Financial Performance - In the first half of 2024, the company achieved contracted property sales of RMB 148.38 billion, with a domestic market share increase of 0.49 percentage points to 3.15%[16] - The company's revenue for the six months ended June 30, 2024, was RMB 86.94 billion, with a profit attributable to shareholders of RMB 10.31 billion[16] - The core profit attributable to shareholders was RMB 10.64 billion, and total equity attributable to shareholders was RMB 378.54 billion[16] - The operating profit for the first half of 2024 was RMB 16,058.5 million, a decrease from RMB 19,070.4 million in the same period of 2023, representing a decline of approximately 15.8%[42] - The net profit for the first half of 2024 was RMB 11,526.8 million, down from RMB 14,211.4 million in the first half of 2023, reflecting a decrease of about 18.9%[43] - The total comprehensive income for the first half of 2024 was RMB 11,088.4 million, compared to RMB 14,134.1 million in the same period of 2023, marking a decrease of approximately 21.5%[43] - Profit attributable to shareholders for the six months ended June 30, 2024, was RMB 10,313,630, down from RMB 13,489,777 in the same period of 2023, representing a decline of approximately 23.8%[74] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.30 per share for the six months ended June 30, 2024[16] - The interim dividend declared for the six months ended June 30, 2024, is RMB 2,971,536,000, with a per share dividend of HKD 0.30, compared to RMB 3,983,938 for the same period in 2023[76] - The interim dividend for the six months ending June 30, 2024, is declared at HKD 0.30 per share, down from HKD 0.35 per share in 2023[103] Market Position and Strategy - The company focused on first-tier cities, achieving sales contract amounts of RMB 74.4 billion in Beijing, Shanghai, Guangzhou, and Shenzhen, accounting for 62.7% of total sales[16] - The company’s strategy emphasizes resilience in a declining market, focusing on high-end products for improvement-oriented customers[16] - The group aims to leverage the resilience of the Chinese economy and structural opportunities in the housing market to maintain sustainable high-quality development[18] Credit Ratings and Financial Stability - Standard & Poor's upgraded the company's credit rating from BBB+/Stable to A-/Stable, making it the only Chinese real estate company with a double A international credit rating[16] - The group maintained a debt-to-asset ratio of 56.1% and a net gearing ratio of 38.7% as of June 30, 2024[17] - The average financing cost for the group was 3.5%, which is among the lowest in the industry[17] - The group has successfully reduced its non-RMB net debt exposure by repaying RMB 16.33 billion in foreign currency loans during the period[32] Land Acquisition and Development - The total land reserve increased by 6 plots with a total acquisition cost of RMB 12.89 billion and a total value of RMB 27.99 billion[17] - The group acquired 6 new land plots in 4 cities, with a total land area of 1.17 million square meters and a total land cost of RMB 12.89 billion[26] - The total building area of land reserves for the group as of June 30, 2024, is 33.22 million square meters, with an equity building area of 28.86 million square meters[27] Commercial Property Performance - The group's commercial property revenue for the first half of the year reached RMB 3.54 billion, representing a year-on-year growth of 19.8%[17] - The shopping center business saw a significant revenue increase of 57.6% year-on-year, with an occupancy rate of 96.6% at the end of the period[29] - Segment profit for the commercial property operations increased to RMB 3,803,813 thousand for the six months ended June 30, 2024[66] Cash Flow and Financial Management - The group achieved sales collection of RMB 90.82 billion during the period, with operational cash inflow totaling RMB 97.69 billion[32] - The group’s total borrowings as of June 30, 2024, amount to RMB 255.57 billion, with RMB 39.67 billion due within one year, accounting for 15.5% of total borrowings[32] - The company’s cash balance as of June 30, 2024, after accounting for restricted bank deposits, was RMB 100,237,072 thousand, down from RMB 114,213,708 thousand in the previous year[50] ESG and Sustainability Initiatives - The company has been recognized for its ESG management, being included in the Hang Seng Sustainable Development Index series for 14 consecutive years and the FTSE4Good Index for eight consecutive years[36] - The company plans to reduce carbon emissions intensity by over 30% by 2030, based on 2019 levels, as part of its commitment to achieving carbon neutrality by 2060[37] - The company has implemented a comprehensive climate adaptation strategy, including mitigation, control, transfer, and acceptance measures, to address climate change challenges[37] Employee and Corporate Governance - The company maintained a 100% coverage rate for employee health checks and supplementary medical insurance plans[41] - The average training hours per employee were 47 hours, indicating a commitment to employee development[41] - The company has complied with the corporate governance code as per the listing rules during the six months ending June 30, 2024[120] Share Options and Management Compensation - The company granted stock options under its stock option plan, totaling 107,320,000 shares at an exercise price of HKD 25.85, with vesting conditions over three years[86] - The company’s directors and key management personnel received total compensation of RMB 13,754,000 for the six months ended June 30, 2024, compared to RMB 14,325,000 in the previous period[102] - The total number of share options held by employees and related entities as of June 30, 2024, was 76,623,000 after accounting for cancellations[109]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 18.2 HKD, indicating a potential upside from the current price of 11.46 HKD [2][4]. Core Insights - The company achieved a contract sales amount of approximately 148.4 billion RMB in the first half of 2024, representing a year-on-year growth of 17.6%, ranking first in equity sales [1]. - The company maintains a leading profit margin in the industry, with an overall gross margin of 22.1% and a core net profit of 10.64 billion RMB, despite a year-on-year decline of 23.0% [1]. - The company has a strong land reserve, with a total land bank of approximately 49.05 million square meters, ensuring future performance stability [1]. Summary by Sections Sales and Profitability - The company reported a contract sales area of approximately 5.44 million square meters, a year-on-year decrease of 32.3%, while the contract average price increased by 21.7% to 27,279 RMB per square meter [1]. - The overall market share increased by 0.49 percentage points to 3.15%, with a focus on mainstream cities and prime locations [1]. Financial Performance - The company declared an interim dividend of 0.30 HKD per share, with a payout ratio increasing by 4 percentage points to 28.3% [1]. - The asset-liability ratio stands at approximately 56.1%, with a net debt ratio of about 38.7% and an average financing cost of around 3.5% [1]. Commercial Operations - The commercial operations revenue grew by 20.0% year-on-year to 3.54 billion RMB, with first-tier cities contributing 42% of this revenue [1]. - The shopping center business showed significant growth, with a rental rate of 96.6% and a year-on-year revenue increase of 57.6% to 1.11 billion RMB [1]. Future Projections - The company is expected to achieve core net profits of 22.3 billion RMB, 22.9 billion RMB, and 23.6 billion RMB for the years 2024 to 2026, respectively [1].

Investment Rating - The report maintains a "Recommended" investment rating for China Overseas Development (00688.HK) with a target price of HKD 18, compared to the current price of HKD 12.38 [1]. Core Views - The company's sales performance is supported by high-end improvement projects, while land reserves are being cautiously replenished. The gross profit margin for the first half of 2024 is reported at 22.1%, with a core net profit margin of 12.2% [1]. - The company achieved a total revenue of RMB 86.9 billion in the first half of 2024, a decrease of 2.5% year-on-year, and a net profit attributable to ordinary shareholders of RMB 10.3 billion, down 23.5% year-on-year [1]. - The report highlights that the company has a sold but unrecognized revenue amounting to RMB 210.9 billion, which has increased by 13.5% compared to the end of 2023, ensuring a solid revenue recognition for 2024 [1]. Summary by Sections Sales Performance - In the first half of 2024, the company sold 5.44 million square meters, a decline of 32.3% year-on-year, with a sales amount of RMB 148.4 billion, down 17.6% year-on-year. The average contract sales price increased by 21.7% to RMB 27,279 per square meter [1]. - The sales in core cities, particularly high-end improvement projects, contributed significantly, with first-tier cities accounting for 62.7% of total sales [1]. Land Acquisition - The company has been cautious in land acquisition, securing only 6 plots of land in the first half of 2024, with a total land cost of RMB 12 billion and an investment intensity of approximately 8.1% [1]. - As of June 30, 2024, the total land reserve area is approximately 33.22 million square meters, with an equity area of 28.86 million square meters [1]. Commercial Operations - The commercial operation revenue grew by 20% year-on-year, with shopping center revenue increasing by 57.6%. The total commercial operation area is 8.71 million square meters, with 85% being self-owned assets [1]. - The shopping center occupancy rate reached 96.6%, with sales and foot traffic increasing by 30% and 28% year-on-year, respectively [1]. Financial Stability - The company maintains a stable cash flow with a debt-to-asset ratio of 56.1% and cash reserves of RMB 100.2 billion as of June 30, 2024. The average financing cost for the first half of 2024 is reported at 3.5% [1]. - The report projects revenues for 2024-2026 to be RMB 217.6 billion, RMB 228.9 billion, and RMB 242.5 billion, with net profits of RMB 27.3 billion, RMB 29.1 billion, and RMB 31.2 billion, respectively [2].

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].

优势显著，逆势领跑——中国海外发展 24 年中期业绩点评 事件：公司发布 2024 年中期业绩公告，公司 24H1 实现营业收入 869.4 亿元，同 比-2.49%；归母净利润 103.1 亿元，同比-23.6%；每股基本收益 0.94 元/股，同 比-23.6%；拟派发中期股息每股 30 港仙。 利润受行业波动下滑，分红比例提升 公司 24H1 实现营业收入 869.4 亿元，同比-2.49%；归母净利润 103.1 亿元，同 比-23.6%，收入维持高位，利润受行业波动有所回落。公司 24H1 毛利率 22.1%， 较 23 年同期下降 0.5pct；归母净利率 11.9%,较 23 年同期下降 3.2pct；24 年上半 年继续保持经营性现金净流入。董事局建议派发中期股息每股港币 30 仙，分红比例 28%，较 23 年同期上升 2.4pct，积极回馈股东。 销售韧性良好，拿地审慎度提升 销售端，24H1 公司合约销售额 1483.8 亿元，同比-17.7%；销售面积 544 万平， 同比-32.3%，市占率较 23 年末提升 0.49pct 达 3.15%。根据中指院数据，24H1 集团系列公司权益 ...

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 ...

中国海外发展（00688.HK） 优于大市 聚焦核心城市，经营保持稳健 归母净利润下降 23.5%。2024 上半年公司实现营业收入 869 亿元，同比下降 2.5%；归母净利润 103 亿元，同比下降 23.5%；剔除汇兑损益和物业重估价 值等后的核心净利润 106 亿元，同比下降 23%。公司归母净利润下滑的原因 主要为投资物业公允价值变动收益减少及合联营公司投资收益减少。公司宣 布派发中期股息每股港币 30 港仙。 销售均价逆势增长，聚焦核心城市。2024 上半年公司实现销售金额 1484 亿 元，同比下降 17.6%，全年权益销售额排名行业第一；实现销售面积 544 万 平方米，同比下降 32.3%。公司销售表现持续跑赢行业，整体市场占有率提 高0.49pct至3.15%。上半年公司销售均价27279元/平方米，同比增长21.7%， 其中一线城市大项目引领市场，贡献突出，上海顺昌玖里、领邸玖序、深圳 深湾玖序、北京京华玖序、广州中海大境开盘热销，引发市场轰动。公司聚 焦优势城市，一线和强二线城市实现销售 1075 亿元，占总销售额的 83%。公 司聚焦核心，精准投资，2024 上半年新增土地投资 6 ...

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; ...

公 司 报 告 中国海外发展(0688.HK) 销售争先，业务稳健 推荐（维持） 事项： 股价：11.64 港元 主要数据 | --- | --- | |--------------------|------------------------------| | 行业 | 房地产 | | 公司网址 | www.coli.com.hk | | 大股东/持股 | 中国海外集团有限公司/56.1% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本(百万股) | 10944.88 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股 | ) 10944.88 | | 总市值（亿元） | 1162.87 | | 流通 A 股市值(亿元 | ) 0 | | 每股净资产(元) | 34.59 | | 资产负债率(%) | 56.07 | 行情走势图 相关研究报告 【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 【平安证券】中国海外发展（0688.HK）*半年报点评* 做优做强，行稳致远*推荐20230828 证券分析师 杨侃 投资咨询 ...