房地产 上 市 公 司 2024 年 08 月 23 日 建发国际集团 (01908) ——业绩下滑，拿地积极，资金优势明显 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 22 日 | | 收盘价（港币） | 12.66 | | 恒生中国企业指数 | 6224.24 | | 52 周最高/最低（港币） | 22.50/11.24 | | H 股市值（亿港币） | 255.37 | | 流通 H 股（百万股） | 2,017.18 | | 汇率（人民币/港币） | 1.0940 | 一年内股价与基准指数对比走势： -42% -22% -2% 18% HSCEI 建发国际集团 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 (8621)23297818× chenpeng@swsrese ...

事件 2024 年 8 月 22 日建发国际集团发布 2024 上半年业绩报告，1H24 实现营业收入 327.53 亿元，同比+34.5%；实现归母净利润 8.17 亿元，同比-36.4%。 点评 营收稳步增长，毛利率等多因素导致业绩下滑：公司营收增长主 要由开发业务（占总收入的 94.7%）的增长带动，1H24 开发业务 收入 310.1 亿元，同比+36.4%。而归母净利润同比下滑主要因为： ①房地产市场下行，交付项目毛利率下滑，1H24 公司毛利率 11.92%,同比下降 3.33pct；②计提存货减值（计入管理费用），1H24 管理费用 9.26 亿元，同比增加 4.14 亿元；③结算项目权益比例 下降，1H24 公司净利润 14.4 亿元，同比+1.2%，其中少数股东损 益 6.19 亿元，同比增加 4.81 亿元。 销售排名稳步增长，深耕带动市占率提升：1H24 公司全口径销售 额 660 亿元，同比-31%（百强房企整体同比-42%）；权益销售额 509 亿元，同比-32%；行业排名升至第 7（2023 年全年居第 8）。积极 抓经营性现金流，1H24 全口径回款 647 亿元，回款率 98% ...

Financial Performance - For the six months ended June 30, 2024, the group reported cumulative contract sales amounting to approximately RMB 50.87 billion, a decrease of about 31.9% compared to the same period last year[3]. - The group's revenue for the period was approximately RMB 32,753.30 million, representing an increase of about 34.5% year-on-year[3]. - The property development segment generated revenue of approximately RMB 31,010.85 million, reflecting a growth of approximately 36.4% compared to the previous year[3]. - The profit attributable to equity holders of the company was approximately RMB 817.07 million, a decrease of about 36.4% year-on-year[3]. - Basic earnings per share for the period were RMB 0.4730, with the board deciding not to declare an interim dividend[3]. - The group achieved cash collections from property development of approximately RMB 64.7 billion during the period[3]. - Other income for the period was approximately RMB 409.13 million, compared to RMB 641.89 million in the previous year[5]. - The group recorded a loss of RMB 1.369 million from changes in the fair value of investment properties[5]. - Administrative expenses increased to RMB 926.75 million from RMB 512.52 million in the previous year[5]. - The total revenue for the six months ended June 30, 2023, was CNY 1,408,741,000, an increase from CNY 1,378,623,000 for the same period in 2022, representing a growth of approximately 2.2%[7]. - Net profit attributable to equity holders for the six months ended June 30, 2023, was CNY 817,068,000, compared to CNY 1,284,140,000 for the same period in 2022, indicating a decrease of about 36.4%[7]. - Basic earnings per share for the six months ended June 30, 2023, was CNY 47.30, down from CNY 80.09 in the same period of 2022, reflecting a decline of approximately 41.0%[7]. - Diluted earnings per share for the six months ended June 30, 2023, was CNY 42.95, compared to CNY 74.40 for the same period in 2022, a decrease of around 42.4%[7]. Assets and Liabilities - Total assets increased to 459.18 billion RMB from 427.28 billion RMB, representing a growth of approximately 7.46% year-over-year[9]. - Non-current assets, including property, plant, and equipment, rose to 409.07 billion RMB, up from 390.97 billion RMB, indicating a growth of about 4.66%[9]. - Current assets totaled 422.42 billion RMB, compared to 391.26 billion RMB, reflecting an increase of approximately 7.97%[9]. - The company's cash and cash equivalents increased to 54.16 billion RMB from 49.22 billion RMB, marking a growth of around 10.00%[9]. - The total liabilities decreased slightly to 36.76 billion RMB from 36.76 billion RMB, showing stability in the company's financial structure[9]. - The company's equity attributable to owners of the parent company was 18.98 billion RMB, down from 19.15 billion RMB, a decrease of about 0.89%[9]. - The investment properties remained stable at 1.67 billion RMB, showing no significant change compared to the previous year[9]. - The company reported a deferred tax asset of 7.05 billion RMB, down from 7.65 billion RMB, indicating a decrease of approximately 7.84%[9]. - The total financial assets increased to 41.83 billion RMB from 46.86 billion RMB, reflecting a decrease of about 10.73%[9]. - The company has a total of 6.71 billion RMB in land purchase deposits, down from 9.07 billion RMB, indicating a decrease of approximately 26.00%[9]. Market Conditions - The real estate market demand remains weak, with national new commodity housing sales amounting to RMB 471.33 billion in the first half of 2024, a year-on-year decline of 25.0%[77]. - The industry is experiencing structural changes, with demand shifting from "just need" to "improvement" and a focus on "residential attributes" rather than "financial attributes"[77]. - The market concentration is expected to continue to increase, with resources further aggregating towards leading real estate companies[77]. - The company anticipates a prolonged recovery process in the industry due to various uncertainties in the market environment[77]. Future Outlook - The company is focused on maintaining a strong balance sheet while exploring potential market expansions and new product developments[12]. - Future outlook includes strategic initiatives aimed at enhancing operational efficiency and exploring mergers and acquisitions opportunities[12]. - The company plans to expand its market presence and enhance its land reserves in key cities, focusing on areas with high demand[86]. - The company is actively pursuing new strategies for market expansion and product development to improve future performance[86]. Investment Properties - The carrying value of investment properties is RMB 1,668,273,000, compared to RMB 1,308,134,000 on December 31, 2023, reflecting an increase of approximately 27.6%[42]. - The fair value of investment properties as of June 30, 2024, is RMB 627,000,000, down from RMB 630,000,000 on December 31, 2023[42]. - The valuation technique for investment properties involves direct capitalization of rental income, with market monthly rents and capitalization rates being key factors[46]. - The capitalization rate for investment properties in the Nanning area ranges from 3.5% to 7.0% as of June 30, 2024, consistent with the previous period[47]. - The valuation of investment properties is conducted semi-annually by independent qualified valuers, ensuring accuracy and compliance with market conditions[44]. Shareholder Information - The company did not declare an interim dividend for this period, consistent with the previous year[35]. - The group plans to issue 121,493,505 ordinary shares under the scrip dividend scheme, reflecting ongoing shareholder engagement and capital management strategies[75]. - The issued share capital of the company as of June 30, 2024, is HKD 189,568,412.6, comprising 1,895,684,126 shares[115]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance corporate value and transparency[147]. - The audit committee has reviewed the unaudited consolidated financial statements for the period, finding them in compliance with applicable accounting standards and requirements[148].

会议即将开始 请大家好 欢迎参加开源电发国际集团本次会议紧面向开源证券的专业投资机构 第三方专家发言内容仅代表其个人观点所有信息或所表述的意见并不构成对任何人的投资建议未经开源证券事先书面许可任何机构或个人严禁录音转发及相关解读涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 好的各位投资者大家早上好欢迎大家在早上接受到我们的电话会议今天我们是非常荣幸的邀请到了建发国际集团的投资者关系总监廖淑华廖总也是大家的老朋友了跟大家沟通一下咱们建发国际近期的一个经营情况在三月底的话咱们建发也是已经公布了年报应该来说在当前行业仍然在 注底的这样的一个大环境下那么公司能够实现一个这个收入和利润的这样的一个双生应该来说非常的不错取得了一个在逆势取得了非常优秀的一个业绩那么下面就请廖总来给我们解读一下公司的一个近期的一个经营情况近期也是市场有很多城市又开始放松那么大家也比较关注市场端的一个变化那么把时间交给廖总 谢谢提哥谢谢大家我跟大家先汇报一下我们最近的一些销售的情况刚刚过去的这个五一下期大家可能关注的更多我们五一这五天没有首开没有加推主要是存量的一个续销项目存量的续销大概卖了四十三个亿跟去年基本持平去年稍微高 ...

Financial Performance - The company achieved a revenue of approximately 134.4 billion RMB in 2023, a year-on-year increase of about 35% compared to 99.6 billion RMB in 2022[16] - The net profit attributable to shareholders for the year was approximately 5 billion RMB, reflecting a year-on-year growth of about 2% from 4.9 billion RMB in 2022[16] - The total assets of the company reached approximately 427.3 billion RMB, a year-on-year increase of 9%, with cash and cash equivalents amounting to about 54.2 billion RMB, up 8%[16] - The company's gross profit was approximately RMB 14,916.46 million, a decrease of about RMB 302.96 million (approximately 2.0%) from the previous fiscal year[42] - The gross profit for 2023 was approximately RMB 14.92 billion, with a gross profit margin of 11.1%, down from 15.3% in 2022[56] - Profit before income tax rose to approximately RMB 8,582.71 million, up about RMB 97.61 million or 1.2% from the previous fiscal year's profit of approximately RMB 8,485.10 million[63] - Income tax expenses decreased from approximately RMB 2,923.19 million to 2,247.48 million, primarily due to better-than-expected results from land value-added tax settlements[64] - Profit attributable to equity holders increased from approximately RMB 4,933.97 million to 5,034.71 million, an increase of approximately RMB 100.74 million or 2.0%[65] Sales and Contracted Sales - The company reported a total contracted sales amount of approximately 188.9 billion RMB, representing a year-on-year growth of about 12%[20] - The equity contracted sales amount was approximately 138 billion RMB, with a year-on-year increase of about 14% and a sales equity ratio of about 73%[20] - The cumulative contract sales attributable to shareholders amounted to approximately RMB 137.96 billion, representing an increase of about 13.5% compared to the previous fiscal year[45] - The cumulative contract sales area attributable to shareholders was approximately 6.664 million square meters, an increase of about 9.3% compared to the previous fiscal year[45] - The total sales amount for 2023 was RMB 13,795.61 million, with a total sales area of 6,664,348 square meters, compared to RMB 12,152.26 million and 6,095,532 square meters in 2022[48] - The sales amount in Wuhan increased significantly to RMB 227.15 million in 2023 from RMB 25.92 million in 2022[48] Land Acquisition and Development - The company acquired 78 new projects in 2023, with a total land acquisition amount of approximately 116.9 billion RMB[21] - The total salable area of land reserves was approximately 15.52 million square meters, with about 70% of the land acquired after 2022[21] - As of December 31, 2023, the total salable land reserve of the group reached approximately 15.52 million square meters, with a total of 311 projects in China[49] - The company successfully acquired land use rights for "Putian Land 1" at a total cost of RMB 285 million, with a joint venture established to develop the land, where the company holds 55% equity[153] - The company’s subsidiary, Xiamen Hongyao Yi, acquired land use rights for "Dongguan Land" at a total cost of RMB 1.46 billion, and a joint venture was formed with Shenzhen Lian Yue to develop the land[155] - The company sold a 34% stake in Guangzhou Jianxin Microfinance for RMB 103.8 million, focusing on real estate business development with the proceeds[161] Dividends and Shareholder Returns - The company proposed a final dividend of 1.30 HKD per share, subject to approval at the upcoming annual general meeting[16] - The company reported a final dividend of HKD 1.3 per share for the year, consistent with the previous year[113] - The company has adopted a dividend policy since December 2018, ensuring sufficient cash reserves for operational needs and future growth[114] - The board will consider various factors, including financial performance and cash flow, when declaring dividends[116] Innovation and Product Development - The company launched 20 new product styles and established 14 innovative display areas in 2023, significantly enhancing the quantity and quality of new product development[24] - The company filed for 92 new patents during the year, indicating a strong focus on innovation and product development[24] - The company plans to enhance product and service capabilities by continuing to innovate in new Chinese-style products and integrating new technologies[35] - New product developments and technological advancements are expected to enhance the company's competitive edge in the property market[43] Operational Efficiency and Management - The company emphasized a customer-centric approach and focused on enhancing product quality and operational efficiency to achieve sustainable growth[19] - The company will continue to deepen lean management practices to improve operational efficiency and effectiveness, leveraging digital platforms for better resource allocation and decision-making[85] - The company aims to maintain liquidity and focus on cash flow management while investing in high-demand cities, prioritizing first and second-tier cities and influential third and fourth-tier cities[83] - The group plans to enhance product innovation and development, focusing on new Chinese-style products and integrating new technologies for healthier, greener, and smarter living systems[84] Corporate Governance and Management Changes - The company has experienced significant management changes, with new independent directors appointed in 2023[103] - The company emphasizes the importance of corporate governance and compliance in its operations[108] - The board of directors includes both executive and non-executive members, with specific appointments and resignations noted for the year[124] Market Strategy and Risks - The real estate industry faces increased external uncertainties, but the company sees sustainable business opportunities linked to consumer aspirations for a better life[82] - The company recognizes various risks affecting the real estate market, including economic, social, and regulatory changes, and plans to implement differentiated investment and sales strategies[79] - The management will continue to monitor policy trends and market opportunities to ensure the health of assets and cash flow management[83] Employee and Operational Costs - As of December 31, 2023, the group employed a total of 20,913 full-time employees, an increase from 19,594 full-time employees as of December 31, 2022[78] - The total employee cost for the year was approximately RMB 3,889.88 million, compared to approximately RMB 3,599.55 million in 2022, reflecting an increase in employee expenses[78] Acquisitions and Strategic Investments - The company is exploring strategic acquisitions to further strengthen its market position and expand its portfolio[43] - The total cash consideration for the acquisition of Fujian Zhaorun Real Estate Co., Ltd. is RMB 10,062,849.77, with Yiyue and Xiamen Zhaoyirong acquiring 95% and 5% stakes respectively[149] - The acquisition of Fujian Zhaorun will expand the group's land reserves and enhance its brand influence in the Chinese real estate market[150] - The company has engaged independent financial advisors to confirm the normal commercial terms of the related transactions, ensuring compliance with market practices[177]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][14]. Core Views - The company achieved a revenue of 134,430 million yuan in 2023, representing a year-on-year increase of 34.9%. The property development business contributed 96.8% of total revenue [6][12]. - The company has a strong sales performance, ranking 8th in the sales amount among the top 100 real estate companies in 2023, with a total sales amount of 188.9 billion yuan, up 12% year-on-year [6][7]. - The company has maintained a healthy financial position with a net debt ratio of 33.6%, a decrease of 19 percentage points year-on-year, and cash on hand of 54,161.32 million yuan [7][13]. Summary by Sections Financial Performance - In 2023, the company reported a gross profit of 14,917 million yuan and a net profit attributable to shareholders of 5,035 million yuan, both showing a slight increase of 2.0% and 2.1% year-on-year respectively [6][12]. - The basic earnings per share (EPS) for 2023 was 2.61 yuan, with a proposed final dividend of 1.3 Hong Kong dollars per share, resulting in a dividend payout ratio of approximately 52% [6][12]. Sales and Market Position - The company achieved a total contracted sales amount of 188.9 billion yuan in 2023, with an equity contracted sales amount of 138 billion yuan, reflecting a year-on-year increase of 14% [6][7]. - The company’s equity sales accounted for approximately 73% of total sales, with a total saleable area of 6.664 million square meters, up 9.3% year-on-year [6][7]. Land Acquisition and Inventory Management - In 2023, the company acquired 78 new quality land parcels, with a total land acquisition amount of 116.9 billion yuan, representing a year-on-year increase of 42% [7][13]. - The total saleable land reserve area reached approximately 15.52 million square meters, with a total value of about 266.8 billion yuan, and 84% of the land is located in first and second-tier cities [7][13]. Investment Outlook - The company is expected to maintain a strong performance, with a forecasted EPS of 2.42 yuan for 2024, and a valuation range of 401-502 billion Hong Kong dollars, corresponding to a reasonable value range of 21.17-26.46 Hong Kong dollars per share [14][15].

房地产| 证券研究报告 — 调整盈利预测 2024年3月26日 01908.HK 建发国际集团 买入 营收业绩均正增长，在手现金实现双位数增长 原评级：买入 市场价格:港币 13.58 摘要：建发国际公布2023年年报，公司实现营业收入1344.3亿元，同比增长34.9%；归母 净利润50.3亿元，同比增长2.0%。公司拟每股派发现金股息1.3港元，分红率为49.8%。 板块评级:强于大市  营收、业绩保持正增长，利润率水平有所下降。2023年公司营收增长34.9%， 2023年公司交付 面积852.2万平，同比大幅增加83.4%，地产业务结算收入（占比97%）同比增长34.6%。归母 净利润同比实现2.0%的增长，增速低于营收增速，主要是受项目结转毛利率下降以及少数股东损 益大幅增加。2023年公司毛利率、净利率、归母净利润率分别为 11.1%、4.7%、3.7%，较 2022 股价表现 年分别下降了4.2、0.9、1.2个百分点。受利润率下滑的影响，ROE同比下降了0.6个百分点至 15.0%。2023年少数股东损益13.0亿元，同比增长107.1%，少数股东损益占净利润的比重提升了 9.2个百分点至2 ...

[Table_StockInfo] 2024 年 03 月 25 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：14.02 港元 建发国际集团（1908.HK）房地产 目标价：17.60 港元 深耕重点城市，权益销售稳步增长 [Table_Summary 营收增长显著，现金与负债状况良好。 ] 2023年公司实现营业收入 1344.3亿元， 同比增长 34.9%；归母净利润为 50.3 亿元，同比增长 2.0%；实现毛利 149.2 亿元，同比下降 2.0%；毛利率从 15.3%下降为 11.1%，主要由于房地产市场显 著下行，部分已交付项目毛利率下降并录得结转收入；每股盈利 2.61元，派付 末期股息每股 1.3港元，分红率同比提升 6个百分点至 52%，股息率约 10%。 公司现金流充足，2023 年实现物业开发现金回款金额 1843 亿元，回款比例提 升 2 个百分点至 98%。期末银行及手头现金达 541.6 亿元。三条红线仍维持绿 档水平，负债权益比率降低 22.7 个百分点至 93.2%，净负债权益比率降低 19 个百分点至 33.6%，存量有息负债平均融资成本，同比下降 58B ...

房地产/房地产开发 公 司 研 建发国际集团 经营业绩稳健增长，充沛土储保障业绩释放 究 （01908.HK） ——港股公司信息更新报告 2024年03月25日 齐东（分析师） qidong@kysec.cn 投资评级：买入（维持） 证 书编号：S0790522010002  经营业绩稳健增长，充沛土储保障业绩释放，维持“买入”评级 港 建发国际集团发布 2023 年年报，全年实现营收/归母净利润分别为 1344.3/43.4 股 日期 2024/3/25 公 亿元，同比增长34.9%/2.8%；基本每股收益2.29元/股，拟每股派发现金红利1.3 司 当前股价(港元) 13.580 港元，分红比例 51%，合计 22.3 亿元，按公告日收盘价计算，股息率约 10%。 信 一年最高最低(港元) 27.800/11.240 息 考虑销售市场下行对公司影响，我们下调2024-2025年并新增2026年盈利预测， 总市值(亿港元) 257.43 更 预计2024-2026年归母净利润为53.2、64.5和78.3亿元（原2024-2025年为68.2、 新 流通市值(亿港元) 257.43 报 89.8亿元），对 ...

公 房地产 司 2024年03月 24日 报 建发国际集团(1908.HK) 告 收入利润双增长，投销优于同业 推荐（维持） 事项： 公司发布2023年年报，2023年实现收入1344.3亿元，同比增长35%；归母 股价：14.02 港元 净利润50.3亿元，同比增长2%，以股代息每股分红1.3港元。 平安观点： 公 主要数据  收入利润双增长，销售表现韧性十足。行业调整期公司收入、归母净利润 司 双双实现正增长，2023年分别同比增长35%、2%；但归母净利润增速不 行业 房地产 年 公司网址 www.cndintl.com 及收入，主要系结算毛利率下滑（2023年毛利率11.1%，同比下滑4.2pct）、 大股东/持股 建发房产/55.8% 合联营公司业绩贡献减少、少数股东损益增加。2023年全口径销售额同比 报 实际控制人 厦门市国有资产监督管理委员会 增长11.7%，销售增速位居主流房企前列；销售回款率98%，维持较高水 点 总股本(百万股) 1895.7 平；进驻的70余个城市中，46城进入当地销售榜单TOP10。 流通A股(百万股) 0 评 流通B/H股(百万股) 1895.7  土储结构健康 ...