证券研究报告 | 年报点评报告 2024年04月01日 华润置地（01109.HK） 夯实资管业务竞争力，受益差异化优势 事件：3月26日，公司发布2023年度业绩公告。 买入（维持） 业绩稳中有升，盈利水平行业领先。2023年公司实现营收2511.4亿元， 股票信息 同比增长 21.3%；其中开发销售型业务（一线城市收益占比显著提升 行业 地产发展商 11pct，结算均价上升25.4%至17913元/平）、经常性业务分别实现收入 前次评级 买入 2120.8、390.6亿元，同比增长20.4%、26.4%。同期实现核心归母净利 3月28日收盘价(港元) 24.75 润277.7亿元，同比增长2.9%。公司综合毛利率微降至25.2%，但仍保 总市值(百万港元) 176,490.75 持行业第一梯队；其中，基本盘业务毛利率受产品结构及计提存货减值影 总股本(百万股) 7,130.94 响降至20.7%，经营性不动产业务毛利率则同比提升4pct至69.6%。 其中自由流通股(%) 100.00 以高质量产品及有效投资突围行业规模收缩趋势。2023 年公司实现签约 30日日均成交量(百万股) 13.56 额 307 ...

证券研究报告 ＃industryId＃ 房地产行业 ＃investSuggestion＃ ＃ ＃01109.HK ＃华dy润Com置pa地ny＃ 港股通（沪、深） 买入 维持 ( ） ＃title＃ 大力发展资管业务，打造第二增长曲线 ＃createTime1＃ 2024年03月 29 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃ 日期 2024.03.28  业绩扎实，派息丰厚：公司2023年营业收入2511.4亿元，同比增长21.3%； 收盘价(港元) 24.75 股东应占核心净利润为277.7亿元，同比增长2.9%；末期每股派息1.243 元，全年累计每股派息1.441元，同比增长2.9%，派息率保持在核心净 总股本(亿股) 71.31 利润的37%，目前股息收益率仍超过6%。 总市值(亿港元) 1764.91 总资产(亿元) 11912  向核心城市聚焦，维持销售规模：公司2023年合约销售3070.3亿元，同 比增1.9%。公司在2023年新增了1325万平米的土储，其中一二线城市 净资产(亿元) 2649 投资占比93%。截至2023年底，公司总土储达到6250万平米，土 ...

[Table_StockInfo] 买入 2024年 03月 28日 （维持） 证券研究报告•2023年业绩公告点评 当前价： 24.60港元 华润置地（1109.HK） 房地产 目标价： ——港元 开发业务稳健增长，资管规模持续提升 投资要点 西南证券研究发展中心 [T ab利le润_S保u持mm增a长ry，] 财务状况持续优化。2023年公司实现营业收入 2511.4亿元， [分Ta析bl师e_：Au池th天or惠] 同比增长21.3%；其中开发业务收入2120.8亿元，同比增长 20.4%，经营性不 执业证号：S1250522100001 动产业务收入222.3亿元，同比增长30.6%，轻资产管理业务收入106.4亿元， 电话：13003109597 同比增长27.7%，生态圈要素型业务收入61.9亿元，同比增长11.6%。实现核 邮箱：cth@swsc.com.cn 心净利润277.7亿元，同比增长2.9%，开发业务、经营性不动产业务、轻资产 分析师：刘洋 管 理 业 务 及 生 态 圈 要 素 型 业 务 核 心 净 利 润 贡 献 占 比 分 别 为 执业证号：S1250523070005 65 ...

证券研究报告 | 2024年03月28日 华润置地（01109.HK） 买入 业绩保持正增长，经常性业务有效平滑开发销售型业务波动 核心观点 公司研究·海外公司财报点评 业绩保持正增长：2023年，公司实现营业收入2511亿元，同比+21%；其中， 房地产·房地产开发 开发销售型业务收入2121亿元，同比+20%；经常性业务收入391亿元，同 证券分析师：任鹤 证券分析师：王粤雷 比+26%。2023年，公司实现核心归母净利润278亿元，同比+2.9%。公司重 010-88005315 0755-81981019 renhe@guosen.com.cn wangyuelei@guosen.com.cn 视股东回报，2023年每股派息1.441元，同比+2.9%，派息率37%与过往年 S0980520040006 S0980520030001 份持平，以财报当年平均股价衡量的股息率为4.8%，也保持在不错水平。 证券分析师：王静 021-60893314 经常性业务有效平滑开发销售型业务波动：2023年，公司经常性业务（包括 wangjing20@guosen.com.cn 经营性不动产业务、轻资产管理业务和生 ...

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 逆境业绩稳增，优质发展典范 2024年03月26日 华润置地 (01109.HK) 买入 23 年核心净利润同比+3%、归母净利润同比+12%、符合预期，经常性业务贡献核心利润占比 34%。23年公司营业收入2,511亿元，同比+21.3%；归母净利润314亿元，同比+11.7%；核心 净利润278亿元，同比+2.9%，其中经常性业务贡献34.4%、同比+10.4pct；每股基本收益4.40 维持 元，同比+11.7%。地产结算收入2,121亿元，同比+20.4%；地产结算面积1,184万平，同比-4.0%。 毛利率、归母净利率和核心净利率分别为25.2%、12.5%和11.1%，同比分别-1.1pct、-1.1pct和 -2.0pct；地产结算毛利率20.7%，同比-2.3pct；三费费率为7.6%，同比+1.3pct，其中销售、管 市场数据：2024年03月26日 理、财务费率分别+0.7pct、+0.6pct、+0.0pct；投资收益23.6亿元，同 ...

Financial Performance - For the fiscal year ending December 31, 2023, the total revenue was RMB 251.14 billion, representing a year-on-year growth of 21.3%[2] - The net profit attributable to shareholders was RMB 31.37 billion, reflecting an 11.7% increase compared to the previous year[3] - The core net profit, excluding investment property valuation gains, was RMB 27.77 billion, a year-on-year increase of 2.9%[2] - The total comprehensive income for the year was CNY 37,596,247, up 14.0% from CNY 32,680,151 in the previous year[7] - The company's equity attributable to shareholders was CNY 31,604,881, reflecting a growth from CNY 28,161,565 year-over-year[7] - The total revenue for the year ended December 31, 2023, was CNY 266,121,752,000, with a significant contribution from external customers amounting to CNY 251,137,103,000[15] - The operating profit before tax was CNY 66,437,894,000, indicating strong profitability for the company[15] - The company achieved a total operating revenue of CNY 223,297,526,000, with significant contributions from various business segments[16] Dividends - The company proposed a final dividend of RMB 1.243 per share, leading to a total annual dividend of RMB 1.441 per share, a 2.9% increase year-on-year[4] - The interim dividend for 2023 was proposed at RMB 0.198 per share, compared to RMB 0.182 per share in 2022, marking an increase of 8.8%[25] - The proposed final dividend for 2023 is RMB 1.243 per share, totaling approximately RMB 8,863,758,000, based on the latest issued share count of 7,130,939,579 shares[25] Revenue Breakdown - The revenue from the development and sales business was RMB 212.08 billion, showing a year-on-year growth of 20.4%[2] - The recurring revenue from core operations was RMB 39.06 billion, representing a year-on-year growth of 26.4% and accounting for 15.6% of total revenue[2] - The revenue from rental income was CNY 16,033,159,000, contributing to the overall revenue stream[15] - The total revenue from external customers in the real estate segment was CNY 207,061,119,000, demonstrating strong market demand[16] - The operating revenue from shopping centers reached RMB 17.85 billion, marking a year-on-year increase of 29.7%[35] - The operating revenue from the agency operation business reached RMB 600 million, reflecting a year-on-year growth of 95.7%[38] Assets and Liabilities - The total assets as of December 31, 2023, amounted to CNY 784,360,847, compared to CNY 713,284,627 at the end of 2022, indicating a growth of 9.9%[8] - The total liabilities were CNY 584,205,857, an increase from CNY 527,256,053, marking a rise of 10.8%[9] - The company's cash and cash equivalents reached CNY 112,675,092, up from CNY 95,544,576, showing a growth of 18.0%[8] - The company's total equity increased to CNY 384,149,054 from CNY 341,707,050, representing a growth of 12.4%[9] - The company's long-term borrowings decreased to CNY 42,576,778 from CNY 52,336,890, a reduction of 18.0%[9] Debt and Financing - As of the end of 2023, the net debt-to-equity ratio decreased by 6.2 percentage points to 32.6%, with the weighted average cost of debt financing dropping by 19 basis points to 3.56%[4] - The group's total consolidated borrowings amounted to RMB 239.53 billion, with cash and bank deposits of RMB 114.34 billion, resulting in a net debt to equity ratio of 32.6%, down 6.2 percentage points from the end of 2022[68] - The group successfully raised nearly RMB 7 billion through the listing of its first consumer infrastructure REIT project, establishing a commercial REIT platform[36] Operational Highlights - The total contracted sales for the year amounted to RMB 307.03 billion, a year-on-year increase of 1.9%, with a contracted area of 13.07 million square meters[4] - The company added land reserves with a construction area of 13.25 million square meters, bringing total land reserves to approximately 62.5 million square meters by the end of 2023[4] - The company opened 10 new shopping centers in 2023, bringing the total number of operational shopping centers to 76 by year-end[55] - The company acquired 68 new projects during the year, with 92.8% of investments in first and second-tier cities[35] Taxation - The corporate income tax expense for the year ended December 31, 2023, was RMB 17,638,219,000, compared to RMB 10,688,929,000 for the year ended December 31, 2022, representing a 65.5% increase[18] - The total income tax expense, including deferred tax, for the year ended December 31, 2023, was RMB 29,134,131,000, compared to RMB 23,139,594,000 for the year ended December 31, 2022, reflecting a 25.8% increase[18] Corporate Governance - The company has adhered to corporate governance codes and maintained compliance with the relevant rules during the reporting period, with a noted exception regarding the separation of roles between the Chairman and CEO[77] - The audit committee, consisting of five independent non-executive directors and one non-executive director, has reviewed the annual performance for the year ending December 31, 2023[80] - The company's auditor, PwC, confirmed that the financial data disclosed in the preliminary announcement is consistent with the audited consolidated financial statements for the year ending December 31, 2023[81]

智通财经APP讯，华润置地(01109)发布公告，于2024年3月22日，Dragon Rider Development Limited(一家公司持有其全部发行股份45%的实益权益的公司)作为借款人(借款人)、本公司和与华润(集团)有限公司(华润集团)作为担保人，与特定金融机构作为贷款人、招商永隆银行(CMB Wing Lung Bank Limited)作为代理行，招商永隆银行(CMB Wing Lung Bank Limited)作为担保代理行，就上限为64.63576亿元整港币的定期贷款融资。该贷款融资自该融资协议签订之日起计为期十二个月。 ...

2月6日，《每日经济新闻》记者获悉，华润置地（HK01109，股价24.6港元，市值1754.21亿港元）近日内部发布组织架构调整安排，进行了区域合并和平台精简：原有7个大区，重组为5个大区；原有28个地区公司，重组为20个地区公司；原华北大区与原东北大区合并，成立新的北方大区；取消华中大区；原华中大区的武汉公司、长沙公司划归原华西大区，更名为中西部大区；原华中大区的郑州公司，划归北方大区管理；重组之后，华润置地将形成华东、华南、深圳、北方、中西部五个大区，旗下部分地区公司也将进行整合，相关人员也会进行调整。 此次调整前，华润置地分拆有深圳大区、华南大区、华西大区、华中大区、华东大区、华北大区、东北大区7个大区，同时下辖有28个片区公司。 按照2023年上半年华润置地公布的业绩来看，华北大区和东北大区签约额分别为282亿元、78亿元。签约额占比方面，除香港公司外，东北大区在内地大区中最低，为4.6%；被取消的华中大区上半年签约额为150亿元，签约额贡献率为8.8%。而在目前几个大区中，签约额最高的为华东大区，2023年上半年为461亿元，签约额占比27.1%；其次就是华北大区，签约额占比16.6%；深圳大区排 ...

Financial Performance - In the first half of 2023, the Group achieved a revenue of RMB72.97 billion, representing a 0.1% year-over-year growth, and a core net profit of RMB11.27 billion, showing a 10.9% year-over-year increase[19]. - The gross profit for the first half of 2023 was RMB18.72 billion, with a comprehensive gross profit margin of 25.7%, down by 1.2 percentage points YoY[43]. - The core net profit reached RMB11.27 billion, representing a YoY increase of 10.9%, driven by the rapid growth of investment property and asset-light management businesses[37]. - Profit for the period increased to RMB 16,059,227 thousand, compared to RMB 12,684,013 thousand in 2022, representing a growth of about 26.5%[165]. - Total comprehensive income for the period was RMB 16,431,302 thousand, compared to RMB 12,924,032 thousand in 2022, reflecting an increase of around 27.5%[167]. - The company reported finance costs of RMB (892,364) thousand, slightly improved from RMB (904,542) thousand in the previous year[165]. - The Group recognized a gain of RMB 3,732,355,000 on changes in the fair value of investment properties[198]. - Profit before taxation was reported at RMB 19,805,124,000, reflecting robust financial health[200]. Revenue Sources - The revenue from the investment property business reached RMB10.72 billion in the first half of 2023, representing a 41.0% YoY increase[52]. - Revenue from shopping malls was RMB8.64 billion, up 39.5% YoY, with an occupancy rate of 96.2%, slightly down by 0.2 percentage points YoY[52]. - The Development property business generated revenue of RMB 54,677,576,000, while the Investment property business contributed RMB 11,135,240,000[198]. - Revenue from contracts with customers recognized at a point in time amounted to RMB 43,659,379,000[200]. - Revenue recognized over time totaled RMB 15,706,054,000, contributing to a consolidated revenue of RMB 79,752,377,000[200]. Dividends and Shareholder Returns - The interim dividend is RMB0.198 per share, up 8.8% compared to the previous year[19]. - The board has declared an interim dividend of HKD0.216 per share for the six months ended 30 June 2023, an increase from HKD0.208 per share in 2022[145]. - Shareholders can elect to receive the interim dividend in RMB at an exchange rate of HKD1.0 to RMB0.9173, resulting in a payment of RMB0.198 per share if chosen[146]. - The dividend payment will be made on 27 October 2023, with the register of members closed from 14 September to 15 September 2023[145]. Operational Highlights - The Group's contracted sales value reached RMB170.24 billion, reflecting a 40.6% year-over-year growth, maintaining a top four industry ranking[21]. - The Group acquired 35 new projects, with 93% of investments in tier-one and tier-two cities, adding a total value of RMB227.0 billion in salable resources[21]. - The average occupancy rate for newly opened shopping centers was 95.7%, and the office rental rate increased by 2.6 percentage points to 81.8%, the highest level historically[20]. - The Group's hotel performance rebounded significantly, with room rates and occupancy rates returning to pre-pandemic levels[20]. - Approximately 5.9 million new members were added during the period, bringing the total number of premium members to nearly 40 million[26]. Debt and Financial Management - The Group's total interest-bearing debt ratio and net gearing ratio decreased to industry-low levels of 39.3% and 28.5%, respectively[30]. - As of June 30, 2023, the Group's total outstanding borrowings amounted to approximately RMB 231.0 billion, with cash and bank balances totaling approximately RMB 129.3 billion[63]. - The net interest-bearing debt-to-equity ratio was 28.5%, reduced by 10.3 percentage points from 38.8% at the end of 2022, among the lowest in the industry[63]. - The Group's weighted average financing cost was approximately 3.56% as of June 30, 2023, a decrease of 19 basis points from 3.75% at the end of 2022[64]. Corporate Governance and Compliance - The company has complied with all corporate governance code provisions during the six months ended June 30, 2023[138]. - The audit committee has reviewed the 2023 Interim Report, and the unaudited financial information has been reviewed by KPMG[143]. - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period, indicating stability in accounting practices[191]. Strategic Initiatives - The Group has initiated the construction of an asset management platform and is accelerating its transformation towards asset management business, supported by policies for public REITs[20]. - The company continues to pursue strategic expansions through joint ventures in key Chinese cities[95]. - The Group has been providing construction and decoration services and selling furniture and construction materials to members of the CRH Group[107].

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依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的有限公司） （股份代號：1109） 二零二三年中期業績公佈 摘要 • 二零二三年上半年綜合營業額為人民幣729.7億元，同比微增0.1%。其中， 開發銷售型業務營業額為人民幣546.2億元；經營性不動產業務營業額為 人民幣107.2億元，同比增長41.0%，輕資產管理業務營業額為人民幣50.1 億元，同比增長37.6%，生態圈要素型業務營業額為人民幣26.2億元，同 比增長14.5%。經常性業務收入合計為人民幣183.5億元，同比增長 35.6%，佔總營業額25.1%。 • 二零二三年上半年綜合毛利率為25.7%。其中，開發銷售型業務毛利率為 17.0%；經營性不動產業務毛利率為71.3%，同比提升5.8個百分點，經營 性不動產業務（不含酒店）毛利率為77.1%，同比提升5.7個百分點。 • 二零二三年上半年，股東應佔溢利為人民幣137.4億元，同比增長29.6%； 扣除投資物業評 ...