Investment Rating - The investment rating for China Resources Land (01109.HK) is "Buy" (maintained) [3]. Core Views - The company achieved a revenue of 79.13 billion yuan in H1 2024, representing a year-on-year growth of 8.4%. The development sales business contributed 59.13 billion yuan, growing by 8.3%, while recurring income reached 20 billion yuan, up 9.0%, accounting for 25.3% of total revenue [1][2]. - The company is positioned as a leader in domestic commercial operations, with its "Vientiane" shopping centers contributing significantly to performance growth, providing stable cash flow and supporting the main business [1]. - The overall gross profit margin for H1 2024 was 22.3%, with the development business margin under pressure at 12.4%, while the property business margin improved to 71.5% [1]. - The company maintained a strong sales ranking, achieving a contracted sales amount of 124.7 billion yuan, ranking fourth in the industry, with a year-on-year decline of 26.7%, which is less than the average decline of 39.5% among top 100 real estate companies [1][2]. - Financial management remains robust, with a total interest-bearing debt ratio of 38.9% and cash reserves increasing by 3.5% to 118.3 billion yuan, maintaining a net interest-bearing debt ratio of 33.6% [2]. - The establishment of dual REITs for long-term rental apartments and commercial properties supports the company's asset management platform, with an asset management scale of 449.1 billion yuan as of H1 2024 [2]. Summary by Sections Revenue and Growth - H1 2024 revenue reached 79.13 billion yuan, up 8.4% year-on-year, with development sales at 59.13 billion yuan (8.3% growth) and recurring income at 20 billion yuan (9.0% growth) [1]. Profitability - The overall gross profit margin was 22.3%, with the development business margin at 12.4% (down 4.6 basis points) and the property business margin at 71.5% (up 0.2 basis points) [1]. Sales Performance - Contracted sales amounted to 124.7 billion yuan, with a year-on-year decline of 26.7%, maintaining a fourth-place ranking in the industry [1][2]. Financial Health - The company reported a total interest-bearing debt ratio of 38.9% and cash reserves of 118.3 billion yuan, with a net interest-bearing debt ratio of 33.6% [2]. Asset Management - The dual REITs platform has been established, with an asset management scale of 449.1 billion yuan, facilitating the transition to a larger asset management business [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's recurring income showed steady growth, with a 9% YoY increase to RMB 20 billion, while core net profit grew by 14.4% YoY to RMB 5.5 billion [2] - The company's asset management scale reached RMB 449.1 billion, a 5.1% increase from the end of 2023 [3] - The company's contracted sales for the first half of 2024 were RMB 124.7 billion, maintaining its position as the fourth-largest in the industry [2] Financial Performance - The company achieved revenue of RMB 79.1 billion in the first half of 2024, an 8.4% YoY increase, with net profit attributable to shareholders and core net profit at RMB 10.3 billion and RMB 10.7 billion, respectively [2] - The company's weighted average financing cost decreased by 32 basis points to 3.24%, maintaining its position in the lowest tier of the industry [2] - The company's total interest-bearing debt ratio and net interest-bearing debt ratio decreased to 38.9% and 33.6%, respectively, both at low levels in the industry [2] Business Operations - The company's shopping centers achieved rental income of RMB 9.5 billion, a 9.7% YoY increase, with a retail sales growth of 21.9% YoY to RMB 91.6 billion [3] - The company plans to open approximately 10 new shopping centers in the second half of 2024, with the total number of operational shopping centers expected to reach 110 by the end of 2027 [3] - The company's office rental income decreased by 4.9% YoY to RMB 950 million, with an occupancy rate of 75% [3] Land Reserves and Development - The company acquired 11 new projects in the first half of 2024, adding 2.02 million square meters of land reserves, with 87% of the investment concentrated in first- and second-tier cities [2] - The company's total land reserves reached 56.99 million square meters, with 47.71 million square meters allocated for development and sales, of which over 70% are located in first- and second-tier cities [2] - The company's total salable resources for the second half of 2024 amounted to RMB 368.7 billion, with 85% located in first- and second-tier cities [2] Profit Forecast and Valuation - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of 6% from 2024 to 2026, with net profit attributable to shareholders growing at a CAGR of 4% [4] - The company's EPS is forecasted to be RMB 4.40, RMB 4.56, RMB 4.75, and RMB 4.95 for 2023, 2024, 2025, and 2026, respectively [4] - The company's PE ratio is expected to be 5.87, 4.16, 4.01, and 4.11 for 2023, 2024, 2025, and 2026, respectively [4] Market Position and Strategy - The company maintained its position as the fourth-largest in the industry by sales scale, with a top-five market share in 20 major cities [2] - The company's sales in first-tier cities accounted for an 8 percentage point increase YoY [2] - The company's investment in first- and second-tier cities accounted for 87% of its total land acquisitions [2]

Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109 HK) with a target price adjusted to HKD 24.94, indicating a potential upside of 19.3% from the current price of HKD 20.90 [2][8]. Core Insights - The company's operational real estate business shows stable growth, with property development revenue increasing by 8.3% year-on-year to RMB 59.1 billion in the first half of 2024, contributing to an overall revenue rise of 8.4% to RMB 79.1 billion [1][6]. - Despite a decline in gross profit margin by 3.4 percentage points to 22.3%, the company has maintained its dividend level, suggesting a commitment to shareholder returns [1][6]. - The leverage remains low with a net debt ratio of 33.6% as of June 2024, and the average financing cost has decreased to 3.24%, the lowest in the industry [1][6]. Financial Performance Summary - For the first half of 2024, the company reported a net profit of RMB 13.7 billion, a 25.4% decrease year-on-year, while core net profit fell by 4.7% to RMB 11.3 billion [1][6]. - The company plans to distribute an interim dividend of RMB 0.20 per share, reflecting a 1.0% increase year-on-year, with a payout ratio around 13% [1][6]. - The total asset management scale increased by 5.1% to RMB 449.1 billion compared to the end of 2023, indicating growth in its asset management segment [1][6]. Market Position and Outlook - The company’s contract sales for the first half of 2024 were RMB 124.7 billion, a decline of 26.7% year-on-year, with an average selling price of RMB 23,930 per square meter, down 1.4% [1][6]. - The company expects to have available resources of RMB 368.7 billion in the second half of 2024, estimating a sales conversion rate of 40-50% for the year [1][6]. - The operational real estate business is projected to maintain an annual growth rate of over 10% in the next three years, supported by the expansion of shopping centers from 82 to 110 by the end of 2027 [1][6].

2024 年 08 月 28 日 华润置地 (01109) ——核心业绩略降，经营性业务稳健发展 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 24H1 核心净利润同比-5%、归母净利润同比-25%、略低于预期，经常性业务贡献核心利 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 28 日 | | 收盘价（港币） | 20.90 | | 恒生中国企业指数 | 6225.99 | | 52 周最高/最低（港币） | 37.50/20.35 | | H 股市值（亿港币） | 1,490.37 | | 流通 H 股（百万股） | 7,130.94 | | 汇率（人民币/港币） | 1.0956 | | | | 一年内股价与基准指数对比走势： -35% -15% 5% 25% 08/2809/2810/2811/2812/2801/2802/2803/2804/2805/2806/2807/28 HSCEI 华润置地 资料来源：Bloomberg 证券分析师 袁豪 A023052012 ...

Financial Performance - The consolidated revenue for the first half of 2024 was RMB 79.13 billion, representing an 8.4% year-over-year increase[3]. - The gross profit margin for the first half of 2024 was 22.3%, with the operating property business margin at 71.5%, up 0.2 percentage points year-over-year[3]. - The net profit attributable to shareholders for the first half of 2024 was RMB 10.25 billion, with core net profit at RMB 10.74 billion, of which regular core net profit was RMB 5.52 billion[3]. - The company reported a decrease in cash and cash equivalents to CNY 116,604,075 from CNY 112,675,092, a decline of 3.9%[9]. - The company’s total assets reached CNY 802,734,455, an increase from CNY 784,360,847 at the end of 2023, indicating a growth of 2.5%[10]. - The company’s total liabilities were CNY 586,904,882 as of June 30, 2024, compared to CNY 584,205,857 at the end of 2023, reflecting a marginal increase[10]. - The company’s equity attributable to shareholders was CNY 266,515,648, up from CNY 264,867,183 at the end of 2023, representing a growth of 0.6%[10]. - The company’s financial liabilities measured at fair value through profit or loss decreased from RMB 221,131 thousand to RMB 195,944 thousand, a reduction of approximately 11.4%[11]. - The company’s total current liabilities are not detailed in the provided documents, but the overall financial position reflects a stable trend in managing liabilities[11]. Dividends - The company declared an interim dividend of RMB 0.20 per share, a 1.0% increase from RMB 0.198 per share in the same period last year[4]. - The company declared an interim dividend of RMB 0.200 per share for the six months ended June 30, 2024, totaling RMB 1,426,188,000, compared to RMB 1,413,713,000 for the same period in 2023[23]. - The interim dividend for 2023 was HKD 0.216 per share, indicating a slight increase of approximately 1.4% year-over-year[77]. - Shareholders can choose to receive the interim dividend in RMB, with the payment set at RMB 0.20 per share[78]. - The exchange rate for the dividend payment is set at RMB 1.0 to HKD 1.0932[77]. - If shareholders do not submit the currency choice form by October 7, 2024, they will automatically receive the dividend in HKD[79]. Sales and Contracts - The contracted sales amount for the first half of 2024 was RMB 124.70 billion, with a contracted area of 5.21 million square meters[5]. - The company reported a signed amount of RMB 124.7 billion in the first half of 2024, maintaining its fourth position in the industry, with a focus on core cities and strategic projects[36]. - The company expects approximately RMB 166.12 billion of the unrecognized contracted sales of RMB 321.45 billion to be recognized in the second half of 2024[5]. - The recognized development business revenue for the first half of 2024 was RMB 59.1 billion, an increase of 8.3% year-on-year, with a recognized area of 3.45 million square meters, down 9.6% year-on-year[55]. Assets and Liabilities - As of June 30, 2024, the total land bank was approximately 56.99 million square meters, with an increase of 2.02 million square meters in the first half of 2024[5]. - The total borrowings as of June 30, 2024, were RMB 251.13 billion, with cash and bank balances of RMB 118.33 billion, resulting in a net gearing ratio of 33.6%[5]. - Non-current assets amounted to CNY 263,697,975 as of June 30, 2024, showing a slight increase from CNY 262,808,194 at the end of 2023[9]. - The company’s deferred tax assets were CNY 12,773,951, a decrease from CNY 13,979,382, reflecting a decline of 8.6%[9]. - The company’s total liabilities were CNY 586,904,882 as of June 30, 2024, compared to CNY 584,205,857 at the end of 2023, reflecting a marginal increase[10]. Operational Highlights - The operating revenue from light asset management business was RMB 5.89 billion, showing a significant year-over-year growth of 17.6%[3]. - The company managed 108 shopping centers during the period, including 13 luxury shopping centers, maintaining its leading position in the industry[32]. - The company’s shopping centers recorded retail sales of RMB 91.62 billion, marking a 21.9% year-on-year increase[31]. - The rental income from shopping centers reached RMB 9.48 billion, reflecting a 9.7% year-on-year growth[31]. - The overall rental rate for office buildings was 75.0%, with tenants primarily from finance, insurance, and IT sectors[31]. Taxation - The income tax expense for the six months ended June 30, 2024, was RMB 8,135,103 thousand, compared to RMB 6,993,573 thousand for the same period in 2023, representing an increase of approximately 16.3%[19]. - The corporate income tax rate for most subsidiaries in mainland China is 25% as of January 1, 2008[20]. - The company’s total income tax expense, including deferred tax, was RMB 8,135,103 thousand for the six months ended June 30, 2024, compared to RMB 6,993,573 thousand for the same period in 2023, indicating a growth of approximately 16.3%[19]. Corporate Governance - The company has adhered to corporate governance codes, with a noted deviation regarding the separation of the roles of Chairman and CEO[72]. - The company did not conduct any significant acquisitions or disposals of subsidiaries, joint ventures, or associates in the first half of 2024[75]. - There are no major investment or capital asset plans as of June 30, 2024[75]. - The audit committee has reviewed the interim financial report for the six months ended June 30, 2024, with no objections raised[76]. - The independent auditor's review report is included in the interim report to be sent to shareholders[76]. Future Outlook - The group plans to focus on cash flow creation, improving gross margin and ROIC, cost reduction, and inventory de-stocking as key management themes for the second half of the year[38]. - The group aims to transform into a "city operation business" and explore new development models in the real estate sector[39]. - The group is committed to advancing technology innovation to enhance business development and meet market demands[39].

Investment Rating - The report assigns a "Buy" rating for China Resources Land (01109.HK) for the first time [1]. Core Views - China Resources Land is a leading comprehensive real estate developer backed by a state-owned enterprise, focusing on high-quality integrated development and a diversified business model [3][11]. - The company has shown strong performance in sales and land acquisition, particularly in high-tier cities, and has a robust asset management strategy [4][3]. Summary by Sections 1. Company Overview - China Resources Land is a flagship real estate business under China Resources Group, established in 1994 and listed in Hong Kong in 1996 [11]. - The company has transitioned from a regional residential developer to a leading urban investment and development operator, establishing a "3+1" business model that includes development, operational real estate, light asset management, and ecosystem-related businesses [12][13]. 2. Development Business - The company has ranked among the top five in sales since 2022, with over 90% of sales coming from first- and second-tier cities [3][19]. - From 2013 to 2023, the annual compound growth rate of sales was 16.6%, with total sales increasing from 66.31 billion to 307.03 billion yuan [19][21]. - In 2023, the company achieved a sales target completion rate of 102.3%, surpassing the industry average of 89.5% [24]. - The company acquired 68 new projects in 2023, with a land acquisition intensity of 58%, significantly higher than previous years [28][30]. 3. Operational Business - The operational real estate segment has been a stable revenue source, with a focus on shopping centers, which generated 222.3 billion yuan in revenue in 2023, a 30.6% increase year-on-year [43][45]. - The company has developed three differentiated product lines for shopping centers: MixC, MixC Mall, and MixC Town, catering to various market segments [48]. 4. Asset Management Business - The company is transitioning towards a large asset management business, having launched its first consumption REIT with a fundraising of 6.92 billion yuan [4]. - The asset management platform is being established with a significant number of quality assets, providing ample room for REIT expansion [4]. 5. Financial Health - The company has a low financing cost, with a weighted average financing cost of 3.56% in 2023, the lowest in nearly a decade [4]. - Only 29% of interest-bearing liabilities are due between 2024 and 2025, indicating a healthy debt structure [4][55]. 6. Earnings Forecast - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is 31.95 billion, 34.10 billion, and 35.98 billion yuan, respectively, with corresponding EPS of 4.48, 4.78, and 5.05 yuan per share [4]. - The report assigns a PE valuation of 8.1X for 2024, corresponding to a target price of 39.4 HKD per share [4].

Financial Performance - Core Net Profit for 2023 reached RMB 27.8 billion, an increase of 2.9% year-on-year[15] - Recurring Business Revenue in 2023 was RMB 39.1 billion, reflecting a growth of 26.4% year-on-year[15] - Core Net Profit of Recurring Business in 2023 was RMB 9.56 billion, up by 47.6% year-on-year[15] - Revenue for 2023 was RMB 251.14 billion, representing a 21.3% year-on-year growth[60] - Core net profit attributable to owners of the Company was RMB 27.77 billion, up 2.9% year-on-year[60] - The Group achieved total comprehensive revenue of RMB 251.14 billion, a year-on-year increase of 21.3%[83] - Recurring business revenue grew by 26.4% year-on-year, accounting for 15.6% of total revenue, an increase of 0.7 percentage points[83] - The gross profit margin was 25.2%, a decrease of 1.0 percentage point year-on-year, with the development property business gross margin at 20.7%[88] Dividends and Shareholder Returns - The company declared a full-year dividend per share of RMB 1.441, which is a 2.9% increase compared to the previous year[15] - Total dividend per share for the year will be RMB 1.441, marking a 2.9% year-on-year increase[60] Property and Investment Performance - Contracted sales value reached RMB 307.03 billion in 2023, a 1.9% year-on-year increase, maintaining the fourth position in industry rankings[61] - The appraisal value of major investment properties was RMB 2,900 million[29] - The rental income from major properties was RMB 298 million[36] - Revenue from the investment property business reached RMB 22.23 billion in 2023, reflecting a year-on-year growth of 30.6%[96] - The Group's shopping mall revenue was RMB 17.85 billion, up 29.7% year-on-year, with an occupancy rate of 96.5%, an increase of 0.3 percentage points[97] Operational Highlights - The average occupancy rate for newly opened malls in 2023 was 96.2%[46] - A total of 10 new malls were opened in 2023, contributing 2.0% to total rental income[46] - The Group's hotel business saw occupancy rates reach 63.3%, with significant revenue growth surpassing pre-pandemic levels[62] - The Group's total interest-bearing gearing ratio and net gearing ratio decreased to industry-low levels of 38.4% and 32.6%, respectively, maintaining a green zone under the "Three Red Lines" policy[75] Assets and Liabilities - Total assets increased by 10.2% to RMB 1,191.18 billion[56] - Cash and cash equivalents rose by 17.9% to RMB 112.68 billion[56] - Total equity attributable to owners of the Company grew by 8.5% to RMB 264.87 billion[56] - As of December 31, 2023, the total outstanding borrowings of the Group amounted to approximately RMB 239.53 billion, with cash and bank balances totaling approximately RMB 114.34 billion[112] Management and Governance - The Company has a diverse leadership team with extensive experience across various sectors, including finance, management, and real estate[131] - The Company is focused on enhancing corporate governance through the appointment of experienced directors to key committees[134] - The Company emphasizes a corporate mission of "Better Quality Better Life" and promotes values of integrity, performance-driven, human-oriented, and win-win collaboration[168] - The Board has adopted the Model Code for Securities Transactions by Directors, confirming compliance with the required standards for securities transactions during 2023[168] Strategic Initiatives - The Group aims to transform into a leading urban investment, development, and operation company, focusing on high-quality development and strategic-led investments[76] - The Group plans to enhance its management capabilities and service quality while promoting digital transformation to improve customer experience and operational efficiency[76] - The Group aims to maintain a prudent investment strategy while adhering to financial return targets[112] Market Position and Expansion - The number of luxury stores in China reached 6,600+, with over 46 million memberships[19] - The company has a strong presence in the luxury market, with 120+ luxury brands partnered[19] - The Group expanded 128 urban space projects, enhancing its influence in the industry[68] - The Group's property management services generated RMB96.0 billion, while commercial operation and property management services contributed RMB51.7 billion[102][103] Human Resources - The Group had a total of 61,658 employees in Mainland China and Hong Kong as of December 31, 2023[117] - The leadership team includes professionals with advanced degrees from prestigious universities, indicating a strong educational foundation for strategic decision-making[159][161][163] Corporate Social Responsibility and Sustainability - The Group has undertaken over ten ultra-low-energy residential and complex low-carbon pilot projects, with the Nanchang Mixc project achieving the Bronze Carbon Neutral Building Certification[73] - The Group's MSCI-ESG rating remains at A, ranking 7th in the "State-owned Enterprises ESG Pioneer 100 Index" of the State-owned Assets Supervision and Administration Commission[73]

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[华I Tnaf 润bol]e 置_Ti地tle]（ 1109） [评Tab级le_：Inv est] 增持 当前价格（港元）： 26.05 大资管模式转型进行时 2024.04.26 海 ——2023年业绩点评 [ 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） 20.50-36.50 当前股本（百万股） 7,131 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 185,761 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023 年公司营增收也增利，但因开发业务暂时承压导致毛利率探底；经营性不动产 华润置地 恒生指数 ...

华润置地（1109） 更新报告 买入 2024年4月22日 经常性业务表现亮眼，资管模式初显成效 罗凡环  核心净利润同比增长2.9%：2023年公司实现营业收入2511亿元，同比增长21.3%。 其中，开发业务收入为 2121 亿元，同比增长 20.4%；经常性业务收入为 391 亿元， 852-25321962 同比增长 26.4%，收入占比提升 0.7 个 ppt 至 15.6%。整体毛利率为 25.2%，同比下 降 1 个百分点，主要由于开发业务下降 2.3 个 ppt 至 20.7%。归母净利润同比增长 Simon.luo@firstshanghai.com.hk 11.7%至314亿元，核心净利润人民币278亿元，同比增长2.9%。公司宣派末期股息 每股1.243元，全年派息每股1.441元，同比增长2.9%，派息率37%。  开发业务销售额逆市增长，土储支持公司高质量发展：2023 年公司实现销售额 行业 房地产 3070 亿元，同比增长 1.9%，权益比提升 1 个ppt 至70%，签约面积同比下降8.3%至 1310 万方，均价同比增长 11.1%至 2.35 万元/平，得益于公司的高能 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 华润置地（1109）公司年报点评 2024年04月01日 [Table_InvestInfo] 投资评级 优于大市 维持 多元布局穿越周期，精益管理提质增效 股票数据 [Table_Summary] 3[T月ab29le日_S收t盘oc价kI（nf港o元] ） 24.75 投资要点： 52周股价波动（港元） 20.35-38.05 总股本（百万股） 7131 总市值（亿港元） 1765  经营业绩稳中有升，股东回报持续增长。2023年，公司实现营业额2511.4 相关研究 亿元，同比+21.3%；归母净利润313.7亿元，同比+11.7%。截至2023年 [《Ta华b润le置_R地e（p0o1r1tI0n9f.oH]K）公司深度：全球开 12月31日，公司综合毛利率25.2%，同比-1.0个百分点；连同已付中期股 发运营龙头，新模式下行业标杆》2024.01.08 息及建议末期股息，全年每股股息将为人民币1.441元，同比+2.9%。 《华润置地（01109.HK）2023年中期业绩点 评：业绩质量稳步提升，全业态拓展规模》  开发 ...