Investment Rating - The report maintains an "Outperform" rating for the company [4][15]. Core Views - The company demonstrates strong financial performance with a leading profit scale and an increased dividend payout ratio. In the first half of 2024, the company achieved a main business revenue of 86.94 billion yuan, a year-on-year decrease of 2.5%. The net profit attributable to shareholders was 10.31 billion yuan, with a core net profit of 10.64 billion yuan. The board announced an interim dividend of 0.30 HKD per share, increasing the payout ratio by 4 percentage points to 28.3% [6][8]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a main business revenue of 86.94 billion yuan, with real estate development revenue at 82.04 billion yuan (down 3.24% year-on-year), commercial property operation revenue at 3.54 billion yuan (up 19.78% year-on-year), and other business revenue at 1.36 billion yuan (down 4.08% year-on-year). The net profit attributable to shareholders was 10.31 billion yuan, with a core net profit of 10.64 billion yuan [6][8]. Sales Performance - The company achieved a contracted property sales amount of 148.38 billion yuan in the first half of 2024, a year-on-year decrease of 17.65%. The sales floor area was 5.44 million square meters, down 32.34% year-on-year. In first-tier and strong second-tier cities, the company realized contracted sales of 107.5 billion yuan, accounting for 83% of the total [8][11]. Land Acquisition and Investment - In the first half of 2024, the company acquired 6 plots of land with a total construction area of 1.17 million square meters and a total land price of 12.89 billion yuan. The investment in first-tier cities accounted for 67% of the total land acquisition amount [11][12]. Commercial Operations - The company reported commercial property revenue of 3.54 billion yuan in the first half of 2024, a year-on-year increase of 19.8%. The revenue from office buildings was 1.76 billion yuan, shopping centers contributed 1.11 billion yuan, long-term rental apartments generated 120 million yuan, and hotels and other commercial properties brought in 550 million yuan [12][13]. Financial Stability - As of the end of the first half of 2024, the company had a net current asset value of 376.08 billion yuan, a current ratio of 2.4 times, and a net debt ratio of 38.7%. The average financing cost was 3.5%, among the lowest in the industry. The company’s credit rating was upgraded from BBB+/Stable to A-/Stable by S&P Global [13][14].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 11.64, maintaining the rating for the next six months [6]. Core Viewpoints - The company demonstrated resilience in its performance despite industry fluctuations, with a revenue of CNY 86.94 billion for H1 2024, a decrease of 2.49% year-on-year, and a net profit of CNY 10.31 billion, down 23.6% year-on-year [1][2]. - The company maintains a strong financial position, with a net debt ratio of 38.7% and cash reserves of CNY 100.24 billion, leading to an upgrade in its credit rating by S&P from "BBB+/Stable" to "A-/Stable" [3]. - The company is focusing on cash flow management and has increased its dividend payout ratio to 28%, reflecting a commitment to shareholder returns [1][3]. Summary by Sections Financial Performance - For H1 2024, the company reported a revenue of CNY 86.94 billion, a decrease of 2.49% year-on-year, and a net profit of CNY 10.31 billion, down 23.6% year-on-year. The gross margin was 22.1%, a decline of 0.5 percentage points from the same period in 2023 [1]. - The company proposed an interim dividend of HKD 0.30 per share, with a payout ratio of 28%, an increase of 2.4 percentage points from the previous year [1]. Sales and Land Acquisition - The company's contracted sales for H1 2024 amounted to CNY 148.38 billion, a decrease of 17.7% year-on-year, with a sales area of 5.44 million square meters, down 32.3% year-on-year. The average selling price increased by 21.7% year-on-year to CNY 27,276 per square meter [2]. - The company acquired land in four cities, adding 117,000 square meters of land with a total land cost of CNY 12.89 billion, maintaining a focus on first and second-tier cities [2]. Financial Strength - The company maintains a prudent financial strategy, with all three red lines remaining in the "green" zone. The weighted average financing cost is 3.5%, among the lowest in the industry [3]. - The company has no maturing offshore debt for 2024 after repaying CNY 11.34 billion in Hong Kong dollar loans and CNY 4.99 billion in US dollar guaranteed notes [3]. Commercial Property Performance - The company's commercial property revenue reached CNY 3.54 billion for H1 2024, a year-on-year increase of 19.8%, with shopping center revenue growing by 57.6% [4]. - The occupancy rate for shopping centers reached 96.6%, indicating improved operational efficiency [4]. Investment Recommendations - The company shows strong performance resilience, leading the industry in sales, with quality land reserves and significant financial and financing advantages. The adjusted net profit forecasts for 2024 and 2025 are CNY 23.06 billion and CNY 26.67 billion, respectively, with a new forecast for 2026 at CNY 28.99 billion [4].

2024 年 08 月 29 日 中国海外发展 (00688) ——业绩有所下行，销售、拿地聚焦一二线 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 24H1 营收同比-2.5%，归母净利润同比-24%，低于预期，分红率提升。2024H1，公司 营收 869 亿元，同比-2.5%；归母净利润 103.1 亿元，同比-23.5%，低于市场预期；核心 归母净利润 106.4 亿元，同比-23.0%；基本每股收益 0.94 元，同比-23.5%；毛利率和归 母净利率分别为 22.1%和 11.9%，同比分别-0.5pct 和-3.3pct。销售及管理费用率仅 3.9%， 同比+0.1pct。公司业绩下降，主要源于：1）公司结转规模有所下降，以及结转毛利率下 降；2）少数股东损益 12.1 亿元，同比+68%；3）投资物业公允价值变动收益 0.1 亿元， 23 年同期为 23.2 亿元。至 24H1 末，公司已售未结转金额 2,541 亿元，较 23 年末+7.1%， 已售未结转金额可覆盖 23 年营收 1.25 倍，助力公司后续业绩稳定。此外，公司拟每股派 中期股息 30 港仙，占比核心归母净利润 28 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][16]. Core Views - The company reported a 23.5% decline in net profit attributable to shareholders, with a revenue of 86.9 billion yuan, down 2.5% year-on-year. The core net profit, excluding foreign exchange gains and property revaluation, was 10.6 billion yuan, also down 23% [5][11]. - Despite the decline in overall sales amounting to 148.4 billion yuan (down 17.6%), the company maintained a leading position in the industry with a sales area of 5.44 million square meters, down 32.3%. The average selling price increased by 21.7% to 27,279 yuan per square meter, driven by strong performance in first-tier cities [8][11]. - The company has a solid financial position with a gross margin of 22.1%, a debt-to-asset ratio of 50.0%, and a net debt ratio of 38.7%. The average financing cost was 3.5%, with a significant portion of loans in RMB [11][13]. Financial Performance and Forecast - The company is expected to achieve revenues of 221.6 billion yuan and net profits of 26.1 billion yuan in 2024, with earnings per share (EPS) projected at 2.38 yuan [2][14]. - The company’s market share increased by 0.49 percentage points to 3.15%, with 83% of sales coming from first-tier and strong second-tier cities [8][11]. - The company has a total land reserve of 49.05 million square meters, sufficient for approximately three years of development needs, with unsold but recognized revenue of 254.1 billion yuan, a 7.1% increase from the end of 2023 [8][11].

中国海外发展 销售市占率逆势提升，商业物业收入保持增长 （00688.HK） 2024 年 08 月 29 日 投资评级：买入（维持） | --- | --- | |--------------------|---------------| | 日期 | 2024/8/28 | | 当前股价(港元) | 11.640 | | 一年最高最低(港元) | 18.340/10.100 | | 总市值(亿港元) | 1,273.98 | | 流通市值(亿港元) | 1,273.98 | | 总股本(亿股) | 109.45 | | 流通港股(亿股) | 109.45 | | 近 3 个月换手率(%) | 10.35 | 股价走势图 中国海外发展 恒生指数 -40% -30% -20% -10% 0% 10% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《营收利润双增，核心城市补仓坚守 高质量发展—公司信息更新报告》 -2024.3.29 《三季度业绩增长，一线城市拿地力 度加大 — 公 司 信 息 更 新 报 告 》 -2023.10.27 《权益销售金额排名榜首，核心城市 土 储 ...

中国海外发展 (00688.HK) 买入(维持评级) 港股公司点评 证券研究报告 当期营收利润下滑,投销聚焦核心城市 业绩简评 2024年8月28日公司被露 2024年半年报,1H24实现营收 869.4 亿元,同比-2.5%;实现归母净利润 103.1 亿元,同比-23.5%;每 股基本盈利 0.94 元，中期派息每股 0.3 港元，派息率约 29%。 经营分析 毛利率承压,当期营收利润均下滑:公司 1H24 房地产开发、商业 物业收入分别为 820.4 亿元、35.4 亿元,同比-3.2%、-19.8%。归 母净利润同比下滑主因:①受行业下行影响,公司 1H24 毛利率 22.06%（仍为行业较高水平）,同比下降 0.55pct;②1H24 投资物 业的公允价值变动收益 1.2 亿元,同比减少 21.9 亿元;31H24 合联营公司的投资收益为 6.18 亿元，同比减少 6.75 亿元。 权益销售行业第一,核心城市市占单提升:公司 1H24年实现合同 销售金额 1484 亿元（含合联营公司）,同比-17%，行业排名第二 (2023 年第三),市占率提升至 3.15%,较 2023 年提升 0.49pct; ...

Investment Rating - The report maintains a "Buy" recommendation for China Overseas Development (0688.HK) [2][4] Core Views - The company achieved a total revenue of 86.94 billion yuan in H1 2024, a year-on-year decline of 2.5%, and a net profit attributable to shareholders of 10.31 billion yuan, down 23.5% year-on-year, with an interim dividend of 0.3 HKD per share proposed [3][4] - The company ranked second in overall sales and first in equity sales in the industry, with a market share increase, focusing on key cities where sales from first-tier and key second-tier cities accounted for 83% of total sales [4] - The commercial segment saw a revenue growth of 20% in H1 2024, supported by effective cost control and financial advantages, with an average financing cost of only 3.5% [4] Summary by Sections Financial Performance - Revenue for 2024E is projected at 180.32 billion yuan, with a year-on-year growth of 12.3% [5] - Net profit for 2024E is estimated at 23.26 billion yuan, reflecting a year-on-year decline of 42.1% [5] - The gross margin is expected to stabilize around 20.0% for 2024E [5] Sales and Market Position - The company’s sales price per square meter increased by 21.7% to 27,279 yuan, with significant sales contributions from major cities [4] - The company has a strong cash position with 100.24 billion yuan in cash, representing 11% of total assets, enabling it to seize market opportunities [4] Future Outlook - The report forecasts EPS for 2024-2026 at 2.39, 2.43, and 2.47 yuan respectively, with corresponding P/E ratios of 4.4, 4.4, and 4.3 times [4][5] - The company is expected to maintain a robust operational performance despite industry challenges, leveraging its brand and operational advantages for potential growth [4]

股票研究 /[Table_Date] 2024.08.28 ——2024 年中期业绩点评 龙头风范，挖掘改善性需求的结构性机会 中国海外发展(0688) [Table_Industry] 房地产 [Table_Invest] 评级： 增持 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 谢皓宇(分析师) | 黄可意(研究助理) | 白淑媛(分析师) | | | 010-83939826 | 010-83939815 | 021-38675923 | | | xiehaoyu@gtjas.com | huangkeyi028691@gtjas.com | baishuyuan@gtjas.com | | 登记编号 | S0880518010002 | S0880123070129 | S0880518010004 | [当前价格 Table_CurPrice] (港元)： 12.20 [Table_Market] 交易数据 | -- ...

Financial Performance - The group's total revenue was RMB 86.94 billion, with a year-on-year increase in commercial property revenue of 19.8% to RMB 3.54 billion[2]. - The profit attributable to shareholders was RMB 10.31 billion, with a core profit of RMB 10.64 billion, resulting in a basic earnings per share of RMB 0.94[3]. - The group's net profit for the six months ended June 30, 2024, was RMB 11.53 billion, compared to RMB 14.21 billion in the same period last year[5]. - The company reported total revenue of RMB 88,979,659 thousand for the six months ended June 30, 2024, compared to RMB 92,764,537 thousand for the same period in 2023, indicating a decrease of about 4.23%[12][13]. - The profit from segments, including share of profits and losses from associates and joint ventures, was RMB 16,256,120 thousand for the first half of 2024, compared to RMB 21,035,863 thousand for the same period in 2023, reflecting a decline of approximately 22.7%[12][13][14]. - The company's profit before tax for the six months ended June 30, 2024, was RMB 16,183,761, a decrease of 18.3% compared to RMB 19,815,172 for the same period in 2023[15]. - The total financial expenses for the six months ended June 30, 2024, were RMB 4,870,350, down from RMB 5,241,304 in the previous year, reflecting a reduction of 7.1%[16]. - The income tax expense for the six months ended June 30, 2024, totaled RMB 4,656,955, compared to RMB 5,603,764 in the same period of 2023, indicating a decrease of 16.8%[17]. - Basic and diluted earnings per share attributable to shareholders for the six months ended June 30, 2024, were RMB 10,313,630, down 23.8% from RMB 13,489,777 in 2023[19]. Sales and Revenue - The group's property sales amounted to RMB 148.38 billion, with a corresponding sales area of 5.44 million square meters[2]. - In the first half of 2024, the company's contracted property sales amounted to RMB 148.38 billion, with a market share increase of 0.49 percentage points to 3.15%[25]. - The company focused on first-tier cities, generating RMB 74.4 billion in sales contracts from Beijing, Shanghai, Guangzhou, and Shenzhen, accounting for 62.7% of total sales[25]. - The commercial property revenue grew by 19.8% year-on-year, reaching RMB 3.54 billion in the first half of 2024[25]. - The company reported commercial property revenue of RMB 3.54 billion for the first half of 2024, a year-on-year increase of 19.8%[37]. - Office building revenue was RMB 1.76 billion, while shopping center revenue surged by 57.6% to RMB 1.11 billion[38]. Assets and Liabilities - The group's total assets less current liabilities amounted to RMB 645.47 billion as of June 30, 2024[6]. - The company's total liabilities and equity amounted to RMB 645,474,448 thousand as of June 30, 2024, compared to RMB 637,903,574 thousand at the end of 2023, showing an increase of approximately 1.78%[7]. - The company's reserves rose to RMB 304,504,500 thousand as of June 30, 2024, up from RMB 298,982,385 thousand at the end of 2023, representing an increase of approximately 1.74%[7]. - Non-current liabilities, including bank and other borrowings due after one year, increased to RMB 153,229,362 thousand from RMB 144,139,899 thousand, marking an increase of about 6.5%[7]. - The company's total land reserve area increased by 1.17 million square meters, bringing the total land reserve to 49.05 million square meters as of June 30, 2024[2]. - The company's total land reserve construction area, including subsidiaries, reached 49.05 million square meters as of June 30, 2024[36]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.30 per share[2]. - The interim dividend declared for the six months ended June 30, 2024, is approximately RMB 2,971,536,000, with a per share dividend of HKD 0.30[20]. - The interim dividend declared is HKD 0.30 per share, down from HKD 0.35 per share in 2023[45]. Financial Position and Ratios - The group's total borrowings stood at RMB 255.57 billion, with cash and bank balances of RMB 100.24 billion, resulting in a net gearing ratio of 38.7%[2]. - The company maintained a debt-to-asset ratio of 56.1% and a net gearing ratio of 38.7%, indicating a strong financial position[26]. - The company achieved a gross profit margin of 22.1% and a weighted average financing cost of 3.5%, maintaining one of the lowest financing costs in the industry[26][28]. - The company's weighted average financing cost was 3.5%, positioning it within the lowest range in the industry[40]. - The company achieved a net asset value of RMB 376.08 billion and a current ratio of 2.4 times as of June 30, 2024[40]. Debt Management - The company repaid debts totaling RMB 46.87 billion during the first half of 2024, resulting in a net debt repayment of RMB 3.04 billion[40]. - The group reported a bank balance and cash of RMB 100.24 billion, with available funds reaching RMB 144.21 billion[41]. - The proportion of RMB borrowings increased to 74.8%, up 4.5 percentage points from the end of 2023[41]. Sustainability and ESG - The group has committed to reducing carbon emissions intensity by over 30% by 2030, based on 2019 levels[43]. - The group has received the highest ESG ratings from major domestic rating agencies, including AAA from Zhiding and AA from Wind[43]. - The group has added 17 new projects meeting green building standards, totaling 2.22 million square meters, bringing the cumulative total to 653 projects with a total area of 10.9 million square meters[43]. Corporate Governance - The company has complied with the corporate governance code as of June 30, 2024[50]. - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance as of June 30, 2024[51]. - The audit and risk management committee reviewed the unaudited interim results for the six months ending June 30, 2024[52]. - The interim report will be published on the company's website and the Hong Kong Stock Exchange at an appropriate time[54].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 中国海外发展 恒生指数 -40% -32% -23% -15% -6% 2% 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/72024/8 [Table_Market] 交易数据 本报告导读： 投资要点： 52周内股价走势图 [Table_Report] 相关报告 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 谢皓宇(分析师) | 黄可意(研究助理) | 白淑媛(分析师) | | | 010-83939826 | 010-83939815 | 021-38675923 | | | xiehaoyu@gtjas.com | huangkeyi028691@gtja ...