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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 39, representing a potential upside of 32.6% from the current price of HKD 23.5 [3][4]. Core Insights - The company achieved a core net profit growth of 2.9% year-on-year, with total revenue reaching RMB 251.1 billion, a 21.3% increase compared to the previous year [1][2]. - The development business sales increased by 1.9% to RMB 307 billion, supported by a strategic focus on high-tier cities [1][2]. - The company successfully issued two public REITs, enhancing its asset value release channels [1]. Financial Performance - Revenue for 2023 was RMB 251,137 million, up 21.3% from RMB 207,061 million in 2022 [2][4]. - The core net profit for 2023 was RMB 27,770 million, reflecting a 2.9% increase [2][4]. - The company declared a final dividend of RMB 1.243 per share, with a total annual dividend of RMB 1.441, marking a 2.9% increase [1]. Business Segments - The regular business revenue, which includes operational real estate and light asset management, grew significantly, contributing 15.6% to total revenue [1]. - The retail revenue from shopping centers surged by 44.2% to RMB 163.9 billion, with same-store sales growth of 31.2% [1]. - The company’s investment property land bank reached 1,004 million square meters, with 72% allocated to shopping centers [1]. Debt and Financial Structure - The weighted average financing cost decreased by 19 basis points to 3.56%, maintaining a competitive position in the industry [1]. - The net debt exposure in non-RMB currencies fell to 4.4%, the lowest level in recent years [1]. - The cash-to-short-term debt ratio stood at 1.49 times, indicating a strong liquidity position [1]. Future Projections - The company is expected to achieve core net profits of approximately RMB 287 million, RMB 315 million, and RMB 332 million for the years 2024 to 2026, respectively [1][2]. - The anticipated sales area for the next three years is about 42.2 million square meters, with 82% located in high-tier cities [1].

[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 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109.HK) [2] Core Views - The company achieved a revenue of 251.1 billion yuan in 2023, a year-on-year increase of 21.3%, with a net profit attributable to shareholders of 31.4 billion yuan, up 11.7% year-on-year [1][2] - The core net profit remains stable, with a significant contribution from operational business profits, which accounted for 34.4% of the core net profit, an increase of 10.4 percentage points year-on-year [1] - The company has a strong land reserve, with 13.25 million square meters added in 2023, and 93% of the total saleable value located in first and second-tier cities [1] Summary by Sections Financial Performance - In 2023, the company reported a development business settlement revenue of 212.1 billion yuan, a 20.4% increase year-on-year, driven by the timely settlement of previously sold properties at an average price of 17,900 yuan per square meter, up 25.4% year-on-year [1] - The overall gross profit margin was 25.2%, a decrease of 1 percentage point year-on-year, while the gross margin for development business was 20.7%, down 2.3 percentage points year-on-year [1] - The core net profit attributable to shareholders was 27.8 billion yuan, a 2.9% increase year-on-year, with a core EPS of 3.89 yuan [1][2] Sales and Market Position - The company achieved a sales volume of 307 billion yuan in 2023, a 1.9% increase year-on-year, maintaining its position as the fourth largest in the industry with a market share increase of 0.3 percentage points [1] - The company’s asset management scale reached 427.5 billion yuan, a 19.2% increase year-on-year, with a total of 76 shopping centers in operation [1] Future Outlook - The report adjusts the core EPS forecasts for 2024 and 2025 to 3.94 yuan and 4.09 yuan respectively, with a new forecast for 2026 at 4.47 yuan [2] - The current price corresponds to a PE ratio of 5.7 for 2024, 5.5 for 2025, and 5.0 for 2026, indicating a stable outlook for the company as a central enterprise in real estate with robust sales and ample core land reserves [2]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][21]. Core Views - The company demonstrated solid performance with a revenue of 251.14 billion yuan in 2023, reflecting a year-on-year growth of 21.3%. The core net profit attributable to shareholders was 27.77 billion yuan, up 2.9% year-on-year. The total dividend per share for the year was 1.441 yuan, also a 2.9% increase, with a payout ratio of 37% of core net profit, resulting in a dividend yield exceeding 6% [5][19]. - The company is focusing on core cities, maintaining sales scale with contract sales of 307.03 billion yuan in 2023, a 1.9% increase year-on-year. The company added 13.25 million square meters of land reserves in 2023, with 93% of investments in first- and second-tier cities. By the end of 2023, total land reserves reached 62.5 million square meters, with sufficient saleable value of 530.8 billion yuan for 2024, 88% of which is located in high-tier cities [12][19]. - The company accelerated the opening of shopping centers, achieving rental income of 17.9 billion yuan in 2023, a 29.7% increase year-on-year, with a compound annual growth rate of 17.5% from 2019 to 2023. The company opened 10 new shopping centers in 2023, bringing the total to 76, with 16 more expected to open in 2024 [15][19]. - The establishment of a large asset management platform is expected to enhance asset value release. The successful issuance of public REITs in March is seen as an effective attempt to release asset value. The company has a wealth of quality assets and an experienced management team, which supports the integration of quality industry assets [15][19]. Financial Summary - As of the end of 2023, the company's net debt ratio decreased by 6.2 percentage points to 32.6%, and the average financing cost fell by 19 basis points to a new low of 3.56% [19][21]. - The projected revenues for 2024 and 2025 are 263.3 billion yuan and 276.5 billion yuan, respectively, with expected year-on-year growth of 4.8% and 5.0%. The core net profit is projected to be 27.8 billion yuan and 29.4 billion yuan for the same years, with growth rates of 0.1% and 6.0% [3][21].

Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109.HK) [1] Core Views - The company achieved a revenue of 251.14 billion yuan in 2023, representing a year-on-year growth of 21.3%. The core net profit reached 27.77 billion yuan, with a growth of 2.9% [2][3] - The company focuses on high-quality land reserves in major cities, with a total land reserve of 62.5 million square meters, of which 52.45 million square meters are for property development [2] - The operational resilience of the company's commercial projects is strong, with a significant increase in revenue from investment properties [3] Summary by Sections Financial Performance - In 2023, the company reported operating income of 251.14 billion yuan, with development business income of 212.08 billion yuan (up 20.4%), operational real estate income of 22.23 billion yuan (up 30.6%), and light asset management income of 10.64 billion yuan (up 27.7%) [2] - The company’s core net profit contribution from various segments is as follows: development business (65.6%), operational real estate (28.3%), light asset management (3.5%), and ecosystem factor business (2.6%) [2] Sales and Land Acquisition - The company signed sales of 307.03 billion yuan in 2023, a year-on-year increase of 1.9%, with a signed area of 13.07 million square meters, down 8.3% [2] - The company acquired 68 new projects, adding 13.25 million square meters of land, with 92.8% of investments in first- and second-tier cities [2] Operational Resilience - The operational real estate business generated revenue of 22.23 billion yuan, up 30.6% year-on-year, with shopping center revenue of 17.85 billion yuan (up 29.7%) and an occupancy rate of 96.5% [3] - The company has a robust pipeline of commercial projects, with 50 shopping centers under construction or planned [3] Profit Forecast and Investment Advice - The forecast for the company's net profit growth from 2024 to 2026 is a compound annual growth rate of 4%, supported by rapid expansion of commercial projects and steady growth in residential development [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company achieved a revenue of 251.1 billion yuan in 2023, representing a year-on-year increase of 21%. The core net profit was 27.8 billion yuan, up 2.9% year-on-year [3][6] - The company emphasizes shareholder returns, with a dividend of 1.441 yuan per share in 2023, maintaining a payout ratio of 37% and a dividend yield of 4.8% based on the average stock price for the year [3][6] - The company's recurring business effectively smooths out fluctuations in development sales, with recurring revenue accounting for 15.6% of total revenue, up 0.7 percentage points year-on-year [11][6] - The company maintains a healthy financial position with a cash-to-short-term debt ratio of 1.49 and a net interest-bearing debt ratio of 32.6%, down 6.2 percentage points year-on-year [33][6] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 251.1 billion yuan, with development sales contributing 212.1 billion yuan and recurring business revenue at 39.1 billion yuan [3][6] - The gross profit margin for the year was 25.2%, slightly down by 1 percentage point, but still among the industry's top tier [11][6] Sales and Development - The company signed sales contracts totaling 307 billion yuan in 2023, a 2% increase year-on-year, maintaining its 4th position in the industry [17][6] - The company added 13.25 million square meters of land reserves in 2023, a 21% increase year-on-year, with a total land reserve of 62.5 million square meters at the end of 2023 [17][6] Investment Property Performance - Investment property revenue reached 22.2 billion yuan in 2023, a 31% increase, with shopping center rental income contributing 17.6 billion yuan [26][6] - The overall occupancy rate of shopping centers remained high at 96.5% [26][6] Financial Health - The company’s weighted average financing cost was 3.56% in 2023, down 19 basis points year-on-year [33][6] - The recurring business revenue covers dividends and interest payments with a ratio of 1.9, while rental income covers these costs with a ratio of 1.08 [33][6] Investment Recommendations - The company is expected to achieve core net profits of 30.4 billion yuan and 31.9 billion yuan in 2024 and 2025, respectively, with corresponding earnings per share of 4.26 yuan and 4.47 yuan [38][6]