Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - Revenue growth is stable with consistent dividends, but profit margins and impairment losses have negatively impacted performance. In 2023, the company achieved operating revenue of 80.22 billion RMB, a year-on-year increase of 10.8%, while net profit attributable to shareholders was 3.19 billion RMB, down 19.4% year-on-year. The core net profit was 3.49 billion RMB, a decrease of 17.5% year-on-year. The company plans to distribute dividends of 1.4 billion RMB, maintaining a payout ratio of 40% of core net profit [11][12]. - Sales have shown positive growth for two consecutive years, with a strong investment focus on core cities. The total sales amount reached 142 billion RMB, a year-on-year increase of 14%, achieving 108% of the sales target. The company improved its national ranking to 12th, with sales in first-tier cities accounting for 62%, an increase of 10 percentage points from 2022 [19][21]. - The company has seen a significant increase in interest-bearing debt, with a total of 104.4 billion RMB at the end of 2023, up 18% year-on-year. The weighted average financing cost improved to 3.82%, falling below 4% for the first time [11][12]. - Profit forecasts indicate steady growth in sales and revenue, with net profit projected at 3.5 billion RMB and 4 billion RMB for 2024 and 2025, respectively, reflecting year-on-year increases of 10% and 14%. The report assigns a reasonable valuation of 0.6 times the net asset value at the end of 2023, translating to a target price of 9.14 HKD per share [11][12]. Summary by Sections Revenue Growth and Dividend Stability - In 2023, the company reported operating revenue of 80.22 billion RMB, a 10.8% increase year-on-year. However, net profit attributable to shareholders fell to 3.19 billion RMB, a 19.4% decline, with core net profit at 3.49 billion RMB, down 17.5% [11][12]. Sales Performance and Investment Focus - The company achieved total sales of 142 billion RMB, marking a 14% increase and surpassing its target by 8%. The sales in first-tier cities rose to 62%, reflecting a strategic focus on high-potential urban areas [19][21]. Debt and Financing Cost - Interest-bearing debt reached 104.4 billion RMB, an 18% increase from the previous year. The financing cost improved to 3.82%, indicating better financial management [11][12]. Profit Forecast and Valuation - Future profit estimates suggest a net profit of 3.5 billion RMB in 2024 and 4 billion RMB in 2025, with corresponding price-to-earnings ratios of 4.6x and 4.0x. The target price is set at 9.14 HKD per share based on a valuation of 0.6 times the net asset value [11][12].

Group 1: Company Performance - Yuexiu Property ranked 9th in the "2024 Comprehensive Strength Evaluation of Real Estate Development Enterprises," marking a rise of 5 places from the previous year and entering the top ten for the first time [1] - In 2023, Yuexiu Property achieved a contract sales amount of RMB 142 billion, a year-on-year increase of 14%, the highest growth rate among the top 20 real estate companies [1] - As of the end of 2023, Yuexiu Property's land reserves in first and second-tier cities accounted for 95%, enhancing its ability to navigate market cycles [1] Group 2: Strategic Focus - The company maintains a dual development strategy of commercial and residential properties, with a national presence in over 30 core cities [1] - Yuexiu Property emphasizes high-quality product development, integrating modern concepts such as green, low-carbon, and smart living into its projects [2][3] - The company has launched a series of high-end residential products targeting high-end consumers, showcasing its commitment to quality and innovation [3] Group 3: Financial Health - As of December 31, 2023, Yuexiu Property reported cash and cash equivalents totaling approximately RMB 46.1 billion, indicating strong liquidity [3] - The company's asset-liability ratio, net debt ratio, and cash short-term debt ratio were 67.4%, 57.0%, and 2.01 times, respectively, maintaining a "green" status under the "three red lines" policy [3] - Yuexiu Property's average borrowing cost decreased by 34 basis points year-on-year to 3.82%, positioning it favorably within the industry [3]

Investment Rating - The report maintains a "Buy" rating for the company [4]. 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 [1][3]. - The company has successfully expanded its sales, achieving a contract sales amount of 142 billion yuan in 2023, which is 107.6% of its annual target [1][2]. - The company has diversified its land acquisition channels, securing 28 new land parcels across 11 cities, with a total saleable resource of 130 billion yuan [2]. Financial Performance - The company's gross profit margin decreased to 15.3%, down by 5.2 percentage points, primarily due to low-margin projects and impairment provisions [1]. - The company’s total land bank reached 25.67 million square meters, with 95% located in first and second-tier cities [2]. - The company’s net debt ratio stands at 57.0%, with a cash-to-short-term debt ratio of 2.01 times, indicating strong liquidity [1]. Future Outlook - The company is expected to benefit from an improved competitive landscape and diversified land acquisition channels, which will support sales momentum and resilience [2]. - The report projects revenues for 2024, 2025, and 2026 to be 86.78 billion yuan, 92.70 billion yuan, and 99.27 billion yuan, respectively, with corresponding net profits of 3.29 billion yuan, 3.44 billion yuan, and 3.75 billion yuan [2][3].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][20]. Core Views - The company's operating performance remains stable, with a revenue of RMB 80.22 billion in 2023, representing a year-on-year increase of 10.8%. However, the net profit attributable to the parent company decreased by 19.4% to RMB 3.185 billion [6][9]. - The company achieved a contract sales amount of RMB 142.03 billion in 2023, a year-on-year increase of 13.6%, successfully completing 107.6% of its annual sales target, solidifying its leading position in the Greater Bay Area [6][10]. - The diversified land acquisition model has optimized the land reserve structure, with a total land reserve of approximately 25.67 million square meters, 95% of which is located in first- and second-tier cities [11][13]. - The "commercial and residential" strategy has been further advanced, with rental income from directly held commercial properties reaching RMB 490 million, a year-on-year increase of 49.7% [19][20]. - The company has strengthened its financial safety net, with cash and cash equivalents totaling approximately RMB 46.1 billion, an increase of 31.3% from the beginning of the year [7][19]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of RMB 80.22 billion, up 10.8% year-on-year, while net profit attributable to the parent company was RMB 3.185 billion, down 19.4% [6][9][10]. - The gross margin and net profit margin were 15.28% and 3.97%, respectively, down 5.17 percentage points and 1.49 percentage points year-on-year [6][9]. Sales and Market Position - The company recorded contract sales of RMB 142.03 billion in 2023, achieving 107.6% of its annual target and maintaining its leading market share in Guangzhou at 17.2% [6][10][19]. - The sales performance in different regions showed a 20% increase in the Greater Bay Area, while sales in East China decreased by 13% [10][19]. Land Acquisition and Development Strategy - The company utilized a "6+1" diversified land acquisition model, adding 28 plots of land across 11 first- and second-tier cities, totaling approximately 4.91 million square meters [11][13]. - The total land reserve as of the end of 2023 was approximately 25.67 million square meters, with 12.9% allocated to Transit-Oriented Development (TOD) projects [11][13]. Commercial Operations - The rental income from commercial properties increased by 49.7% to RMB 490 million, while the revenue from the Yuexiu Property Fund rose by 11.4% to RMB 2.09 billion [19][20]. - The company’s service segment, holding 66.92% of Yuexiu Services, achieved revenue of RMB 3.22 billion, a year-on-year increase of 29.7% [19][20]. Financial Health - As of December 31, 2023, the company had cash and cash equivalents of approximately RMB 46.1 billion, with a debt-to-asset ratio of 67.4% and a net debt ratio of 57.0% [7][19]. - The average borrowing cost decreased by 34 basis points to 3.82% for the year [7][19].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved revenue of 80.2 billion RMB in 2023, a year-on-year increase of 10.8%, but the core net profit decreased by 17.5% to 3.49 billion RMB due to declining gross margins and investment property valuation losses [2][3] - Despite a challenging market, the company has maintained a strong sales performance, with a sales target of 147 billion RMB for 2024, representing a 3.5% increase from 2023 [2][3] - The company has actively adjusted its land reserves, focusing on core cities in East China and Central-West regions, with a total land reserve area of 25.67 million square meters as of the end of 2023 [2][3] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 80.2 billion RMB, with the real estate development segment contributing 75.2 billion RMB, a 9.4% increase year-on-year [2] - The gross margin declined by 5.2 percentage points to 15.3% due to low-margin project turnover and inventory impairment provisions of 1.57 billion RMB [2] - The company’s total debt was 104.4 billion RMB at the end of 2023, with a net debt ratio of 57% and a cash-to-short-term debt ratio of 2.01 times, indicating a stable financial position [2][3] Sales and Market Position - The company achieved sales of 142 billion RMB in 2023, a 13.6% increase, with significant growth in the Greater Bay Area and Central-West regions [2] - In Q1 2024, the company recorded a sales figure of 21.7 billion RMB, ranking 10th in the market despite a 50.1% year-on-year decline [2][3] - The company’s sales growth is diversified across multiple regions, with a strong focus on the Greater Bay Area [2] Land Reserves and Strategy - The company added 4.91 million square meters of land reserves in 2023, with a focus on 11 cities, particularly in East China and Central-West regions [2] - As of the end of 2023, the company’s total land reserve area was 25.67 million square meters, with 42% located in the Greater Bay Area [2][3] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2024 and 2025 have been adjusted to 0.89 RMB and 1.03 RMB respectively, with a new estimate for 2026 at 1.12 RMB [3] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 4.1 for 2024, indicating a favorable valuation given the company’s strong market position and financial health [3]

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 ...