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 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 中国金茂（0817）公司年报点评 2024年04月02日 [Table_InvestInfo] 投资评级 优于大市 维持 销售聚焦回款质量，年内债务压力减轻 股票数据 [Table_Summary] 0[4Ta月b0le1_日S收to盘ck价In（fo港]元） 0.56 投资要点： 52周股价波动（港元） 0.55-1.70 总股本（亿股） 135 总市值（亿港元） 76  收入同比下跌，核心业务有待修复。公司2023年收入达72403.6百万元， 相关研究 同比下降 13%。分业务看，2023 年公司城市运营及物业开发销售收入为 [《Ta中b国le金_R茂e年p报or点tI评nf：o]核心业务有待修复，后 62781.9百万元，占收入总额的85%，同比降低16%，主要为交付结算的销 续转化资源充足》2023.04.05 售物业较去年减少；商务租赁及零售商业运营收入为1802.3百万元，占收入 《中国金茂（0817.HK）2022年中报点评： 总额的2%，同比上升16%，主要由于2022年新开业物业本期新增收入所致； 攻坚克难砥砺前行 ...

Investment Rating - The report maintains a "Recommend" rating for China Jinmao (0817 HK) [1][2] Core Views - Revenue and gross profit under pressure, with net profit turning negative due to significant impairment charges [1] - 2023 total revenue: RMB 72 404 billion, down 13% YoY - Urban operation and property development revenue: RMB 627 81 billion, down 16% YoY - Commercial leasing and retail operations revenue: RMB 18 02 billion, up 16% YoY - Hotel operations revenue: RMB 20 80 billion, up 80% YoY - Urban operation and property development gross margin: 9%, down 4 percentage points YoY - Net profit attributable to shareholders (excluding fair value gains of investment properties): -RMB 6 794 billion vs RMB 9 10 billion in 2022 - Contracted sales remain in the top tier, with successful REITs listing [1] - 2023 contracted sales: RMB 141 2 billion, ranking 13th in the industry - Collection rate: 104%, same as 2022 - Key sales regions: East China (35 6%) and North China (35 4%) - Core first- and second-tier cities account for over 88% of contracted sales - Huaxia Jinmao Shopping Center REIT listed with fund size of RMB 1 068 billion, expected 2024 distribution rate of 4 92% - Land reserve remains sufficient despite slower land acquisition [1] - 2023 new land reserve: 1 99 million sqm, located in core first- and second-tier cities - Undelivered area as of Dec 2023: 83 69 million sqm - Debt structure optimization continues, with all "three red lines" in green zone [1] - Average financing cost: 4 3% - Proportion of debt due within one year: 19% - Average debt maturity: 5 62 years - Total bond issuance in 2023: RMB 18 75 billion Financial Forecasts - Revenue and profit projections [1][2][5] - 2024E revenue: RMB 81 853 billion, +13 1% YoY - 2025E revenue: RMB 89 916 billion, +9 9% YoY - 2026E revenue: RMB 97 825 billion, +8 8% YoY - 2024E net profit attributable to shareholders: RMB 1 001 billion - 2025E net profit attributable to shareholders: RMB 1 513 billion - 2026E net profit attributable to shareholders: RMB 1 926 billion - Valuation metrics [1][2][5] - 2024E PE: 7X - 2025E PE: 5X - 2026E PE: 4X - PB ratio: 0 2X (2023-2026) - Key financial ratios [5] - Gross margin: 12 46% (2023A), 14 84% (2024E), 16 14% (2025E), 16 68% (2026E) - Net margin: -9 53% (2023A), 1 22% (2024E), 1 68% (2025E), 1 97% (2026E) - ROE: -17 55% (2023A), 2 48% (2024E), 3 62% (2025E), 4 41% (2026E) - Asset-liability ratio: 73 02% (2023A), 73 94% (2024E), 74 49% (2025E), 74 89% (2026E)

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。 JINM/O中国�滚 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） 截至二零二三年十二月三十一日止年度業績公告 | --- | --- | |--------------------------------------------------------------------------|----------------------------------------| | | | | 中國金茂控股集團有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司 | | | 及其附屬公司截至 2023 年 12 月 31 | 日止年度的經審核業績。本公告列載本公司 | 1 目 錄 | --- | --- | --- | --- | --- | --- | --- | --- | |------- ...

2024年3月4日 公司研究 大额减值计提充分，股东增持彰显信心 ——中国金茂（0817.HK）2023 年业绩预告点评 要点 买入（维持） 当前价：0.62港元 事件：3月1日，公司发布23年业绩预告及控股股东增持计划。23年，公司 归母净利润预计亏损约67亿元。公司控股股东中化香港（集团）有限公司（简 称“中化香港”）拟自公司发布23年业绩公告之日次日起计约3个月内增持 作者 公司股票不超过港币2亿元。 分析师：何缅南 点评：市场下行等多因素承压致业绩短期下滑，集团资源支持提升经营稳健性。 执业证书编号：S0930518060006 021-52523801 上市以来首次业绩亏损，市场下行提升减值和毛利率压力：2023年，公司预计 hemiannan@ebscn.com 实现归母净利润亏损约67亿元，同比减少约87亿元，同时，不含投资物业公 平值收益的归母净利润预计为亏损66亿元，同比减少约75亿元，业绩表现低 联系人：庄晓波 于我们预期，主要原因包括：1）受国内房地产行业下行影响，公司继续计提存 021-52523416 zhuangxiaobo@ebscn.com 货减值；2）房地产一二级开发收入结算 ...

智通财经APP讯，中国金茂(00817)公布，董事会于近期收到公司主席兼执行董事张增根先生、执行董事 兼首席执行官陶天海先生、执行董事兼高级副总裁张辉先生、执行董事兼首席财务官乔晓洁女士、高级 副总裁刘光华先生及其他多位管理层通知，基于对公司未来发展的信心及对公司股票长期投资价值的认 可，董事及管理层计划在公司完成公布截至2023年12月31日止年度业绩公告之日次日起计约1个月内， 在公开市场以其自筹资金各自购买公司股票，预计总金额约港币2500万元。 公告称，公司将不会参与增持计划，亦不会为增持计划提供任何财务资助。 ...