Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109 HK) with a target price raised to HKD 31.68, indicating a potential upside of 23.0% from the current price of HKD 25.75 [2][6][10]. Core Insights - The company is experiencing stable development across its diversified business segments while maintaining its dividend payout ratio. Despite a decline in profit margins, the company has managed to sustain its dividend rate [2][6]. - The report highlights that property delivery increases in 2024 will drive property development revenue growth by 11.8% to RMB 237.15 billion, contributing to an overall revenue increase of 11.0% to RMB 278.80 billion [6][7]. - The company’s net debt ratio is projected to remain low at 31.9% by the end of 2024, with a decrease in average financing costs to 3.11%, the lowest in the industry [6][7]. Financial Overview - Revenue for 2023 is projected at RMB 251.14 billion, increasing to RMB 278.80 billion in 2024, with a year-on-year growth of 11.0% [5][7]. - Core profit is expected to decline from RMB 27.77 billion in 2023 to RMB 25.42 billion in 2024, reflecting an 8.5% decrease [5][7]. - The gross profit margin is anticipated to decrease by 3.6 percentage points to 21.6% in 2024, influenced by a drop in property development gross margin [6][7]. Business Performance - The company’s contract sales amount is expected to reach RMB 261.1 billion in 2024, a decrease of 15% year-on-year, but it ranks third in the industry [6][7]. - The asset management scale has increased by 8.1% to RMB 462.1 billion, with shopping center revenue showing a strong performance, growing by 19.2% year-on-year [6][7]. - The company plans to increase its operational shopping centers from 92 to 116 by the end of 2028, which is expected to drive revenue growth in the operational real estate segment by over 10% annually for the next three years [6][7].

Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109 HK) with a target price of HKD 31.68, indicating a potential upside of 23.0% from the current price of HKD 25.75 [1][2][10]. Core Insights - The company is experiencing stable development across its diversified business segments while maintaining its dividend payout ratio. Despite a decline in profit margins, the company has managed to sustain its dividend rate [2][6]. - The report highlights a projected revenue growth of 11.0% year-on-year for 2024, with total revenue expected to reach RMB 278.8 billion, driven by increased property deliveries [6][7]. - The company’s net profit is forecasted to decline by 18.5% to RMB 25.6 billion in 2024, primarily due to a decrease in gross profit margin [6][7]. Financial Overview - Revenue for 2023 is reported at RMB 251.1 billion, with a projected increase to RMB 278.8 billion in 2024 [5][7]. - The gross profit margin is expected to decrease from 25.2% in 2023 to 21.6% in 2024, reflecting a 3.6 percentage point decline [7][11]. - The company’s net debt ratio is projected to remain low at 31.9% by the end of 2024, with a decrease in average financing costs to 3.11%, the lowest in the industry [6][7]. Business Performance - The company’s property development revenue is expected to grow by 11.8% to RMB 237.2 billion in 2024, supported by increased property deliveries [6][7]. - Contract sales for 2024 are projected to reach RMB 261.1 billion, although this represents a 15% decline year-on-year [6][7]. - The asset management segment has shown an 8.1% increase in scale, with operational income from shopping centers, offices, and hotels totaling approximately RMB 193 billion, RMB 18.8 billion, and RMB 20.7 billion respectively [6][7]. Future Outlook - The company anticipates a stable sales performance in 2025, supported by a total saleable value of approximately RMB 500.9 billion [6][7]. - The report suggests that the stable performance of the investment property portfolio will help mitigate the impact of declining industry gross margins, maintaining overall profit stability [6][7].

Core Insights - China Resources Land has demonstrated strong resilience in a challenging real estate market, achieving a revenue of 278.8 billion yuan in 2024, a year-on-year increase of 11% [1] - The company has adopted a "3+1" integrated business model, which includes development sales, operating real estate, light asset management, and ecosystem business, positioning itself as a "city investment and development operator" [1][2] - The company's strategic focus has allowed it to maintain a top-three position in the industry for development sales and achieve significant growth in its commercial REITs [1][2] Business Model and Performance - The "3+1" business model has proven effective in enhancing the company's anti-cyclical capabilities, with development sales achieving record-high rankings and customer satisfaction exceeding industry averages by 15 percentage points [2] - The operating real estate segment generated a retail revenue of 195.3 billion yuan, with 16 new shopping centers opened in 2024 and an average opening rate exceeding 95% [2][8] - The light asset management business has gained recognition in the market, providing comprehensive services from project planning to property management, further enhancing the company's brand influence [4][9] Ecosystem and Growth - The ecosystem business has shown significant growth, with revenues from various segments including city construction, rental housing, and cultural and sports venue operations contributing to a total of 6.22 billion yuan in 2024 [5] - The rental housing segment has addressed urban housing issues by providing high-quality rental options, while the city construction business has supported government and enterprise projects [5] - The cultural and sports business has actively promoted urban cultural and sports development, hosting various large-scale events [5] Asset Management Transformation - The successful transformation in asset management has created a multiplier effect, with the commercial REITs launched in March 2024 achieving an EBITDA of 351 million yuan and a budget completion rate of 112% [6][7] - The operating efficiency of the operating real estate business has steadily improved, contributing to a stable cash flow for the company [8] - The establishment of multiple REIT platforms has allowed the company to convert long-term assets into tradable financial products, maximizing asset value [9][10]

Core Viewpoint - China Resources Land reported a significant increase in revenue but a decline in net profit, indicating a "revenue growth without profit growth" scenario for the year 2024 [1][2]. Financial Performance - The company's total revenue for 2024 reached RMB 278.8 billion, marking an 11% year-on-year increase, the highest in nearly five years [1][2]. - Shareholders' net profit was RMB 25.6 billion, a decrease of 18.45% compared to the previous year, reaching the lowest level in five years [1][2][3]. - The overall gross profit margin fell to 21.6%, down from 30.9% in 2020, representing a decline of 9.3 percentage points over five years [3]. Cost and Profitability Analysis - The cost of sales increased significantly, with sales costs amounting to RMB 218.5 billion, up from RMB 188 billion the previous year [2]. - The gross profit for 2024 was RMB 60.3 billion, down from RMB 63.2 billion in 2023 [2]. - The gross margin for the development and sales business decreased from 29.1% in 2020 to 16.8% in 2024, a drop of 12.3 percentage points [3]. Regional Performance - The company reported varying performance across regions, with the East China region contributing the highest contract amount at RMB 73.4 billion, accounting for 28.1% of total contracts [5]. - The Central and Western regions showed strong growth, with contract amounts of RMB 62.3 billion and RMB 32.2 billion, respectively, indicating a strategic focus on these areas [5]. Strategic Insights - The decline in profitability is attributed to the company's strategy of acquiring land at high premiums and adopting a "price for volume" sales approach, leading to reduced margins [5]. - The company’s recurring income business showed promising growth, with revenues of RMB 41.6 billion, a 6.6% increase, and core net profit contribution rising to RMB 103 billion, up 8.2% [6]. - The asset management business is highlighted as a key growth driver, with assets under management reaching RMB 462.1 billion, reflecting an 8.1% growth [6].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 32.72 [8][9]. Core Views - The company reported a revenue of RMB 278.8 billion for 2024, representing a year-on-year increase of 11%, while core net profit decreased by 8.5% to RMB 25.4 billion, aligning with market expectations. The company has successfully established a second growth curve, demonstrating resilience during industry downturns [1]. - The shopping center business showed robust expansion, with retail sales increasing by 19.2% year-on-year and same-store sales growth of 4.6%, surpassing the overall retail growth rate. The rental income from shopping centers rose by 8% to RMB 19.3 billion [2]. - The development business remains in the top tier of the industry, with contract sales declining by 15% to RMB 261.1 billion in 2024, but still outperforming the industry average. The company plans to launch new projects worth RMB 500.9 billion in 2025, indicating a potential recovery in sales [3]. - The company maintains a leading financing advantage, with asset management scale reaching RMB 462.1 billion, and a significant portion of this is from shopping centers. The financing cost decreased by 45 basis points to 3.11%, and cash reserves grew by 16.5% to RMB 133.2 billion [4]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of RMB 278.8 billion, with a year-on-year growth of 11%. The core net profit was RMB 25.4 billion, down 8.5% from the previous year. The earnings per share (EPS) for 2025 is projected to be RMB 3.60 [1][7]. Business Segments - The shopping center segment reported a retail sales increase of 19.2% year-on-year, with an overall occupancy rate of 97.1%. The company opened 16 new shopping centers during the year, contributing to an 8% increase in rental income [2]. - The development segment saw a contract sales decline of 15% to RMB 261.1 billion, but the company remains optimistic about a sales rebound in 2025, with plans to launch new projects worth RMB 500.9 billion [3]. Financing and Valuation - The asset management platform has a scale of RMB 462.1 billion, with a focus on rental housing and commercial real estate REITs. The financing cost has decreased, and cash reserves have increased, indicating a strong financial position [4]. - The estimated book value per share (BPS) for 2025 is RMB 40.50, with a target price set at HKD 32.72, reflecting a price-to-book (PB) ratio of 0.75 times [5].

在对购物中心重点投入多年之后，这项增量业务正在给华润置地的业绩带来回报。 华润置地2024年的业绩显示，去年公司综合营收2788亿元，同比增长11%；年内利润达到336.78亿元， 核心净利润254.2亿元，其中经常性业务核心净利润达到103.4亿元，贡献占比同比增长6.3个百分点，达 到40.7%，首次超过百亿规模。 在主力开发业务上，华润置地的全年签约销售额达到2611亿元，约占全国商品房销售额的2.7%，在行 业销售排名上升到第三位。 土地储备、开发项目重点放在一、二线城市 公告显示，华润置地营收仍在增长，但年内利润336.78亿元，同比下降9.7%，归母净利润为255.8亿 元，同比下降18.4%；每股收益和每股核心收益分别为3.59元和3.56元。 从营收结构来看，去年开发销售营收为2371.5亿元，同比增长11.8%；经营性不动产业务营收为233亿 元，同比增长4.8%；轻资产管理业务营收121.3亿元，同比增长14%；生态圈要素型业务营业额为62.2亿 元，同比增长0.5%；经常性业务收入合计为416.5亿元，同比增长6.6%。 开发销售仍然是核心业务，公告显示，去年实现物业签约销售额中，有已销 ...

本报记者 陈婷 赵毅 深圳报道 公告显示，2024年，华润置地以总地价775.8亿元增持了29宗土地。截至2024年年末，公司物业开发土 地储备面积为4390万平方米，权益面积为3054万平方米。其中，中西部大区土储最大，总建筑面积约 1377.56万平方米，权益建筑面积约1065.5万平方米。华润置地管理层表示，土储的规模和结构能够满足 公司持续高质量发展的需求。 报告期内，华润置地开发销售型业务收入为2371.5亿元，同比增长11.8%，实现签约额2611亿元，签约 面积1134万平方米，同比下降13.3%。分区域来看，华东大区签约额最高，约734.44亿元，占比28.1%， 其次为中西部大区，约623.02亿元，占比23.9%。2024年，华润置地开发物业结算收入2371.5亿元，同 比增长11.8%，结算面积1065万平方米，同比下降10%。 截至2024年年末，华润置地锁定已签未结算开发物业收入2319.7亿元，有待陆续结算。其中，根据施工 及交付计划，预计1934.7亿元将于2025年结算。 值得注意的是，华润置地开发销售型业务毛利率在2024年下滑至16.8%，已较2020年的29.1%大幅缩 ...

房地产/房地产开发 华润置地（01109.HK） 2025 年 03 月 27 日 投资评级：买入（维持） | 日期 | 2025/3/26 | | --- | --- | | 当前股价(港元) | 25.850 | | 一年最高最低(港元) | 33.700/18.560 | | 总市值(亿港元) | 1,843.35 | | 流通市值(亿港元) | 1,843.35 | | 总股本(亿股) | 71.31 | | 流通港股(亿股) | 71.31 | | 近 3 个月换手率(%) | 15.89 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 华润置地 恒生指数 相关研究报告 《长风万里稳行舟，多元驱动占鳌头 —港股公司首次覆盖报告》-2025.3.4 结转业绩稳健，经常性利润贡献过百亿 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kys ...

公 司 报 告 房地产 2025 年 03 月 27 日 华润置地(1109.HK) 均衡开拓，稳中精进 推荐（维持） 股价：25.85 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.crland.com.hk | | 大股东/持股 | 华润（集团）有限公司/59.55% | | 实际控制人 | 国务院国资委 | | 总股本(百万股) | 7130.94 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 7130.94 | | 总市值（亿元） | 1701.15 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 38.21 | | 资产负债率(%) | 64.84 | 行情走势图 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 | | | YANGKAN034@pingan.com.cn | | 郑茜文 | 投资咨询资格编号 | | | S1060520090003 | | | ZHENGXIWEN239@pingan.com.c ...

房地产/房地产开发 华润置地（01109.HK） 2025 年 03 月 27 日 投资评级：买入（维持） 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 华润置地 恒生指数 | 日期 | 2025/3/26 | | --- | --- | | 当前股价(港元) | 25.850 | | 一年最高最低(港元) | 33.700/18.560 | | 总市值(亿港元) | 1,843.35 | | 流通市值(亿港元) | 1,843.35 | | 总股本(亿股) | 71.31 | | 流通港股(亿股) | 71.31 | | 近 3 个月换手率(%) | 15.89 | 股价走势图 相关研究报告 《长风万里稳行舟，多元驱动占鳌头 —港股公司首次覆盖报告》-2025.3.4 结转业绩稳健，经常性利润贡献过百亿 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kys ...