sections Financial Performance - Revenue for 2023 was 80.22 billion yuan, with a growth rate of 10.8% compared to 2022 [7]. - Net profit attributable to shareholders was 3.19 billion yuan, reflecting a decline of 19.4% [7]. - The gross margin decreased to 15.3%, down from the previous year [3][7]. Sales and Market Position - The company achieved contract sales of 142 billion yuan, a 13.6% increase year-on-year, completing 107.6% of its sales target for 2023 [3][4]. - In the Greater Bay Area, contract sales amounted to 71.6 billion yuan, with Guangzhou contributing 61.3 billion yuan, maintaining the top position in the market [3][4]. Land Acquisition and Development - The company utilized a "6+1" model for land acquisition, securing 28 new projects across 11 cities, with a total construction area of 4.91 million square meters [3][4]. - The company’s land acquisition through TOD and urban renewal channels accounted for 53% of new projects [3][4]. Financial Stability - As of the end of 2023, the company maintained a healthy financial status with key financial ratios remaining in the green zone [3][4]. - The weighted average financing cost decreased to 3.82%, down 34 basis points from 2022 [3][4].

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 ...