中金：维持华润置地跑赢行业评级 目标价32.80港元 财务盘面韧性突出：2024年公司扣预负债率/净负债率同比-1.8ppt/-0.7ppt至55.6%/31.9%，现金储备 同比增16.5%至1,332亿元;平均融资成本同比-45bps至3.11%，平均债务期限延长至6.7年。 发展趋势 夯实领先身位，发力"大资管"第二增长曲线。公司2024年末资产管理规模同比增8%至4,621亿元(其 中购物中心总资产同比增21%至2,705亿元，占比63%)，优质底层资产价值持续提升。该行认为后续业 务端，公司有望持续发力多元持有型资产运营管理能力建设;资本市场平台端，有望持续打通以公募 REITs为代表的资本循环通道，释放资产价值、提升资本配置效率、进一步提升市占率。 开发业务有望持续发挥压舱石作用。公司2025年初可售货值约5,009亿元，在此基础上其提出销售 额在2024年基础上保持增长的销售目标，着力于在兼顾利润前提下实现更优销售流速。结算方面，考虑 公司2024年末并表口径已售未结2,267亿元、其中1,935亿元计划于2025年内结算，该行认为2025年开发 业务收入有望保持相对稳定。 华润置地2024年业 ...

Core Viewpoint - China Resources Land reported a revenue increase but a significant decline in net profit, highlighting the challenges faced by leading companies in the real estate sector during a period of deep adjustment [2][3]. Financial Performance - In 2024, the company's total revenue reached 278.8 billion yuan, a year-on-year increase of 11%, marking a five-year high [2]. - However, net profit attributable to shareholders decreased by 18.45% to 25.6 billion yuan, the lowest level in five years [2]. Profitability and Margin Analysis - The overall gross margin has dropped from 30.9% in 2020 to 21.6% in 2024, with a significant decline in the gross margin of development sales from 29.1% to 16.8% over the same period [3]. - Despite strong performance in operational real estate, with a gross margin of 70%, the scale of this segment is insufficient to offset the profit gap from development sales [3]. Sales Strategy and Market Response - The decline in development sales margins is attributed to a "price for volume" strategy, with price reductions implemented across various projects to stimulate sales [3]. - For instance, the average transaction price for a project in Beijing was reduced by 5,000 yuan per square meter, resulting in a direct loss of 219 million yuan [3]. Operational Real Estate Performance - The operational real estate segment showed strong results, with retail sales reaching 195.3 billion yuan and an operating profit margin of 61% [4]. - The rental rate for office buildings remained at 75%, maintaining a leading position in the industry [4]. Strategic Focus and Future Outlook - The company emphasizes a focus on first- and second-tier cities, with 94% of investments concentrated in these areas, and 72% in core cities like Beijing, Shanghai, and Hangzhou [5]. - Looking ahead to 2025, the company aims to optimize its development sales and operational real estate strategies while enhancing asset value and solidifying its position in the market [5].

Investment Rating - The report maintains a "Buy" rating for China Resources Land (01109) [2][5] Core Views - The company reported a core net profit of 256 million yuan for 2024, a decrease of 18.5% year-on-year, with regular business contributing 41% to the core net profit, which covers the dividend entirely [5] - The company has a strong financial position, remaining in the green zone of the "three red lines" policy, with a net debt ratio of only 32.4% and a cash-to-short-term debt ratio of 1.9 times [5] - The company plans to distribute a final dividend of 1.119 yuan per share, with an annual dividend of 1.319 yuan, reflecting a dividend payout ratio of 37% [5] Financial Data and Profit Forecast - Revenue for 2023 is projected at 251.137 billion yuan, with a year-on-year growth rate of 21.3% [4] - The net profit attributable to the parent company for 2024 is expected to be 25.577 billion yuan, down 18.5% year-on-year [4] - Earnings per share (EPS) for 2024 is estimated at 3.59 yuan, a decrease of 18.4% compared to the previous year [4] - The company’s gross profit margin is projected to be 21.6% for 2024, down 3.5 percentage points year-on-year [5] Sales and Land Acquisition - The company’s sales for 2024 are expected to be 261.1 billion yuan, a decrease of 15% year-on-year, with a land acquisition/sales ratio of 30% [5] - The average selling price for 2024 is projected at 23,000 yuan per square meter, down 2% year-on-year [5] - The company has accelerated land acquisitions since November 2024, with an average land acquisition/sales ratio of 104% from November 2024 to February 2025 [5] Commercial Operations - The company’s shopping mall retail sales increased by 19% year-on-year, with operational income of 23.3 billion yuan, a 5% increase [5] - The occupancy rate for the company’s office buildings is 75%, with rental income of 1.88 billion yuan, down 8.7% year-on-year [5] - The hotel segment reported revenue of 2.07 billion yuan, a decrease of 10.8% year-on-year, with an occupancy rate of 64% [5] Investment Analysis - The company is positioned to benefit from its strong financial health and market leadership in urban investment and development [5] - The report suggests that the company’s high-quality land reserves and commercial operations will provide a stable performance amid industry challenges [5] - The current share price corresponds to a PE ratio of 6.6 times for 2025, indicating potential for value appreciation [5]

Core Insights - China Resources Land reported a total revenue of 278.8 billion yuan for 2024, an increase of 11% year-on-year, but core net profit decreased by 8.5% to approximately 25.4 billion yuan, with a comprehensive gross margin of 21.6%, marking a five-year low [1][2] Group 1: Business Performance - The development and sales segment generated revenue of 237.15 billion yuan, up 11.8% year-on-year, while recurring business revenue totaled 41.65 billion yuan, a 6.6% increase, accounting for 14.9% of total revenue [1] - Recurring business core net profit grew by 8.2% to 10.3 billion yuan, surpassing the 10 billion yuan mark for the first time, with its contribution to total core net profit rising by 6.3 percentage points to 40.7% [2] - The gross margin for the development and sales business fell to 16.8%, a decline of nearly 4 percentage points year-on-year, despite a 24.3% increase in average settlement price to 22,000 yuan per square meter [2] Group 2: Market Position and Strategy - The company achieved a contracted sales amount of 261.1 billion yuan in 2024, a decrease of 15% year-on-year, but improved its industry ranking to third [3] - China Resources Land maintained strong investment activity, acquiring 29 new projects with a total land reserve area of approximately 3.93 million square meters and an equity investment of 52.6 billion yuan [3] - The company focuses on investment in first and second-tier cities, with 94% of new investments in these areas, and 72% in core cities like Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou [3] Group 3: Future Outlook - The company plans to adhere to a principle of financial prudence, ensuring cash flow safety while optimizing land reserve structure through a "three adjustments" strategy [3] - The real estate market is showing signs of recovery, with increased visitor numbers and supportive policies expected to stabilize the market [4]

Core Viewpoint - China Resources Land reported a total revenue of approximately 278.8 billion yuan for 2024, reflecting a year-on-year growth of 11% [3] Financial Performance - The revenue from development and sales business reached 237.15 billion yuan, up 11.8% year-on-year [3] - Operating property revenue was 23.3 billion yuan, increasing by 4.8% [3] - Light asset management business revenue amounted to 12.13 billion yuan, a growth of 14% [3] - The total gross profit for 2024 was 60.33 billion yuan, with a gross margin of 21.6%, down 3.6 percentage points year-on-year [4] - The net profit attributable to shareholders was 25.58 billion yuan, while the core net profit, excluding property valuation gains, was 25.42 billion yuan, down 8.5% year-on-year [4] - The board proposed a final dividend of 1.119 yuan per share, leading to a total dividend of 1.319 yuan per share for 2024 [4] Market Outlook - Management indicated that market confidence is recovering rapidly, supported by new policies, although high inventory pressure remains a challenge [5] - The company aims to maintain its leading position in the new housing market by enhancing operational efficiency and product quality [5] Investment Strategy - The company focuses on prudent financial management, emphasizing safety in capital allocation [6] - Recent investment strategies have concentrated on first- and second-tier cities, with 72% of new projects located in major cities [6] - As of the end of 2024, total borrowings were 259.78 billion yuan, with cash reserves of 133.21 billion yuan, resulting in a net gearing ratio of 31.9% [6] Operational Highlights - The shopping center segment achieved retail sales of 195.3 billion yuan, accounting for 0.4% of the national retail total, with an operating profit margin of 61% [6] - The average occupancy rate for office properties was 75%, reflecting market pressures [6] - The hotel segment generated revenue of 2.07 billion yuan, with a partnership established with Hyatt Hotels for management [6]

Core Viewpoint - China Resources Land has reported a significant decline in net profit despite achieving the highest revenue in five years, indicating a "revenue without profit" dilemma due to shrinking profit margins in its development and sales business [1][4]. Financial Performance - In 2024, China Resources Land achieved a revenue of 278.799 billion yuan, an increase of 11.01% year-on-year [3]. - The net profit attributable to shareholders fell to 25.577 billion yuan, a decrease of 18.45% compared to the previous year, marking the lowest profit in five years [4]. - The gross profit margin for the development and sales business dropped from 29.1% in 2020 to 16.8% in 2024, a decline of 12.3 percentage points [5]. Market Conditions - The overall gross profit margin in the real estate market has been declining, exacerbating the profit pressure on China Resources Land [4]. - Rising land costs in major cities, along with increasing construction, labor, and financing costs, have compressed project profit margins [4]. Business Strategy - The decline in profit margins is partly attributed to the company's land acquisition strategy, which has led to higher costs [6]. - In 2023, China Resources Land acquired two land parcels in Beijing at a premium of 15%, leading to increased project development costs [6]. Sales Performance - The "price-for-volume" strategy adopted for the sales of the Oak Bay Phase III project resulted in a lower average selling price, causing a direct loss of approximately 219 million yuan [7]. - The sales rate for the Oak Bay Phase III project was only 63.31%, while competing projects in the area achieved higher sales rates [6][7]. - Similar discounting strategies were observed in other regions, such as Nanjing, where properties were sold at significant discounts [7].

华润置地：坚持城市聚焦和深耕策略 一二线城市投 资占比达94% 全面推动"3+1"一体化业务在地区公司穿透落地 3月26日，华润置地发布2024年全年业绩，并举行业绩发布会，各管理层出席会议。 金融投资重点关注一二线城市的主流区域、主流客户和主流产品，一二线城市投资占比高达94%， 北上广深、杭州等这些核心城市占比达到了72%。 另外，在存量方面，一方面持续加大库存去化；另一方面，利用中央的支持性政策，加大土地盘活 力度，资源换仓的成效比较显着。目前公司一二线城市土储占比达到了82%，土储规模和结构能够满足 公司持续高质量发展的需求。 据财报数据显示，2024年华润置地实现营业收入2788亿元(人民币，下同)，同比增长11.0%；核心 净利润254.2亿元，受行业整体毛利率持续探底影响同比下降8.5%。 其中，经常性业务营业收入同比增长6.6%，占比达到14.9%，利润贡献首次突破百亿大关，占比提 升至40.7%。与此同时，经常性业务利润贡献首次突破百亿大关，占比同比提升6.3个百分点至40.7%。 2024年实现毛利润603.3亿元，综合毛利率21.6%。年内，开发销售型业务毛利率16.8%，；经营性 不动 ...

Core Viewpoint - The real estate market is undergoing a deep adjustment, but recent policy measures have led to a stabilization in sales and prices, indicating an important window for recovery and breakthrough in the industry [3][4]. Company Strategy - The company emphasizes the need for enhanced capabilities in precise investment, refined operations, and high-quality products as the market enters a lean development phase [3]. - For 2025, the company will adhere to a principle of cautious investment, focusing on cash flow safety while optimizing land reserves and structural adjustments [3][4]. Investment Performance - In the previous year, the company acquired 29 projects with an equity investment of 52.6 billion, maintaining a top-three position in investment intensity, with 94% of investments in first- and second-tier cities [4]. - The company aims to increase inventory turnover and leverage central government support to enhance land utilization, achieving a significant resource exchange effect [4]. Financial Highlights - The company reported a total saleable resource of 500.9 billion for 2025, with 89% located in high-energy first- and second-tier cities, and residential products making up 77% [5]. - In 2024, the company achieved a contract amount of 261.1 billion, accounting for 2.7% of national housing sales, ranking third in the industry; total revenue reached 278.8 billion, an 11% year-on-year increase, while net profit decreased by 18.5% to 25.58 billion [5]. - The company’s comprehensive gross margin stands at 21.6%, with a net interest-bearing debt ratio of 31.9% and a weighted average financing cost reduced to 3.11% [5].

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，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ( 於開曼群島註冊成立之有限公司 ) (股份代號 : 1109) 根據上市規則第 13.18 條作出的公告 本公告乃根據上市規則第 13.18 條，就本公司與貸款人訂立的該融資協議而作出。該 融資協議訂明（其中包括）對華潤集團設有特定履約責任。 本公告乃由華潤置地有限公司(「本公司」)根據香港聯合交易所有限公司證券上市規則 ( 「上市規則」)第13.18條而作出。 定期貸款融資協議 於二零二五年三月二十六日，本公司作為借款人，與一家銀行作為貸款人(「貸款人｣）， 就壹億整美元的定期貸款融資(「該貸款融資」)，訂立一份貸款融資協議(「該融資協議｣ ）。該貸款融資期限為自該貸款融資被提取款項或擬被提取款項之日起計三年。 華潤(集團)有限公司(「華潤集團」)的特定履約責任 根據該融資協議，如：(i)華潤集團不再為於本公司已發行股本中實益擁有及控制(直接或 間接)合共不少於 35%的單一最大股東，或(ii)華潤 ...

该项目合同显示，项目全称为"华润置地-西安万象里项目西地块一批次总承包工程"，发包人为华润置地众鑫（西安）房地产有限公司（以下简称 华润置地），承包人为福建六建集团有限公司（以下简称福建六建），合同签订日期为2018年12月。 华润置地一项目被指不退还施工方质保金，回应称"统一斟酌" 日前，福建六建集团有限公司相关项目负责人向澎湃新闻（www.thepaper.cn）反映称，该公司承建的"华润置地-西安万象里项目"工程于2022年11 月30日通过竣工验收，质保期也已满二年。但华润置地却迟迟不给退还质保金，导致他们也不能给下游供应商、劳务队支付款项。 关于质保期，双方在合同中约定为24个月，自工程竣工验收合格之日起计算。质保期满二年后，发包人退还全部质保金。竣工验收资料显示，上 述项目于2022年11月30日通过竣工验收，结论为工程质量合格。 后经双方协商，除去已使用的质保金、保留金等款项外，福建六建于2025年2月25日向华润置地递交付款申请书，申请后者返还保证金9345056.98 元。付款申请书还注明了六个收款账户，其中包括一个农民工工资专户和五个法院执行款专户。 2月25日，华润置地方相关负责人已同意 ...