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 ...

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].