Financial Performance - The company reported a significant increase in revenue, achieving a total of 10 billion in 2023, representing a year-over-year growth of 15%[4] - The operating and service business generated sustainable revenue of RMB24.9 billion, representing a year-on-year growth of nearly 6%[55] - The property development business recorded contracted sales of RMB173.49 billion for the year, with a total sales area of 10.796 million square meters and an average selling price of RMB16,070 per square meter[74] - The Group achieved contract sales of RMB173.5 billion in the development business, ranking ninth in the industry[55] - The total contracted sales in 2023 decreased from RMB201.59 billion in 2022, indicating a year-over-year decline[78] Market Expansion and Strategy - The company is expanding its market presence, targeting 10 new cities in Southern China by the end of 2024[4] - The company is actively pursuing market expansion in Fuzhou with projects like Jiangchen Garden and Yangxia Street Plot, both set to complete in 2025[19] - The company is planning to expand its market presence with multiple projects in Qingdao, including the Lan'an Central and Fairy Castle projects, both with a 70% interest and significant GFA under development[22] - The company is expanding its presence in Changsha with multiple projects, including the Binhe Road Project and the Datang Longfor Qingyunque Project, both expected to complete in 2024[19] - The company is actively expanding its market presence with multiple projects in cities like Tianjin, Wuhan, and Lanzhou[25] Project Development - The company has a total of 36 ongoing and planned projects in Chongqing, with a significant focus on residential developments, including Bright City and Meilin Meiyuan, expected to complete in 2028 and 2026 respectively[17] - The company has a total of 20 principal development properties with varying completion dates, including projects in Haikou, Hangzhou, and Nanjing, with expected completion dates ranging from 2024 to 2028[20] - The company is developing the E-sports Town New Project in Guiyang, with a completion date set for November 2024 and a 90% interest in the project[17] - The company has a diverse portfolio with projects in multiple cities, including Guangzhou and Hefei, indicating a robust growth strategy across different regions[19] - The company is focusing on residential developments, with a majority of projects categorized under residential use[23] Financial Management and Debt - As of the end of 2023, the Group's interest-bearing liabilities totaled RMB192.6 billion, a decrease of 7.4% compared to 2022[52] - The Group plans to optimize its debt structure by gradually reducing indebtedness to ensure financial sustainability[52] - The Group's consolidated borrowings amounted to RMB192.65 billion, with cash in hand of RMB60.42 billion[134] - The net debt to equity ratio was 55.9%, and the liabilities to asset ratio (excluding pre-sale deposits) was 60.4%[134] - The average borrowing cost was 4.24%, with fixed-rate debt accounting for 32% of total debt[138] Sustainability and ESG Initiatives - The company has set a target to reduce carbon emissions by 30% by 2025 as part of its sustainability strategy[4] - The Group's commitment to ESG initiatives is reflected in its inclusion in the Hang Seng Corporate Sustainability Index and an improved MSCI ESG rating of AA[65] - The company is committed to sustainable development, with a significant portion of its projects focused on residential and commercial spaces, enhancing community living[17] Corporate Governance - The Company is committed to achieving a high standard of corporate governance and has complied with applicable code provisions, except for specific deviations noted in the report[188] - The Board currently consists of nine directors, including four executive directors and four independent non-executive directors, ensuring a strong independence element in its composition[195] - The Company emphasizes the importance of corporate transparency and accountability in its governance practices[188] - The Board has reviewed the Group's Code of Conduct and assessed the risk management and internal control systems during the year[198] - The effectiveness of the Company's corporate governance policy was confirmed by the Board[198] Operational Performance - Same-store sales for opened malls increased by 30% year-on-year, with average daily foot traffic up by 28%[55] - The occupancy rate of malls recovered from 93% at the beginning of last year to 96%[55] - The total rental income from shopping malls was RMB 7.97 billion, representing a 22.7% decrease from RMB 10.28 billion in 2022[94] - The average daily foot traffic across all shopping malls was 2.63 million in 2023, indicating strong consumer engagement[95] - The Group's rental income, net of tax, from Investment Property Operation was RMB12.94 billion, representing an increase of 8.9% compared to the previous year[84]

Investment Rating - The report adjusts the investment rating to "Accumulate" from "Buy" [1][2] Core Views - The company maintains financial stability with light public debt pressure due in 2024, having a cash balance of 60.42 billion and a short-term debt repayment pressure that is manageable [2] - The company experienced a significant decline in revenue and net profit in 2023, with total revenue of 180.74 billion, down 27.9% year-on-year, and a core net profit of 11.35 billion, down 49.4% year-on-year [2][3] - The company continues to face sales pressure, focusing land acquisitions in core first and second-tier cities, with total sales amounting to 173.49 billion, a decrease of 13.9% year-on-year [2][3] Financial Performance Summary - As of the end of 2023, the company had interest-bearing liabilities of 192.65 billion, a decrease of 7.4% year-on-year, with a cash-to-short-term debt ratio of 2.25 times [2] - The overall gross margin for the company was 16.9%, down 4.2 percentage points year-on-year, while the net profit margin was 7.1%, down 2.6 percentage points year-on-year [2] - The company’s land reserve stood at 45.39 million square meters, with a focus on higher-tier cities, and the land acquisition area decreased by 17.9% year-on-year [3] Revenue and Profit Forecast - The report forecasts revenues for 2024, 2025, and 2026 to be 171.52 billion, 164.15 billion, and 158.64 billion respectively, with corresponding net profits of 12.47 billion, 12.34 billion, and 12.51 billion [2][4]

2024年4月1日 公司研究 开发业务结算规模下降，经营性业务利润补位 ——龙湖集团（0960.HK）动态跟踪 要点 买入（维持） 当 前价：11.06港元 事件：据克而瑞数据显示，龙湖集团24年1-3月实现全口径销售额237亿元。 点评：开发收入大幅下滑等因素带动业绩下降，销售短期承压，财务整体稳健。 作者 23年开发业务收入大幅减少，毛利率大幅下滑有望筑底：2023年，公司实现营 分析师：何缅南 业收入1807亿元，同比减少27.9%，主要因前期销售额减少导致开发业务营收 执业证书编号：S0930518060006 021-52523801 同比减少31.3%至1559亿元；公司综合毛利率为16.9%，同比降低4.2pct，其 hemiannan@ebscn.com 中开发业务毛利率为 11.0%，同比降低 6.9pct，主要因前期获取的低毛利项目 结算以及 23 年新增计提存货减值 10 亿元；公司归母净利润 128.5 亿元，同比 联系人：庄晓波 减少 47.3%，其中核心归母净利润为 113.5 亿元，同比减少 49.6%，同比降幅 021-52523416 zhuangxiaobo@ebscn.c ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 龙湖集团（0960）公司年报点评 2024年03月26日 [Table_InvestInfo] 投资评级 优于大市 维持 恪守财务稳健安全，内生增长不断增强 股票数据 [Table_Summary] 3[T月ab25le日_S收t盘oc价kI（nf港o元] ） 10.66 投资要点： 52周股价波动（港元） 7.86-23.33 总股本股（百万股） 6767 营收利润有所下滑。公司2023年营业总收入1810.94亿元，同比下行27.8%。 总市值（亿港元） 721  相关研究 毛利为305.8亿元，同比下行42.3%，剔除公允价值变动的归母核心利润为 113.5亿元，同比下行49.6%。2023年公司毛利率16.9%，较2022年降低 [《Ta提b质le增_R效e确p保or安tI全nf，o]多航道业务协同发展》 4.3个百分点；核心税后利润率（剔除评估增值后）为8.7%，较2022年降 2023.08.24 低3.6个百分点；归母核心税后利润（核心权益后利润率）为6.3%，较2022 《龙湖集团（0960.HK）2022年年报点评： ...

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[ 龙I Tnaf 湖bol]e 集_Ti 团tle] （ 0960） [评Tab级le_：Inv est] 增持 当前价格（港元）： 10.18 经营性收入稳健增长 2024.03.25 ——2月经营数据点评 海 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 7.92-24.85 公 010-83939826 010-83939815 021-38675923 当前股本（百万股） 6,767 当前市值（百万港元） 68,891 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 司 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 52周内股价走势图 中 本报告导读： 公司发布 2 月经营数据，开发业务延续上月表现继续承压，拿地投资布局优势城 龙湖集团 恒生指数 国 市； ...

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[ 龙I Tnaf 湖bol]e 集_Ti 团tle] （ 0960） [评Tab级le_：Inv est] 增持 当前价格（港元）： 10.18 积极调整，坚韧前行 2024.03.25 ——2023年业绩点评 海 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 7.92-24.85 公 010-83939826 010-83939815 021-38675923 当前股本（百万股） 6,767 当前市值（百万港元） 68,891 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 司 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 52周内股价走势图 中 本报告导读： 公司 2023年继续缩表，毛利率因开发业务短暂承压进一步探底；未来公司将以高质 龙湖集团 恒生指数 国 ...

Investment Rating - The report maintains a "Buy" rating for Longfor Group (00960.HK) [1][2][6] Core Views - The company experienced a decline in both revenue and profit, with operating business showing stable development. In 2023, the company achieved revenue of 180.7 billion yuan, a year-on-year decrease of 27.9%, and a net profit of 12.9 billion yuan, down 47.3% [3][6] - The core net profit, excluding minority interests and fair value changes of investment properties and financial derivatives, was 11.4 billion yuan, a decline of 49.6% year-on-year. The property development business generated revenue of 155.9 billion yuan, down 31%, while operational revenue increased by 9% to 12.9 billion yuan [3][6] - The company focuses on core cities to ensure cash flow, achieving a sales area of 10.8 million square meters, down 17.2%, and sales amounting to 173.5 billion yuan, down 13.9%. The company maintained a 100% collection rate [3][6] Financial Performance and Forecast - Revenue and profit forecasts for 2024 and 2025 have been adjusted downwards due to market downturns affecting the company's turnover scale and gross margin. Expected net profits for 2024 and 2025 are 12.92 billion yuan and 12.95 billion yuan, respectively, with corresponding EPS of 1.91 yuan [1][6][10] - The company’s financial safety is highlighted by a debt-to-asset ratio of 60% and a net debt ratio of 56% as of the end of 2023. The company has a cash balance of 60.4 billion yuan, down 16.8% year-on-year, and a cash-to-short-term debt ratio of 1.36 times [6][9] Business Segmentation - The company’s land reserves total 45.39 million square meters, with an average land cost of 4,705 yuan per square meter. High-quality land reserves account for 72% of total area, representing 77% of sales value [3][6] - The company has secured financing channels, with new operating property loans of 17.4 billion yuan and remaining bank credit limits exceeding 200 billion yuan [6][9]

[Table_StockInfo] 持有 2024年 03月 25日 （维持） 证券研究报告•2023年年报点评 当前价： 10.18港元 龙湖集团（0960.HK） 房地产 目标价： ——港元 开发业务聚焦核心区域，商业运营稳健发展 投资要点 西南证券研究发展中心 [T ab营le业_S收u入mm承a压ry，] 财务总体向好。2023年公司取得营业收入 1807.4亿元，同比 [分Ta析bl师e_：Au池th天or惠] 下降 27.9%，实现归母净利润 128.5亿元，同比下降 47.3%，剔除公平值变动 执业证号：S1250522100001 等影响后核心归母净利润同比下降 49.6%至 113.5亿元。毛利 305.8亿元，毛 电话：13003109597 利率为 16.9%。核心税后利润率为 8.7%，同比-3.6pp，核心权益后利润率为 邮箱：cth@swsc.com.cn 6.3%，同比-2.7pp。财务总体稳定向好，公司现金短债比为 1.96，净负债率同 分析师：刘洋 比下降 2.2个百分点至 55.9%，剔除预收账款的资产负债率为 60.4%，剔除预 执业证号：S1250523070005 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 房地产 | 公司研究 多元业务稳增，利润结构优化 2024年03月22日 龙湖集团 (00960.HK) 买入 23年核心净利润同比-50%、符合预期，运营及服务业务贡献业绩超60%。23年公司营业收入1,807 亿元，同比-27.9%；归母净利润128.5亿元，同比-47.3%；核心净利润113.5亿元，同比-49.6%、 维持 符合前期业绩预减范围，其中运营及服务业务贡献超60%、公司计划持续提升该占比；每股基本收 益2.07元，同比-49.4%。地产结算收入1,559亿元，同比-31.3%；地产结算面积1,071万平，同 比-31.0%。毛利率、归母净利率、核心净利率分别为16.9%、7.1%、6.3%，同比分别-4.2pct、-2.6pct、 市场数据：2024年03月22日 -2.7pct；地产结算毛利率11.0%，同比-6.9pct；三费费率为6.0%，同比+1.1pct，其中销售和管 收盘价（港币） 10.18 理费率分别同比+0.8pct和+0.3pct；投资收 ...

Investment Rating - The report maintains a "Recommend" rating for Longfor Group (0960) [2] Core Views - Longfor Group's 2023 revenue was RMB 180.737 billion, down 27.87% YoY, with net profit attributable to shareholders dropping 47.25% to RMB 12.85 billion [2] - The company's gross margin fell to 16.92%, a 4.25 percentage point decrease from 2022, mainly due to lower development margin (11% vs 17% in 2022) [2] - Sales volume decreased 13.94% to RMB 173.488 billion, while average selling price increased 4% to RMB 16,069.6 per square meter [2] - Rental income grew 8.9% to RMB 12.94 billion, with shopping malls contributing 77.4% and rental housing 19.7% [2] Financial Performance - Revenue breakdown: Development business turnover down 31.35%, significantly impacting overall revenue [2] - Profitability: Gross margin declined to 16.92%, with development margin dropping 6.9 percentage points to 11% [2] - Expense ratios: Management expense ratio increased to 2.91% (up 0.78ppt), sales expense ratio rose to 3.04% (up 0.33ppt) [2] Sales and Land Bank - Regional sales distribution: Yangtze River Delta (28.9%), Bohai Rim (21.8%), Western China (28.4%) [2] - Land acquisition: Added 31 plots totaling 3.68 million sqm GFA, with average land cost of RMB 9,730 per sqm [2] - Land bank: Total 45.39 million sqm, with 71.29% equity ratio and average cost of RMB 4,705 per sqm [2] Operational Highlights - Shopping malls: 88 operational malls with 7.97 million sqm GFA, achieving 96.2% occupancy rate [2] - Rental housing: 123,000 operational units with 95.5% occupancy rate, generating RMB 2.93 billion in revenue [2] - New openings: 12 new malls in 2023 (7 light-asset), with 14 more planned for 2024 [2] Financial Health - Leverage: Net debt ratio at 55.9%, debt-to-asset ratio (excluding advance receipts) at 60.4% [5] - Debt structure: Short-term debt at 13.9%, foreign debt at 17.7% [5] - Liquidity: Cash position of RMB 60.42 billion, cash-to-short-term-debt ratio of 1.36 [5] Future Projections - Revenue forecast: RMB 181.584 billion (2024E), RMB 194.204 billion (2025E), RMB 205.429 billion (2026E) [5] - Net profit forecast: RMB 12.85 billion (2024E), RMB 13.871 billion (2025E), RMB 14.704 billion (2026E) [5] - Valuation: PE ratios of 5.20X (2024E), 4.82X (2025E), 4.55X (2026E) [5]