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 ...

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 ...

[Table_Page] 公告点评|房地产Ⅱ 证券研究报告 [Table_Title] 【广发地产&海外】中国海外发展 (00688.HK) 6 月销售超预期,23 年核心拿地效果显现 [Table_Summary] 核心观点: ⚫ 6 月销售超预期。根据公司经营公告,中海地产(含宏洋)24 年 6 月 销售金额 466.8 亿元,同比+41%,其中中国海外发展贡献 426 亿元, 同比+49%,中国海外宏洋集团贡献 40.8 亿元,同比-12%。24 年上半 年,中海地产、中海发展、中海宏洋销售金额分别为 1484 亿元、1294 亿元、190 亿元,同比分别-18%、-16%、-27%。 ⚫ 6 月红盘集中入市,增加确定性。根据中指院,24 年上半年公司红盘 集中入市,24 年 3 月在上海推出顺昌玖里(高层)首开销售额 197 亿 元,占单月销售的 52%,6 月末集中推出上海领邸玖序、深圳深湾玖 序、北京京华玖序三个"玖"系高端住宅,首开销售额分别为 66、100、 62 亿元,合计销售 228 亿元,占 6 月销售的 54%。此外,公司 6 月末 推出低密产品(顺昌/恒昌玖里)首开 49 套 100 ...

股 票 研 究 海 外 公 司 ( 中 国 香 港 ) 证 券 研 究 报 告 龙头稳固,豪宅助力 ——2024 年 6 月经营数据点评 | | | | | |-----------------|--------------------|---------------------------|----------------------| | [table_Authors] | 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 | 本报告导读: 2024 年 6 月公司销售面积边际大幅改善,且在一线城市重磅豪宅项目的支持下,销售 额和均价升至历史高位;上半年公司拿地谨慎,拿地销售比仅 0.09,投资力度较弱。 投资要点: [Tabl ...