港股公司报告 | 公司点评 中国海外发展（00688） 证券研究报告 权益销售投资双第一，引领行业破局——中国海外发展 24 年报点评 利润受行业波动影响，分红比例提升 | 风险提示：业务拓展不及预期、业务经营存在不确定性、政策调控不确定性 | | | | | | | --- | --- | --- | --- | --- | --- | | 财务数据与估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 202,524.07 | 185,154.03 | 175,896.33 | 167,101.51 | 170,443.54 | | 增长率( %) | 12.31 | -8.58 | -5.00 | -5.00 | 2.00 | | EBI TDA（百万元） | 41,930.54 | 30,777.26 | 29,963.40 | 28,785.02 | 29,013.14 | | 归母净利润（百万元） | 25,609.84 | 15,635.66 | 16,371.57 | 16,909.99 | 17,686.41 | | 增长率( %) ...

中国海外发展 （00688.HK） 2025 年 04 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/2 | | --- | --- | | 当前股价(港元) | 13.420 | | 一年最高最低(港元) | 18.580/10.540 | | 总市值(亿港元) | 1,468.80 | | 流通市值(亿港元) | 1,468.80 | | 总股本(亿股) | 109.45 | | 流通港股(亿股) | 109.45 | | 近 3 个月换手率(%) | 16.3 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 2025-04 中国海外发展 恒生指数 相关研究报告 《单月销售数据同比提升明显，项目 实力夯实经营稳定性—港股公司信息 更新报告》-2025.1.8 《销售市占率逆势提升，商业物业收 入保持增长—港股公司信息更新报 告》-2024.8.29 权益销售及拿地金额排名首位，商业收入稳健增长 权益销售额行业首位，拿地聚焦一线城市 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | | ...

主要数据 2025 年 03 月 31 日 中国海外发展(0688.HK) 销售逆势争先，率先受益核心区域及好项目"止跌回稳" 推荐（维持） 股价：13.9 港元 房地产 【平安证券】中国海外发展（0688.HK）*年报点评*逆 势增长，韧性十足*推荐20240329 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.coli.com.hk | | 大股东/持股 | 中国海外集团 56.1% | | 实际控制人 | 国务院国有资产监督管理委会 | | 总股本(百万股) | 10944.9 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 10944.9 | | 总市值（亿港元） | 1521.3 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 34.8 | | 资产负债率(%) | 55.8 | 行情走势图 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 王懂扬 投资咨询资格编号 S1060522070003 WANGDONGYANG339@pi ...

中国海外发展有限公司(0688.HK)(以下简称中国海外发展)今日发布2024年度全年业绩。 信用评级逆势提升，债务结构持续优化。中国海外发展继续保持稳健的财务状况，年内逆势获标普全球 上调信用评级至A-／稳定，成为唯一双A国际信用评级的中国房企。与此同时，集团进一步压降有息负 债规模，净偿还债务175.5亿元，期末资产负债率为55.8%，净借贷比率为29.2%，处于行业最低区间， 继续保持在"绿档"。 2024年，在房地产市场持续下行的背景下，中国海外发展实现收入1851.5亿元(人民币，下同)，税前溢 利264.1亿元，核心股东应占溢利157.2亿元，继续保持行业领先水平。与此同时，该集团董事局宣布派 发末期股息每股港币30仙，连同中期股息每股港币30仙，全年合计派发股息每股港币60仙，派息率 38.2%。 现金充裕，成本管控优势增强。数据显示，中国海外发展去年经营现金净流入创新高达到464.5亿元， 在手现金1241.7亿元，现金占总资产升至13.7%，现金充裕，发展动能强劲。 数据显示，中国海外发展实现合约销售金额3107亿元，同比增长0.3%；国内市场占有率达到3.21%，较 2023年末提升0.5 ...

中国海外发展有限公司("中国海外发展"或"公司"，股份代号：0688.HK)于今日公布2024年度全年业 绩。 2024年，房地产市场持续下行，公司统筹发展与安全，以进促稳，持续为股东创造价值。公司实现收入 人民币1,851.5亿元，税前溢利为人民币264.1亿元，核心股东应占溢利为人民币157.2亿元，保持行业领 先水平。董事局宣布派发末期股息每股港币30仙，连同中期股息每股港币30仙，全年合计派发股息每股 港币60仙，派息率38.2%，持续为股东创造稳健回报。 权益销售行业第一，逆势领先 公司系列公司实现合约销售金额人民币3,107亿元，同比增长0.3%，是中国十强房企中唯一实现销售增 长的公司，权益销售额排名位居行业第一(中国指数研究院的统计数据)。国内市场占有率达到3.21%， 较2023年末提升0.55个百分点。 重点市场市占率领先，标杆项目逆势热销 好产品是"工科中海"口碑的来源，是公司的竞争优势之一。公司的主要产品就是房子，"好房子"建设写 入了2025年的政府工作报告。 新时代的"好房子"建设标准，就是要打造一部现代版的"营造法式"，从好设计、好建造、好材料、好运 维几个方面，全面提升建筑性能 ...

集团九个商业项目投入运营，商业物业运营总建筑面积增加30万平方米，商业物业收入继续保持较快增 长，实现收入71.3亿元，同比增长12.1%。市场调整下行，不确定性增强，集团保持投资定力，聚焦高 能级城市的优质资产，精準投资，全年在12个中国内地城市获取22宗地块，总购地金额806.1亿元，权 益购地金额696.3亿元，新增购地金额行业第一，四个一线城市权益购地金额占比约73.5%，货量结构优 势更加突出。 2024年，集团系列公司实现合约物业销售额3106.9亿元，同比增长0.3%，是中国十强房企中唯一实现销 售增长的公司，国内市场占有率较2023年末提升0.55个百分点达到3.21%。中国指数研究院数据显示， 2024年集团系列公司的权益销售额居行业第一。 集团继续保持稳健的财务状况与强劲的成本优势。于2024年12月31日，集团的资产负债率为55.8%，净 借贷比率为29.2%，继续保持在"绿档"。集团积极管理有息借贷规模，提早偿还2027年1月到期的俱乐部 贷款港币121.1亿元，净偿还债务175.5亿元，有效优化债务结构，债务占比提升至82.3%。集团持有银 行存款及现金为1241.7亿元，经营性现金 ...

Financial Performance - The group's total revenue was RMB 185.15 billion, compared to RMB 202.52 billion in the previous year, reflecting a decrease[4]. - The profit attributable to shareholders was RMB 15.64 billion, with a core profit of RMB 15.72 billion after excluding the impact of property revaluation and foreign exchange[4]. - Basic earnings per share were RMB 1.43, down from RMB 2.34 in the previous year[4]. - The company reported a year-on-year decrease in total revenue of approximately 9.5% from 2023 to 2024[14]. - Basic and diluted earnings attributable to shareholders for 2024 were RMB 15,635,658, a decline of 38.9% from RMB 25,609,837 in 2023[21]. - The group's audited revenue for the year ended December 31, 2024, was RMB 185.15 billion, with a net profit attributable to shareholders of RMB 15.64 billion[29]. - The group's revenue for the year was RMB 185.15 billion, with an operating profit of RMB 26.69 billion and a gross profit margin of 17.7%[37]. Property Sales and Development - The group's property sales amounted to RMB 310.69 billion, a 0.3% increase, with a corresponding sales area of 11.49 million square meters, down 14% year-on-year[3]. - In 2024, the group achieved contract property sales of RMB 310.69 billion, a year-on-year increase of 0.3%, making it the only top ten Chinese real estate company to report sales growth[28]. - The average contracted sales price per square meter was RMB 27,047, representing a year-on-year increase of 16.6%[38]. - The total construction area completed in 30 cities in mainland China and Hong Kong reached 10.59 million square meters[41]. - The group launched high-end products targeting improvement housing demand, with notable sales including RMB 38.73 billion from the Shanghai Jianguo East Road project, setting a national record for single project annual sales[30]. Land Acquisition - The group acquired 22 new land parcels in 12 cities in mainland China, with a total land reserve area of 4.16 million square meters and a total land cost of RMB 80.61 billion[3]. - The group has consistently ranked first in land acquisition value for two consecutive years, with a focus on high-quality assets in first-tier cities[33]. - The group acquired 22 land parcels in 12 cities in mainland China, with a total land acquisition cost of RMB 80.61 billion, ranking first in the industry for new land purchases[31]. Commercial Property - The group's commercial property revenue increased by 12.1% to RMB 7.13 billion[3]. - The revenue from external customers in the commercial property segment was RMB 6,361,835 thousand for the year ended December 31, 2023[14]. - The group's commercial property revenue increased by 12.1% year-on-year to RMB 7.13 billion, with office rental income of RMB 3.57 billion and shopping center rental income of RMB 2.26 billion[47]. - Nine new commercial properties were put into operation, increasing the total construction area by approximately 300,000 square meters[47]. Financial Position - As of December 31, 2024, total borrowings were RMB 241.56 billion, with a net gearing ratio of 29.2% and an average financing cost of 3.1%[3]. - The group's total assets less current liabilities stood at RMB 643.40 billion, compared to RMB 637.90 billion in the previous year[7]. - The group's total equity attributable to shareholders was RMB 380.61 billion, an increase from RMB 373.02 billion in the previous year[7]. - As of December 31, 2024, the group's net current assets amounted to RMB 373.95 billion, with a current ratio of 2.4 times and a net debt ratio of 29.2%[49]. - The total interest expense for the year decreased by RMB 0.93 billion, with an average financing cost of 3.1%, placing it in the lowest range within the industry[49]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.30 per share, totaling HKD 0.60 for the year[3]. - The proposed final dividend for the year ending December 31, 2024, is HKD 0.30 per share, totaling approximately RMB 3,053,623,000, pending shareholder approval[22]. Accounting and Compliance - The company has not adopted any new accounting standards that are expected to have a significant impact on its financial statements[11]. - The company has maintained the classification of its liabilities as current or non-current without any changes due to the recent accounting standard revisions[10]. - The company has begun evaluating the impact of newly issued accounting standards, but significant effects on the consolidated financial statements are not anticipated[11]. - The audit and risk management committee reviewed the accounting policies and audited financial statements for the year ending December 31, 2024[66]. - Ernst & Young confirmed that the financial figures in the performance announcement align with the audited financial statements for the year ending December 31, 2024[67]. Operational Highlights - The group delivered over 72,000 residential units on time, achieving a delivery rate of 100%[56]. - The group has accumulated 673 projects certified under various green building standards, covering a total area of over 11 million square meters[56]. - The group has expanded its light asset management scale, acquiring 18 external light asset management projects in major cities[47]. Credit Rating and Financing - The group received an upgrade in its credit rating from S&P Global from BBB+/Stable to A-/Stable, making it the only real estate company in China with an A- credit rating[49]. - The company issued RMB 3,000 million bonds with a coupon rate of 2.68% on April 23, 2024, maturing on April 24, 2029, to repay existing debts[61]. - The company redeemed RMB 999.2 million of bonds with a coupon rate of 3.85% issued on March 23, 2021, with no remaining value[62]. - The company redeemed RMB 2,000.2 million of bonds with a coupon rate of 3.60% issued on June 23, 2021, with no remaining value[62].

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a slight increase in contract sales amounting to 310.7 billion yuan in 2024, representing a year-on-year growth of 0.3%. The average contract sales price also increased by 16.6% to 27,048 yuan per square meter, primarily due to the launch of high-end improvement projects in core locations of first- and second-tier cities [4][5] - The company focuses on land acquisition in first- and second-tier cities, with a total land expenditure of 80.6 billion yuan in 2024, of which the equity land expenditure was 69.6 billion yuan, maintaining an equity ratio of 86%. The average floor price for land acquisition reached a five-year high of 19,049 yuan per square meter [4][8] - The land acquisition intensity for 2024 was 26%, showing a trend of being lower at the beginning of the year and higher towards the end. In January 2025, the company accelerated its replenishment pace by acquiring projects in Shenzhen and Beijing for 3.065 billion yuan and 4.008 billion yuan, respectively [10] Financial Summary - The total revenue for the company is projected to be 192.2 billion yuan in 2024, a decrease of 5.1% year-on-year, followed by a slight increase to 193.5 billion yuan in 2025. The core net profit is expected to drop to 16.8 billion yuan in 2024, a decline of 29.0%, before recovering to 18.8 billion yuan in 2025, reflecting a growth of 12.1% [4][15] - The gross profit margin is expected to decrease to 17.0% in 2024, with a gradual recovery to 18.0% by 2026. The return on equity (ROE) is projected to decline to 4.4% in 2024, stabilizing at 4.8% in the following years [4][15]