房地产/房地产开发 公 司 研 中国海外发展 营收利润双增，核心城市补仓坚守高质量发展 究 （00688.HK） ——公司信息更新报告 2024年03月29日 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 投资评级：买入（维持）  龙头标杆房企，销售投拓保持稳健，维持“买入”评级 中国海外发展发布 2023年业绩公告，公司全年营收利润同比提升，销售增长核 公 日期 2024/3/28 司 心城市补仓加强，商业物业快速扩张。受行业销售下行影响，我们下调2024-2025 信 当前股价(港元) 11.260 年并新增2026年盈利预测，预计公司2024-2026年归母净利润为278.8、298.5、 息 一年最高最低(港元) 21.850/10.100 更 316.5亿元（2024-2025年原值301.8、336.6亿元），对应EPS分别为2.55、2.73、 总市值(亿港元) 1,232.39 新 2.89元，当前股价对应PE为4.0、3.7、3.5倍。公司项目聚焦高能级 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][10]. Core Insights - The company reported a revenue of 202.52 billion RMB for 2023, a year-on-year increase of 12.3%, and a net profit attributable to shareholders of 25.61 billion RMB, up 10.1% year-on-year [3][4]. - The company achieved a contract sales amount of 309.8 billion RMB in 2023, representing a 5.1% increase year-on-year, ranking third in the industry with a market share of 2.66% [5]. - The company focused on high-capacity cities for land acquisition, with a total land purchase amount of 144 billion RMB in 2023, a 19.1% increase year-on-year, leading the industry in investment scale [5][4]. Financial Performance - The company's gross profit margin for 2023 was 20.32%, a slight decrease of 0.97 percentage points from 2022, but still above the industry average [4]. - The average financing cost for the company in 2023 was 3.55%, maintaining the lowest range in the industry [5]. - The company’s net debt ratio stood at 38.7% and the asset-liability ratio at 51.8%, indicating a stable financial structure [5]. Future Projections - The report adjusts the company's net profit forecasts for 2024 and 2025 to 29.0 billion RMB and 32.2 billion RMB, respectively, with a new forecast for 2026 at 35.0 billion RMB, reflecting growth rates of 13.2%, 11.1%, and 8.7% [5][4]. - The company's stock is currently valued at a PE ratio of 3.9 for 2024, 3.5 for 2025, and 3.3 for 2026, indicating strong valuation metrics [5].

3月28日午间，中国海外发展发布2023年全年业绩。 报告显示，2023年实现收入为人民币2025.2亿元，同比上升12.3%。商业物业收入为人民币63.6亿元，同比上升20.9%。公司股东应占溢利为人民币256.1亿元，同比上升10.1%。剔除税后投资物业重估增值的公司股东应占溢利为人民币225.8亿元，同比上升12.1%。核心股东应占溢利为人民币236.5亿元。 期内，实现合约物业销售额为人民币3098.1亿元，同比上升5.1%；相应销售面积为1336万平方米，同比下降3.7%。 期内，集团在中国内地23个城市及香港新增43幅土地，新增土地储备总建筑面积为764万平方米（权益建筑面积为706万平方米），权益地价为人民币1,226.6亿元，同比上升42.0%。于2023年末，土地储备总建筑面积为5403万平方米。 于2023年末，集团总借贷为人民币2576.6亿元，持有银行结余及现金为人民币1056.3亿元。集团净借贷比率为38.7%，加权平均融资成本为3.55%。 ...

智通财经APP获悉，中国海外发展(00688)涨超5%，截至发稿，涨5.46%，报11.2港元，成交额2.39亿港元。 消息面上，中国海外发展午间发布2023年度业绩，收入为2025.2亿元(人民币，下同)，同比上升12.3%；股东应占溢利为256.1亿元，同比上升10.1%；剔除税后投资物业重估增值的公司股东应占溢利为225.8亿元，同比上升12.1%。核心股东应占溢利为236.5亿元。拟派发末期股息每股45港仙，上年同期派40港仙。全年合共派发股息每股80港仙。 此外，集团系列公司合约物业销售额上升5.1%至3098.1亿元，相应销售面积为1336万平方米，同比下降3.7%。集团商业物业收入为63.6亿元，同比上升20.9%。年内，集团新增12个商业物业投入运营，包括四座写字楼、五座购物中心、三栋长租公寓，为商业物业收入增长注入新的动能。 ...

智通财经APP讯，中国海外发展(00688)发布截至2023年12月31日止年度业绩，收入为2025.2亿元(人民币，下同)，同比上升12.3%。股东应占溢利为256.1亿元，同比上升10.1%。剔除税后投资物业重估增值的公司股东应占溢利为225.8亿元，同比上升12.1%。核心股东应占溢利为236.5亿元。每股基本盈利为2.34元，拟派发末期股息每股港币45仙。 市场低迷，集团积极应对各种困难与挑战，以进促稳，穿越周期的发展韧性强劲，销售与利润逆势增长，持续为股东创造价值。 集团系列公司合约物业销售额上升5.1%至3098.1亿元，相应销售面积为1336万平方米，同比下降3.7%。 集团商业物业收入为63.6亿元，同比上升20.9%。年内，集团新增12个商业物业投入运营，包括四座写字楼、五座购物中心、三栋长租公寓，为商业物业收入增长注入新的动能。其中，位于上海核心区的真如环宇城MAX于2023年十二月正式开业，为集团旗舰级购物中心，开业以来持续保持大众点评上海购物中心热门榜TOP1，荣获Shanghai WOW!最佳新商场。 集团在中国内地23个城市及中国香港新增43幅土地，新增土地储备总建筑面积为764万 ...

Financial Performance - The group's revenue reached RMB 202.52 billion, representing a year-on-year increase of 12.3%[2] - Profit attributable to shareholders was RMB 25.61 billion, an increase of 10.1% year-on-year, while core profit attributable to shareholders was RMB 23.65 billion[2][3] - Basic earnings per share were RMB 2.34, reflecting a year-on-year increase of 10.1%[3] - The group's operating profit was RMB 40.53 billion, an increase from RMB 34.88 billion in the previous year[4] - Total revenue for the year ended December 31, 2023, reached RMB 210,315,650, an increase from RMB 188,625,841 in 2022, representing a growth of approximately 11.5%[14][15] - The company reported a net profit attributable to shareholders of RMB 25,609,837 for 2023, compared to RMB 23,264,747 in 2022, indicating an increase of about 10.0%[20] - The group's gross profit margin was 20.3%, with a net profit margin attributable to shareholders of 12.6%[31] Property Sales and Development - The group's property sales increased by 5.1% to RMB 309.81 billion, with a corresponding sales area of 13.36 million square meters, a year-on-year decrease of 3.7%[2] - The group's contracted property sales amounted to RMB 309.81 billion, representing a year-on-year increase of 5.1%[32] - The group's real estate development revenue for the year was RMB 192.88 billion, an increase of 11.8% year-on-year[34] - The segment profit for the real estate development business was RMB 33,146,004, while the commercial property operation business reported a profit of RMB 7,770,667, contributing to a total segment profit of RMB 41,169,374 for 2023, up from RMB 39,593,688 in 2022[14][15][17] - The company’s total segment revenue from external customers in the real estate development business was RMB 192,877,444, while the commercial property operation business generated RMB 6,361,835 in revenue for 2023[14] Land Acquisition and Reserves - The group acquired 43 new land parcels in 23 cities in mainland China and Hong Kong, with a total land reserve area of 7.64 million square meters, and the equity land cost increased by 42.0% to RMB 122.66 billion[2] - The total land reserve area for the group’s subsidiaries (excluding China Overseas Macro Yang) was 35.22 million square meters as of December 31, 2023[39] - The total land reserve area for China Overseas Macro Yang was 1.88 million square meters as of December 31, 2023[40] - The group acquired 43 land parcels in 23 cities in mainland China and Hong Kong, with a total land acquisition cost of RMB 134.21 billion, a 42.0% increase year-on-year[28] Financial Position and Debt Management - As of December 31, 2023, total borrowings amounted to RMB 257.66 billion, with cash and bank balances of RMB 105.63 billion, resulting in a net gearing ratio of 38.7%[2] - The group's net debt repayment amounted to RMB 15.58 billion, effectively controlling funding costs[29] - The group's weighted average financing cost for 2023 was 3.55%, among the lowest in the industry[29] - The group reported a sales area of 13.36 million square meters, a decrease of 3.7% year-on-year[32] - The group repaid RMB 98.49 billion in debts ahead of schedule, resulting in a net debt repayment of RMB 15.58 billion during the year[44] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.45 per share, totaling an annual dividend of HKD 0.80 per share[2][3] - The total dividend for the year, including an interim dividend of HKD 0.35 per share, will be HKD 0.80 per share[26] - The board has proposed a final dividend of HKD 0.45 per share for the year ending December 31, 2023, amounting to approximately RMB 4,516,406,000, pending shareholder approval[21] Cash Flow and Receivables - Total operating cash inflow was RMB 231.69 billion, representing a year-on-year increase of 14.8%[44] - As of December 31, 2023, trade and other receivables amounted to RMB 6,987,106,000, a slight decrease from RMB 7,042,079,000 in the previous year[23] - The company closely monitors the credit quality and recoverability of receivables, ensuring minimal provisions for trade and other receivables[23] - The company has a low expected credit risk for trade and other receivables due to a diverse customer base and strong repayment history[23] Corporate Governance and Compliance - The company adhered to the corporate governance code as per the listing rules during the fiscal year ending December 31, 2023[54] - The company has adopted a code of conduct for directors' securities transactions, confirming compliance by all directors during the fiscal year 2023[55] - The audit and risk management committee reviewed the accounting policies and the audited consolidated financial statements for the year ending December 31, 2023[56] - Ernst & Young confirmed that the figures in the performance announcement are consistent with the audited consolidated financial statements for the fiscal year 2023[56] Sustainability and Community Engagement - The company aims to reduce carbon emission intensity by over 30% per unit area by 2030, based on 2019 levels, and achieve carbon neutrality by 2060[48] - The company has established a leadership group for carbon peak and carbon neutrality, and has published a "Carbon Neutrality White Paper" and an "Implementation Plan for Carbon Peak"[48] - The company actively participates in community building in Hong Kong, launching initiatives to improve living conditions for residents[48] - The company is involved in rural revitalization efforts in Gansu, helping to establish the "Zhuoni Mushroom" brand[48] - The company has implemented a comprehensive performance management system to fairly assess employee contributions[48] Market Strategy and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and drive future growth[14] - The group aims for a 25% growth in commercial property revenue for 2024, building on the previous year's growth[30]

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[中I Tnaf 国bol]e 海_Ti外tle]发 展（0688） [评Tab级le_：Inv est] 增持 当前价格（港元）： 10.46 春节扰动，销售承压 2024.03.11 海 ——2 月经营数据点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 10.30-21.60 当前股本（百万股） 10,945 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 114,483 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司发布2月经营数据，月度销售额同比跌幅走阔，与行业基本一致，仍等待企稳； 中国海外发展 恒生 ...

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[中I Tnaf 国bol]e 海_Ti外tle]发 展（0688） [评Tab级le_：Inv est] 增持 当前价格（港元）： 11.52 龙头房企，行稳致远 2024.02.15 海 ——1 月经营数据点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 10.74-21.60 当前股本（百万股） 10,945 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 126,085 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司发布1月经营数据，月度销售额同比回落，但降幅出现边际改善；拿地投资节奏 中国海外发展 恒生 ...

每经编辑 肖芮冬     沪指震荡下探，央国企抗跌性明显，中国海外发展、华润置地、中国移动、中国石化等多股上涨，央企共赢ETF（517090）涨1%，成交额超6000万元。 国盛证券表示，国企改革不断深化，央企投资机遇凸显。国企改革三年行动是党和国家近年来着力推动的具有标志性意义的一项重大工作。随着2022年“国企改革三年行动”圆满结束，2023年国企改革再次步入新的阶段，主要强调国企的价值创造与价值实现。 目前整体而言，央企的估值水平明显低于其他类型企业，在中国特色估值体系下，衡量企业的价值需要充分考虑到国家政策这一重要因素，未来随着国家政策的推动，央企的价值有望得到重估。 富时中国国企开放共赢指数前十大成分股累计权重较高，聚焦央企龙头公司，这些公司代表了央企改革发展的核心趋势，通过配置富时中国国企开放共赢指数可以较好的享受到央企改革发展带来的红利。可以关注央企共赢ETF（517090）。 ...

Financial Performance - In Q3 2023, the group achieved contract property sales amounting to RMB 239.03 billion, representing an 18.7% year-on-year increase, with a sold floor area of 10.33 million square meters, up 11.9% year-on-year[3] - The group's revenue for Q3 2023 was RMB 28.25 billion, with an operating profit of RMB 3.53 billion[4] - For the first nine months of 2023, the group's revenue reached RMB 117.41 billion, and operating profit was RMB 22.60 billion, reflecting a 5.9% year-on-year increase excluding gains from equity acquisitions[4] Financial Position - As of September 30, 2023, the group's cash and bank balances stood at RMB 115.53 billion, with a net gearing ratio of 39.7%, indicating a strong financial position[4] Land Acquisition - In Q3 2023, the group acquired ten new land parcels in nine cities in mainland China and Hong Kong, adding a total floor area of 1.48 million square meters, with total land costs amounting to RMB 31.62 billion[3] Market Outlook - The group maintains confidence in the stabilization and improvement of the real estate market, supported by recent policy adjustments such as lowering down payment ratios and removing purchase restrictions[2] - The Hong Kong property market is expected to remain stable in the medium to long term, despite current high interest rates and a cautious market atmosphere[2] - The overall economic recovery in China is showing positive signs, although domestic demand still requires strengthening[2] Risk Management - The group is actively managing challenges and leveraging financial resources to seize market opportunities amid ongoing economic uncertainties[3] - The group emphasizes the importance of not overly relying on forward-looking statements due to inherent risks and uncertainties[5]