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 ...

事件 2024年3月21日建发国际集团发布2023年业绩报告，全年实现营业 收入 1344.3亿元，同比+35%；归母净利润50.3亿元，同比+2%。以 股代息每股分红 1.3港元，分红率52%，股息率约10%。 点评 毛利率下行导致归母净利润增速低于营收：2023 年公司交付建筑面 积852万方，同比+83%，开发业务（占总收入的96.8%）的增长带动 整体营收提升。而归母净利润实现低增速主要因为：①房地产市场下 行，交付项目毛利率下滑，公司毛利率从 2022 年的 15.3%降至 2023 年的11.1%，毛利润同比减少3.0亿元；②结算项目权益比例有所下 降，2023年少数股东损益 14.4亿元，同比增加7.3亿元；③资产减 值损失减少，2023年计提存货减值16.4亿元，同比少计提21.5亿元。 港币(元) 成交金额(百万元) 销售逆势增长，现金为王回款高效：2023 年公司全口径销售额 1889 29.00 350 亿元，同比+11.7%；权益销售额 1380 亿元，同比+13.5%；行业排名 26.00 300 250 升至第 8。持续深耕核心城市，进驻的70余个城市中46个进入当地 23.00 ...

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 业绩表现稳健、分红可观，销投逆势提升 2024年3月22日 建发国际集团 (01908.HK) 买入 23年营收同比+35%、归母净利润同比+2%，业绩增长稳健、符合预期。公司发布2023年业绩， 2023年，公司实现营收1,344.3亿元，同比+35%；其中分业务看，物业开发业务实现收入1,301 维持 亿元，同比+35%，占总营收比 96.8%；毛利 149.2 亿元，同比-2%；归母净利润 50.3 亿元，同 比+2%，符合预期；基本每股收益 2.61元，同比-8%。公司营收增长迅猛，主要源于地产交付节 市场数据：2024年3月21日 奏提升明显；公司23年毛利率11.1%，同比-4.2pct；归母净利率3.7%，同比-1.2pct；期间费率 收盘价（港币） 12.88 （销售、管理、财务费率）合计为 5.6%，同比-3.2pct。此外，公司少数股东损益 13.0 亿元，同 恒生中国企业指数 5,357 比+107%。截至23年末，公司已售未结金额达 ...

Financial Performance - For the fiscal year ending December 31, 2023, the group achieved a total contract sales amount of approximately RMB 137.96 billion, representing an increase of approximately RMB 16.44 billion or 13.5% compared to the previous fiscal year[3]. - The total revenue for the fiscal year was approximately RMB 134.43 billion, an increase of approximately RMB 34.79 billion or 34.9% year-on-year[5]. - The profit attributable to equity holders of the company was approximately RMB 5.03 billion, reflecting a growth of approximately RMB 100.74 million or 2.0% compared to the previous fiscal year[3]. - The basic earnings per share for the fiscal year was RMB 2.61[5]. - The group's gross profit was approximately RMB 14.92 billion, with a gross profit margin of approximately 11.1%[5]. - The total comprehensive income for the year was approximately RMB 6.33 billion, compared to RMB 5.56 billion in the previous year[7]. - The total revenue for the group in 2023 was RMB 134,429,975,000, an increase from RMB 99,635,501,000 in 2022, reflecting a year-over-year growth of approximately 35%[22]. - The net profit attributable to equity holders increased to approximately RMB 5,034.71 million, up about RMB 100.74 million (approximately 2.0%) from the previous fiscal year[55]. Revenue Breakdown - The revenue from property development business was approximately RMB 130.13 billion, an increase of approximately RMB 33.48 billion or 34.6% year-on-year[3]. - Revenue from property management and related services was RMB 4,298,065,000 in 2023, compared to RMB 2,987,856,000 in 2022, marking a growth of about 43.8%[22]. - The group's revenue from property development reached RMB 130,131,910,000 in 2023, up from RMB 96,647,645,000 in 2022, representing an increase of approximately 34.5%[22]. - Income from property management services was RMB 2,600,158,000 in 2023, up from RMB 1,658,022,000 in 2022, which is an increase of approximately 56.8%[23]. Assets and Liabilities - Total assets increased to RMB 427,277,513 thousand in 2023 from RMB 393,463,167 thousand in 2022, representing a growth of approximately 8.6%[9]. - Total liabilities rose to RMB 336,338,644 thousand in 2023 compared to RMB 314,042,679 thousand in 2022, indicating an increase of about 7.1%[11]. - The net asset value increased to RMB 90,938,869 thousand in 2023 from RMB 79,420,488 thousand in 2022, reflecting a growth of approximately 14.8%[11]. - The company's equity attributable to owners of the parent increased to RMB 33,456,479 thousand in 2023 from RMB 31,637,220 thousand in 2022, marking a rise of about 5.8%[11]. Cash Flow and Collections - The group realized cash collections from property development totaling approximately RMB 184.3 billion for the fiscal year[3]. - The cash and cash equivalents held by the company reached RMB 54,161,319 thousand in 2023, up from RMB 50,280,062 thousand in 2022, which is an increase of approximately 3.7%[11]. Dividends - The board proposed a final dividend of HKD 1.3 per share, with an option for shareholders to receive the dividend in new shares[3]. - The proposed final dividend for the year ending December 31, 2023, is HKD 1.3 per share, totaling HKD 2,464,389,000, equivalent to RMB 2,233,279,000[35]. Market Strategy and Outlook - The group plans to continue expanding its market presence and investing in new technologies and products to drive future growth[3]. - The overall market outlook remains positive, with expectations for continued growth in contract sales and construction area in the upcoming fiscal year[61]. - The company aims to leverage its strong sales performance to drive further strategic initiatives and enhance shareholder value[61]. Employee and Operational Metrics - 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[97]. - The total employee cost for the year was approximately RMB 3,889.88 million, compared to RMB 3,599.55 million in 2022, reflecting an increase of about 8.06%[97]. Regulatory and Reporting Standards - The financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards[15]. - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, which did not have a significant impact on the financial performance and position[18]. Acquisitions and Investments - The company has entered into agreements to acquire stakes in several Chinese entities that own land use rights or property development projects[46]. - The company plans to complete the acquisition of Chengdu Zhaorong Sheng by the second quarter of 2024[52]. Risks and Challenges - The overall market environment for the real estate industry in 2023 is relatively relaxed, but external market conditions remain severe, leading to a decline in consumer confidence[54]. - The real estate industry faces increased uncertainty in the external environment, but there are still broad and sustainable business opportunities[101].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company leverages its state-owned background for steady expansion and continues to achieve counter-cyclical performance growth [5] - The company has shown robust sales growth, with a 43% year-on-year increase in total sales amounting to 940.9 billion yuan in the first half of 2023 [6][34] - The company maintains a strong financial position with a decrease in financing costs and a solid profit forecast for the coming years [7][62] Summary by Sections 1. Company Background and Expansion Strategy - The company is a subsidiary of Xiamen C&D Group, focusing on real estate development and investment services across China [13][19] - It has a strong state-owned background and a mature management team, which supports its market expansion efforts [19][24] 2. Sales Performance and Land Acquisition - The company achieved a total sales amount of 940.9 billion yuan in H1 2023, a 43% increase year-on-year [6][34] - In H1 2023, the company acquired 46 quality land parcels across 25 cities, with a total land payment of 684 billion yuan, reflecting a 24% year-on-year increase [39] - The land acquisition strategy focuses on high liquidity and profitability, with 86% of the land value concentrated in first and second-tier cities [39][43] 3. Financial Performance - The company reported a revenue of 243.8 billion yuan in H1 2023, a 44% increase year-on-year, and a net profit of 12.8 billion yuan, up 52% [7][15] - The company maintains a healthy balance sheet with a sold but unrecognized revenue of 2,490.4 billion yuan, covering 2.5 times its 2022 revenue [62] - Financing costs have decreased to 3.97%, down 36 basis points from the end of 2022 [7][62] 4. Property and Construction Business Development - The company operates in the full lifecycle of real estate services, with significant contributions from its subsidiaries, C&D Property and C&D Engineering [56] - C&D Property reported a revenue increase of 37.5% in H1 2023, while C&D Engineering saw a remarkable 217% growth in revenue for the first three quarters of 2023 [56][54] 5. Future Outlook and Investment Recommendations - The company is expected to maintain strong revenue growth, with projected net profits of 50.0 billion, 68.2 billion, and 89.8 billion yuan for 2023, 2024, and 2025 respectively [5][8] - The current price-to-earnings ratio is projected to be 4.5, 3.3, and 2.5 for the years 2023, 2024, and 2025, indicating attractive valuation levels [5][8]

Financial Performance - For the six months ended June 30, 2023, the company reported revenue of RMB 24,359,190, an increase of 43.5% compared to RMB 16,949,699 for the same period in 2022[8]. - Gross profit for the same period was RMB 3,714,443, representing a gross margin of 15.2%, up from RMB 2,551,573 and a gross margin of 15.1% in the previous year[8]. - The net profit attributable to equity holders of the company was RMB 1,284,140, a significant increase of 52.4% from RMB 842,065 in the prior year[11]. - Basic earnings per share increased to RMB 80.09, up from RMB 60.36, reflecting a growth of 32.7%[11]. - The total comprehensive income for the six months ended June 30, 2023, is RMB 1,378,623,000, compared to RMB 1,421,853,000 for the same period in 2022, indicating a slight decrease of about 3.0%[20]. - The company reported a total comprehensive income of RMB 736,329 thousand for the period, after accounting for a currency translation difference of RMB (105,736) thousand[18]. Assets and Liabilities - The company's total assets as of June 30, 2023, amounted to RMB 469,741,313, an increase of 19.4% from RMB 393,463,167 at the end of 2022[14]. - The total liabilities increased to RMB 379,319,327 thousand from RMB 314,042,679 thousand, representing a rise of approximately 20.83%[16]. - The equity attributable to the owners of the parent company rose to RMB 32,705,960 thousand from RMB 31,637,220 thousand, marking an increase of about 3.37%[16]. - The total equity as of June 30, 2023, was RMB 90,421,986 thousand, compared to RMB 79,420,488 thousand at the end of 2022, showing a growth of approximately 13.06%[16]. - As of June 30, 2023, the net current assets amounted to RMB 135,663,707 thousand, an increase from RMB 133,157,789 thousand as of December 31, 2022, reflecting a growth of approximately 1.88%[16]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2023, is RMB 33,639,003,000, a significant improvement from a net cash used of RMB (14,535,816,000) in the same period last year[25]. - The net cash used in investing activities for the six months ended June 30, 2023, is RMB (9,663,691,000), compared to RMB (3,213,906,000) in the previous year, reflecting an increase in investment outflows[25]. - The net cash used in financing activities for the six months ended June 30, 2023, is RMB (13,925,184,000), a decrease from net cash generated of RMB 4,304,898,000 in the same period last year[25]. Revenue Sources - For the six months ended June 30, 2023, the company's revenue from property development was RMB 22,743,526,000, an increase of 45.4% compared to RMB 15,606,461,000 for the same period in 2022[36]. - Property development accounted for 93.37% of total revenue in the first half of 2023, generating RMB 22,743,526,000, up from 92.08% and RMB 15,606,461,000 in the same period of 2022[119]. - The company reported a total of 1,615,664,000 RMB in property management and related services, which accounted for 6.63% of total revenue in the first half of 2023[119]. Market Strategy and Future Outlook - The company has plans for market expansion and new product development, focusing on enhancing its competitive edge in the industry[7]. - The management remains optimistic about future growth prospects, guided by strong performance indicators and strategic initiatives[7]. - The company plans to deepen urban research to seize quality land expansion opportunities in core cities[160]. - The company aims to enhance management efficiency and empower frontline staff to create value in a variable external environment[162]. Shareholder Information - The issued share capital of the company as of June 30, 2023, was HKD 173,802,089.1, divided into 1,738,020,891 shares[143]. - Zhao Chengmin holds 31,010,506 shares, representing approximately 1.78% of the issued share capital[168]. - The major shareholder, Yinen, holds 976,538,548 shares, accounting for 56.19% of the issued share capital[173]. - OceanLink Partners Fund, LP owns 121,711,413 shares, which is 7.00% of the issued share capital[173]. Employee and Management Information - The total employee cost for the group during the period was approximately RMB 1,699.87 million, an increase from approximately RMB 1,363.9 million in the same period last year[150]. - The group employed a total of 19,795 full-time employees as of June 30, 2023, compared to 16,834 full-time employees a year earlier[150]. - The company’s management compensation for the six months ended June 30, 2023, totaled RMB 10,970 thousand, an increase from RMB 6,807 thousand in the previous year[99]. Dividends and Share Incentives - The company proposed a final dividend of HKD 1.30 per share for the year ended December 31, 2022, an increase from HKD 1.20 per share in the previous year, which was approved by shareholders[21]. - The company will not declare an interim dividend for this period, consistent with the previous year[193]. - The company issued 35,300,000 restricted shares under the 2021 incentive plan and 100,000,000 restricted shares under the 2022 incentive plan, raising a net amount of approximately HKD 700 million from the latter[180].

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，並明確表示概不就 因本公告的全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 C&D INTERNATIONAL INVESTMENT GROUP LIMITED 建 發 國 際 投 資 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1908） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 財務摘要 ‧ 截至二零二三年六月三十日止六個月，本集團連同其合營公司及聯 營 公 司 實 現 歸 屬 本 公 司 股 東 權 益 的 累 計 合 同 銷 售 金 額 約 人 民 幣 747.3億元，歸屬本公司股東權益的累計合同銷售總建築面積約333.8 萬 平 方 米，與 上 年 同 期 比 較 分 別 增 加 約 人 民 幣267.3億 元 及 約85.4萬 平方米，分別增加約55.7%及34.4%。 ‧ 截至二零二三年六月三十日止六個月，本集團連同其合營公司及聯 營公司實現物業開發現金回款合計約為人民幣979億元。 ‧ ...