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 ...

2025年3月26日，华润置地（01109.HK）发布2024年年度业绩报告。 增收不增利！华润置地交年度"成绩单"，降价促销 拖累毛利率 据年报，2024年，华润置地综合营业额达2787.99亿元，同比增长11%，创近五年新高。然而，股东应 占净利润却同比减少18.45%至255.77亿元，跌至五年最低水平。这一"增收不增利"的困境，或折射出房 地产行业深度调整期下龙头企业的转型阵痛。 其中，开发销售型业务的毛利率从2020年的29.1%锐减至2024年的16.8%，五年间近乎腰斩。尽管公司 经营性不动产业务（如购物中心、写字楼等）表现亮眼，毛利率攀升至70%，但其规模尚无法抵消开发 业务的利润缺口。2024年，开发销售业务贡献的净利润占比持续下降，而经营性不动产利润占比首次突 破40%，凸显业务结构转型的迫切性。 开发销售型毛利率的下滑与"以价换量"的策略不无关系。为应对市场低迷，华润置地多地项目采取降价 促销。以北京橡树湾三期为例，成交均价较指导价每平方米低5000元，直接货值损失达2.19亿元；南京 华润观云润府甚至以7.7折销售。尽管此举提升去化率，但多地项目实际售价低于预期，进一步压缩利 润空间。 ...

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]

华润置地去年营业额约2788亿元，管理层：市场信心恢复比较迅速 华润置地 视觉中国 资料图 3月26日，华润置地（01109.HK）披露2024年全年业绩。 写字楼业务在市场承压和竞争加剧的双重影响下，平均出租率75%。酒店业务全年实现营业收入20.7亿元，集团酒店管理业务正式与凯悦酒店集 团达成合作，6家在营木棉花酒店全年总营业收入3.15亿元。 2024年，集团实现物业签约销售额2611亿元，实现签约面积1134万平方米。截至2024年底，集团已销售尚未结算的签约额约为2319.7亿元，预计 其中1934.7亿元将于2025年结算。 华润置地管理层在业绩会上表示，"随着更多支持性政策出台，市场有望逐步企稳。"其同时坦言，高库存压力依然存在。管理层称，从周度来访 看已接近去年12月的水平，市场信心恢复还是比较迅速。管理层认为市场有望逐步企稳，也认识到行业高库存压力依然存在，需要长期稳定重新 建构一个供求关系。"如果要继续在新房市场保持领先，在现在市场进入精益化发展阶段，各方面能力需要做好相应提升，无论是从投资、精益化 运营，高品质产品，包括有效价值链供应链，全方位的营销等，都是需要形成核心竞争力。通过片区统 ...

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 ...

出品 | 搜狐地产&焦点财经 作者 | 王泽红 华润置地李欣：房地产将迎来止跌回稳和突围破局的重要窗口期 "存量方面，华润置地也在加大去库存，同时积极利用中央的支持性政策，加大土地盘活的力度，资源换仓的成效还是比较显著的，目前一二线城市土储占 比达到了82%。" 张鑫指出。 郭世清指出，在可售资源及可结算资源方面，华润置地2025年总可售货源5009亿元，其中89%位于一二线高能级城市，住宅产品占比77%。 2024年全年，华润置地录得签约额2611亿元，约占全国商品房销售总额的2.7%，行业排名跃升至第三；实现营业额2788亿元，同比增加11%；实现归母净利 润255.8亿元，同比减少18.5%。 分业务来看，开发销售型业务营业额为2371.5亿元，同比增长11.8%；经营性不动产业务营业额为233.0亿元，同比增长4.8%，轻资产管理业务营业额为121.3 亿元，同比增长14.0%，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%，占总营业额14.9%。 华润置地综合毛利率为21.6%，其中，开发销售型业务毛利率为16.8%；经营性不动产业务毛利 ...

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 ...

Group 1 - The core viewpoint of the news is that China Resources Land (01109) reported a decrease in net profit while showing growth in revenue and operational efficiency [1] - For the fiscal year ending December 31, 2024, the company achieved a revenue of 278.799 billion yuan, an increase of 11.01% year-on-year [1] - The net profit attributable to shareholders was 25.577 billion yuan, a decrease of 18.45% compared to the previous year [1] - The company proposed a final dividend of 1.119 yuan per share [1] - The regular business revenue grew by 6.6% year-on-year, contributing to 14.9% of total revenue, indicating a stronger second growth curve [1] - The contribution of regular business profit increased by 6.3 percentage points to 40.7%, enhancing the company's sustainable profitability [1] Group 2 - In 2024, the company achieved a contracted sales amount of 261.1 billion yuan, accounting for 2.7% of the national total for commodity housing sales, ranking third in the industry [1] - The company acquired 29 projects with an equity investment of 52.6 billion yuan, maintaining a strong investment intensity within the industry [1] - The operational quality of the property management business improved steadily, with asset management becoming a major contributor to the company's performance and long-term stable cash flow [1] Group 3 - The shopping centers achieved a retail sales figure of 195.3 billion yuan, representing approximately 0.4% of the national total for social consumer goods retail sales, with an overall operating profit margin of 61%, a historical high [2] - By the end of 2024, the company operated 92 shopping centers, opening 16 new ones, the highest in history, with an average opening rate exceeding 95% [2] - The company successfully launched the Xi'an MixC, a landmark project that significantly advanced commercial progress and industry development [2] - The office leasing business maintained an average occupancy rate of 75%, continuing to lead the industry despite market pressures and increased competition [2] - The company achieved historical highs in both new and renewed leasing areas, showcasing the effectiveness of high-quality tenants [2]