Investment Rating - The report maintains a "Buy" rating for China Jinmao (0817.HK) [4][6] Core Views - The company is expected to achieve a significant turnaround in profitability, forecasting a profit of approximately 1 billion yuan for 2024, compared to a core net loss of 6.9 billion yuan in 2023 [1] - The management transition aims to optimize operations, with the new chairman bringing over 25 years of experience in hotel and real estate development [2] - The company is actively expanding its land acquisition in first-tier and core second-tier cities, with total land acquisition exceeding 20 billion yuan in early 2025 [3] - The issuance of special bonds for land reserves is expected to enhance cash flow and facilitate further land acquisitions [3] Financial Forecasts - Revenue projections for 2024-2026 are estimated at 68.205 billion yuan, 69.543 billion yuan, and 74.424 billion yuan respectively, with corresponding net profits of 1.042 billion yuan, 1.618 billion yuan, and 2.054 billion yuan [5][8] - The report anticipates a significant increase in earnings per share (EPS) from -0.51 yuan in 2023 to 0.08 yuan in 2024, 0.12 yuan in 2025, and 0.15 yuan in 2026 [5][8] - The price-to-earnings (P/E) ratio is projected to decrease from 14x in 2024 to 7x in 2026, indicating improved valuation [5][8]

中国金茂（0817.HK）2024 年正面盈利预告点评 [盈利预测与财务指标 Table_Forcast] | 单位（百万元） | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业总收入 | 72,404 | 68,205 | 69,543 | 74,424 | | 增长率(%) | -12.8 | -5.8 | 2.0 | 7.0 | | 归母净利润 | -6,897 | 1,042 | 1,618 | 2,054 | | 增长率(%) | -447.6 | 115.1 | 55.3 | 26.9 | | EPS | -0.51 | 0.08 | 0.12 | 0.15 | | P/E | / | 14 | 9 | 7 | | P/B | 0.4 | 0.4 | 0.3 | 0.3 | 资料来源：Wind，民生证券研究院预测；（注：股价为 2025 年 03 月 11 日收盘价，汇率 1HKD=0.91RMB） 利润扭亏大幅转正，管理层换届剑指经营优化 2025 年 03 月 12 日 ➢ 事件：2025 年 3 月 1 ...

中国金茂（0817.HK）2024 年正面盈利预告点评 利润扭亏大幅转正，管理层换届剑指经营优化 2025 年 03 月 12 日 ➢ 事件：2025 年 3 月 11 日，中国金茂（0817.HK）发布 2024 年业绩预告， 截至 2024 年 12 月 31 日，公司预计本年度取得所有者应占溢利约 10 亿元。截 至 2023 年末当年度公司核心净利润仅为-69 亿元，2024 年取得大幅增长。 ➢ 精益管理助力降本增效，减值计提规模降低促进利润增长。公司持续强化精 益管理，全力推进控费提效，管理费用、销售及营销开支、融资成本等均在 2024 年有所下降；同时公司 2024 年计提发展中物业、持作出售物业等资产减值整体 下降。 ➢ 董事长顺利换届，新任授权代表实践经验丰富。2024 年 3 月 11 日，公司 发布公告，原公司董事长张增根先生因达至退休年龄而辞任公司主席、执行董事、 战略及投资委员会主席及 ESG 委员，执行董事陶天海先生获董事会委任，将出 任公司主席、战略及投资委员会主席及 ESG 委员会主席会主席。陶天海 2000 年 7 月加入中国金茂，2017 年 10 月起出任公司高级副总裁， ...

2024 年 11 月 13 日 公司研究 经营表现整体稳健，24 年业绩有望改善 ——中国金茂（0817.HK）动态跟踪 要点 事件：11 月 8 日，公司发布 2024 年 10 月销售数据。 点评：10 月销售改善，拿地力度适度，2024 年业绩或将边际改善。 10 月销售边际改善，保持行业头部位置：24 年 1-10 月，公司累计实现销售额 750 亿元，同比减少 38.5%，位居克而瑞房企销售排行榜第 12 位，保持行业 头部位置；销售面积 412 万平米，同比减少 39%，销售均价 18211 元/平米， 同比增长 0.8%；其中，10 月份公司实现销售额 116 亿元，环比增长 65.5%， 同比减少 7.2%，降幅较上月收窄 35pct，边际改善明显。 聚焦核心城市，保持适度拿地力度：24 年 1-10 月，公司累计新获取 7 宗土地， 分布于北京、成都、西安等 6 个核心城市，新增土储总建面 45.3 万平米，总地 价 92 亿元，权益地价 78 亿元，拿地销售比为 12.3%，公司坚持平衡品质与效 益，继续保持适度拿地力度，整体货值充分，可支撑公司未来发展经营需要。 重要子公司业绩提升显著 ...

JINMAO中国�淼 中國金茂控股集團有限公司 CHINA JINMAO HOLDINGS GROUP LIMITED ( 於香港註冊成立的有限公司 ) (Incorporated in Hong Kong with limited liability) 股票代號 Stock Code: 00817 中期報告 2024Interim Report 中 国 中 化 成 员 企 业 a sinochem company 目錄 Contents 財務摘要 封面內頁 Financial Highlights Inside Cover 公司資料 1 Corporate Information 主席致辭 3 Chairman's Statement 管理層討論與分析 9 Management Discussion and Analysis 中期財務資料審閱報告 67 Report on Review of Interim Financial Information 中期簡明綜合財務資料 69 Interim Condensed Consolidated Financial Information 中期簡明綜合財務資料附註 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a predicted 2024 EPS of approximately 0.12 RMB per share and a valuation range of 0.70-0.82 RMB per share (0.82-0.89 HKD per share) based on a 6-7x PE ratio [3] Core Views - The company demonstrated resilience with a strong profit rebound in 1H 2024, achieving a net profit of 1.839 billion RMB, a 4% YoY increase, and a net profit attributable to the parent company of 1.010 billion RMB, a 133% YoY increase [2] - The gross profit margin remained stable at 16% in 1H 2024, consistent with 2023 levels [2] - The company's debt ratio showed a slight increase, with a net debt-to-adjusted capital ratio of 76%, up 3 percentage points from 2023, while maintaining ample credit facilities of approximately 154.433 billion RMB [2] Financial Performance - The company's revenue is expected to decline by 13.1% YoY in 2024 to 63.03293 billion RMB, followed by a recovery with 6.8% and 6.9% growth in 2025 and 2026, respectively [4] - Net profit is forecasted to rebound to 1.57524 billion RMB in 2024 after a significant loss in 2023, with further growth of 4.9% and 7.6% in 2025 and 2026 [4] - The gross margin is projected to improve to 14% in 2024 and remain stable through 2026 [4] Valuation and Comparables - The company's 2024E PE ratio is estimated at 5.60x, with a PB ratio of 0.22x and EV/EBITDA of 10.79x [6] - Compared to peers, the company's 2024E PE ratio of 5.60x is higher than the industry average of 4.79x, indicating a premium valuation [5] Balance Sheet and Liquidity - The company held 33.751 billion RMB in cash and cash equivalents as of 1H 2024, a 9.16% YoY increase [2] - Total interest-bearing loans and borrowings stood at 129.425 billion RMB as of 1H 2024, a 1.61% increase from the end of 2023 [2] - The company's liquidity position is expected to improve, with the current ratio forecasted to increase from 1.06 in 2023 to 1.38 in 2026 [6] Operational Efficiency - The company's accounts receivable turnover ratio is expected to improve from 34.67 in 2023 to 37.96 in 2026, indicating better collection efficiency [7] - Operating cash flow is projected to increase significantly from 3.091 billion RMB in 2023 to 12.654 billion RMB in 2026 [7] Industry Context - The report highlights the real estate sector's challenges, particularly the risk of declining sales, which could impact the company's performance [3]

公司归母净利同比大幅提升，销售规模稳居第一梯队 2024 年 08 月 28 日 推荐 维持评级 当前价格： 0.66 港元 ➢ 营收同比下降，归母净利同比大幅提升。公司 2024 上半年年实现 219.75 亿元的总营业收入，同比下降 18%，其中城市运营及物业开发板块营收 170.73 亿元，同比下降 23%，主要由于销售物业的交付结算较上年减少所致；商务租赁 及零售收入 8.61 亿元，同比下降 9%，主要由于金茂商业 REIT 底层资产不再纳 入商务租赁及零售收入所致；酒店经营实现 8.85 亿元的营收，同比下降 17%， 主要受网红城市和境外旅游分流所致及威斯汀酒店处置所致；物业服务实现 14.91 亿元的营收，同比上升 10%，主要由于在管面积增加所致。受房地产市场 波动影响，公司 2024 年上半年物业开发毛利率为 11%，与 2023 年上半年持 平，而物业租赁和酒店经营毛利率分别较 2023 年同期增加 5 和 7 个百分点，物 业服务业务毛利率较去年同期下降 1 个百分点。公司 2024 年上半年实现归母净 利 10.10 亿元，而 2023 年同期为 4.32 亿元，实现了同比 133% ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對任何就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔責任。 JINMAO中国�浚 China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 （於香港註冊成立的有限公司） （股票代號：00817） 截至2024年6月30日止六個月中期業績公告 | --- | |------------------------------------------------------------------------------| | | | 董事會欣然宣佈本公司及其附屬公司截至 2024 年 6 月 30 日止六個月的未經審核中 | | 期業績。本公告列載本公司 2024 年中期報告全文，並符合《香港聯合交易所有限 | | 公司證券上市規則》中有關中期業績公告的披露要求。本公司 2024 年中期報告的 | | 印刷版本將於 2024 年 9 月底或之前寄發予本公司的股東，並可於其時在香港交易 | | 所披露易網站 www.hkexn ...

Financial Performance - The signed sales amount for the year 2023 reached RMB 141.2 billion, a decrease of 8.8% from RMB 155 billion in 2022[8]. - The company's revenue for 2023 was RMB 72,403.6 million, a decrease of 13% compared to RMB 82,991.4 million in 2022[18]. - Gross profit fell to RMB 9,021.5 million, down 31% from RMB 13,145.6 million in the previous year[18]. - The annual loss was RMB 4,858.3 million, a significant decline from a profit of RMB 5,220.9 million in 2022, representing a 193% change[18]. - The company's total assets decreased by 4% to RMB 407,119.2 million from RMB 421,895.6 million[18]. - The net profit attributable to owners for the year ended December 31, 2023, was a loss of RMB 6,896.6 million, a decrease of 448% compared to a profit of RMB 1,984.1 million in the previous year[137]. - Excluding fair value losses on investment properties, the adjusted net profit attributable to owners was a loss of RMB 6,793.5 million, down 846% from RMB 910.1 million in the prior year[137]. - Total revenue for the year ended December 31, 2023, was RMB 72,403.6 million, a decrease of 13% from RMB 82,991.4 million in the previous year[138]. - The gross margin for hotel operations improved to 46% in 2023 from 30% in 2022, indicating recovery in the hospitality sector[145]. - The company's annual profit for the year ended December 31, 2023, was RMB -4,858.3 million, a decrease of 193% compared to RMB 5,220.9 million in the previous year[153]. Revenue Sources - Rental income from investment properties amounted to RMB 1,802.3 million in 2023, up 16.1% from RMB 1,551 million in 2022[8]. - Hotel operating revenue for the year was RMB 2,080.4 million, significantly increasing from RMB 1,153.9 million in 2022, reflecting a recovery in the hospitality sector[8]. - Revenue from urban operations and property development was RMB 62,781.9 million, accounting for 85% of total revenue, down 16% year-on-year[143]. - Hotel operations revenue increased by 80% to RMB 2,080.4 million, driven by post-pandemic consumer recovery[143]. Strategic Initiatives - The company focuses on high-quality property development, premium holdings, and high-end services as part of its core business strategy[6]. - The company aims to enhance urban operational models while improving the operational efficiency of its core businesses[6]. - The company plans to focus on high-quality development and urban operation management, emphasizing product upgrades and service quality[20][24]. - The company is committed to enhancing urban operation management models and advancing product upgrades as part of its strategic initiatives[28]. - The company is focusing on digital transformation and enhancing service efficiency through technology integration, aiming to improve user experience[135]. - The company is committed to achieving carbon neutrality goals through its smart energy initiatives and green data centers[136]. Market Position and Expansion - The company has a total contracted construction area of approximately 106.4 million square meters across 70 cities in China, enhancing its market presence[9]. - The company successfully increased its land reserves in cities such as Shanghai, Tianjin, and Suzhou, contributing to its strategic expansion[8]. - The company has successfully acquired several key projects in major cities, including Shanghai and Xi'an, as part of its growth strategy[11]. - The company is actively expanding its market presence, with projects in various cities including Beijing, Shanghai, and Guangzhou[41]. - The company holds a total of 382 projects in urban operations, property development, commercial leasing, and hotel operations, with an unsold area of approximately 8.36 million square meters[43][44]. Awards and Recognition - In 2023, China Jinhui was awarded the 8th place in the "H-share 2023 Real Estate Comprehensive Competitiveness" ranking[31]. - The company received multiple awards in 2023, including "Top 9 in Brand Value of Chinese Real Estate Enterprises" and "Outstanding Value Real Estate Enterprise" at various industry forums[32][33]. - China Jinhui's property service division was recognized as one of the "Top 10 Leading Enterprises in Property Management" and "Top 3 in Investment Potential" among listed property companies[37]. - The company received multiple awards in 2023, including the "Outstanding Green Quality Award" and "Top 10 BIPV Brands"[39]. Challenges and Risks - The decline in profitability is attributed to the downturn in the real estate sector, leading to impairment provisions for development properties and reduced revenue from property development projects[137]. - The group faces market risks due to potential declines in the domestic property market, which could affect asset liquidity and sales prices[181]. - The company faces moderate environmental risks due to severe and permanent climate changes in China, which could adversely affect real estate construction and operations[186]. Investor Relations - In 2023, the company participated in multiple investor relations activities, including online and offline investor meetings, enhancing communication with over 100 investors throughout the year[188]. - The company actively seeks investor feedback to improve communication quality and enhance investor relations effectiveness[193]. - The company aims to expand its investor relations efforts to ensure compliance with disclosure responsibilities and enhance transparency[194]. - The company has organized site visits for investors to improve understanding of its projects and operations[192].

2024年4月13日 公司研究 业绩压力释放较充分，股东及管理层增持积极推进 ——中国金茂（0817.HK）动态跟踪 要点 买入（维持） 当前价：0.51港元 事件：公司发布23年业绩、24年3月经营数据和股东、董事/管理层增持进展。 点评：减值压力释放较充分，控股股东、董事/管理层积极增持，彰显发展信心。 减值压力释放较充分，多元化业务支撑利润率企稳：2023年，公司实现营业收 作者 入724亿元（我们预测为734亿元），同比减少13%，主要因开发业务交付规 分析师：何缅南 模减少影响；归母净利润亏损69亿元，同比减少448%，剔除投资物业公平值 执业证书编号：S0930518060006 021-52523801 亏损后的归母净利润为-68亿元，同比减少846%，业绩亏损主要因公司综合毛 hemiannan@ebscn.com 利率同比降低3.4pct至12.5%（其中城市运营与物业开发毛利率为9%）、计 提存货及应收账款减值损失共48亿元、其他收入及收益同比减少73亿元、合 联系人：庄晓波 /联营公司投资亏损9亿元（同比减少14亿元）等因素；公司22-23年累计计 021-52523416 提存货及应收 ...