Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 32,753,303, an increase of 34.5% compared to RMB 24,359,190 for the same period in 2023[9]. - Gross profit for the same period was RMB 3,902,749, representing a gross margin of approximately 11.9%[9]. - Net profit for the period was RMB 1,436,478, slightly up from RMB 1,421,853 in the previous year, indicating a growth of 1.0%[9]. - Basic earnings per share for the period was RMB 47.30, down from RMB 80.09 in the previous year, reflecting a decrease of 41.0%[12]. - Total comprehensive income for the period reached RMB 1,436,478,000, compared to RMB 619,410,000 in the previous period, reflecting a significant increase[21]. - Profit attributable to equity holders decreased by approximately RMB 467.07 million (or approximately 36.4%) to about RMB 817.07 million, compared to RMB 1,284.14 million in the same period last year[101]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 459,180,149, an increase from RMB 427,277,513 as of December 31, 2023[15]. - The total liabilities increased to RMB 363,033,038 thousand from RMB 336,338,644 thousand, reflecting a rise of approximately 7.9%[17]. - The equity attributable to the company's equity holders was RMB 21,851,486 thousand as of June 30, 2024, compared to RMB 21,456,479 thousand at the end of 2023, marking an increase of about 1.8%[17]. - The group’s net debt increased to approximately RMB 43,958.55 million, resulting in a net debt-to-equity ratio of 45.72%, up from 33.64% as of December 31, 2023[1]. - The debt ratio (total borrowings to total equity) rose to approximately 96.9% from 93.2% as of December 31, 2023, due to an increase in interest-bearing borrowings and loans from indirect holding companies[2]. Cash Flow and Financing - The company’s cash and cash equivalents stood at RMB 49,217,544, a decrease from RMB 54,161,319 at the end of 2023[15]. - Net cash used in operating activities was RMB (3,411,876,000), a decrease from RMB 33,639,003,000 in the same period last year[24]. - The company incurred financing activities net cash outflow of RMB (2,268,153,000), compared to RMB (13,925,184,000) in the previous period[24]. - The company reported a net cash inflow from investing activities of RMB 811,866,000, contrasting with a cash outflow of RMB (9,663,691,000) in the prior period[24]. Revenue Sources - Property development revenue was RMB 31,010,852,000, up 36.5% from RMB 22,743,526,000 year-on-year[34]. - The company’s property management and related services generated revenue of RMB 1,742,451,000, an increase of 7.8% from RMB 1,615,664,000 in the previous year[34]. - The total contract sales amount for the first half of 2024 was RMB 5,087.28 million, compared to RMB 7,473.07 million in the same period last year[108]. Expenses and Costs - The company’s administrative expenses increased to RMB 926,748 from RMB 512,518, reflecting a rise of 80.9% year-on-year[9]. - The total financing cost of RMB 4,100,323,000, down 28.3% from RMB 5,718,259,000 in the previous year[37]. - Sales costs rose from approximately RMB 20,644.75 million to approximately RMB 28,850.55 million, an increase of approximately RMB 8,205.80 million[119]. Market and Strategic Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[8]. - The company is focusing on expanding its market presence and enhancing its land reserves to support future growth[110]. - The company anticipates gradual market stabilization and the emergence of a new equilibrium due to ongoing policy optimization on both supply and demand sides[151]. Shareholder Information - The company has issued a total of 1,895,684,126 ordinary shares as of June 30, 2024[48]. - Major shareholder Yinan holds 1,046,812,743 shares, representing 55.22% of the issued share capital[164]. - The board has resolved not to declare an interim dividend for this period, consistent with the previous year[177]. Corporate Governance - The company adheres to high standards of corporate governance, ensuring shareholder rights and enhancing corporate value[178]. - The Audit Committee, composed entirely of independent non-executive directors, reviews financial data and internal control systems[181].

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 建发国际集团（1908）公司半年报点评 2024 年 08 月 28 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------|--------------------| | 股票数据 | | | 8[T月ab27le日_S收t盘oc价kI（nf港o元]） | 12.10 | | 52 周股价波动（港元） | 10.42-20.87 | | 总股本（百万股） | 2017 | | 总市值（亿港元） | 244 | | 相关研究 | | | [《Ta建b发le国_R际e集p团o（rtI0n1f9o0] | 8.HK）2023年年度业 | | 绩点评：聚力前行，高质成长》 | 2024.03.26 | | 《建发国际集团（01908.HK | ）2023年中期业 | | 绩点评：经营业绩高速增长，销售刷新目标业 | | | 绩》2023.09.10 | | 市场表现 [Table_QuoteInfo] | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable growth in settlement scale and has improved its sales ranking despite market challenges. The overall operational status remains robust, supported by ample land reserves in core first- and second-tier cities and a significant advantage in financing costs. The profit forecast for 2024-2026 is maintained, with expected net profits of 5.32 billion, 6.45 billion, and 7.83 billion CNY, respectively, corresponding to EPS of 2.89, 3.50, and 4.25 HKD. The current stock price reflects a PE ratio of 4.2, 3.5, and 2.8 for the respective years, indicating a strong performance outlook [3][4]. Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 32.75 billion CNY, a year-on-year increase of 34.5%. The property development revenue reached 31.01 billion CNY, up 36.4%, primarily due to a large settlement volume. The net profit was 817 million CNY, a decrease of 36.4% year-on-year, attributed to a decline in settlement gross margin and increased inventory impairment provisions [3][4]. - The company reported a sales amount of 50.87 billion CNY in the first half of 2024, with a year-on-year decrease of 31.9%. However, it ranked 7th in total sales amount for the first half of 2024, indicating a rise in ranking despite the decline in sales [3][4]. - As of the end of the first half of 2024, the company had a land reserve of approximately 14.45 million square meters, with major holdings in cities like Hangzhou, Shanghai, and Xiamen. The debt structure is healthy, with a debt-to-asset ratio of 79.06% and a net debt ratio of 45.72%. The average financing cost decreased to 3.65% [3][4]. Financial Forecasts - The company’s projected financials for 2024-2026 include: - Revenue: 147.12 billion CNY in 2024, 162.56 billion CNY in 2025, and 176.38 billion CNY in 2026, with year-on-year growth rates of 9.4%, 10.5%, and 8.5% respectively [4][5]. - Net Profit: Expected to be 5.32 billion CNY in 2024, 6.45 billion CNY in 2025, and 7.83 billion CNY in 2026, with growth rates of 22.7%, 21.1%, and 21.4% respectively [4][5]. - EPS: Projected at 2.89 HKD in 2024, 3.50 HKD in 2025, and 4.25 HKD in 2026 [4][5].

房地产 2024 年 08 月 27 日 公 司 半 年 报 点 评 建发国际集团(1908.HK) 结算端利润承压，拿地进取土储优化 推荐（维持） 事项： 股价：12.7 港元 主要数据 行业 房地产 公司网址 www.cndintl.com 大股东/持股 建发房产/55.2% 实际控制人 厦门市国有资产监督管理委员会 总股本(百万股) 2017 流通 A 股(百万股) 0 流通 B/H 股(百万股) 2017 总市值（亿元） 233.81 流通 A 股市值(亿元) 0 每股净资产(元) 11.5 资产负债率(%) 79.06 行情走势图 相关研究报告 【平安证券】建发国际集团（1908.HK）*年报点评*收 入利润双增长，投销优于同业*推荐20240324 【平安证券】建发国际集团（1908.HK）*首次覆盖报 告*"新闽系"房企标杆，彰显逆周期本色*推荐20230814 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 王懂扬 投资咨询资格编号 S1060522070003 WANGDONGYANG339@pingan.co ...

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].