绿城中国23年报交流240419中泰原文 2024年04月19日12:30 发言人100:03 大家好，欢迎参加中泰地产绿城中国2023年报及金矿交流电话会议。目前所有参会者均处于静音状 态，下面开始播报名字声明。声明播报完毕后，主持人可直接发言，谢谢。 发言人100:17 本次电话会议服务于中泰证券正式签约客户，为非公开交流活动，未经中泰证券授权，请勿对外传播 本次会议的内容包括但不限于视频、音频、文字记录内容等信息，感谢您的理解与配合。中泰证券对违 反上述要求的行为保留追究法与责任的权利。 ：股市调 发言人100:37 市场有风险投资需谨慎。本会议信息仅供参考，不代表任何投资建议。本公司不对任何人因使用本会议 中的信息所引致的任何损失负担任何责任， 发言人300:52 好的，各位投资人大家早上好。欢迎参加我们今天的会议，我是中泰证券地产行业首席刘子佩。在前不 久绿城中国也是发布了2023年的年报。应该说在整个行业这样的一个形势之下，绿城中国还是取得了非 常不错的这样的一个业绩增长。 发言人301:10 发言人201:31 况，还有近期的一个经营亮点。之后我们就进入到一个交流的一个环节。首先二三年我们整体的 ...

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[绿I Tnaf 城bol]e 中_Ti国tle]（ 3900） [评Tab级le_：Inv est] 增持 当前价格（港元）： 5.73 销售改善，投资积极 2024.04.10 海 ——2024年 3 月经营数据点评 [ 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） 5.52-10.90 公 010-83939826 010-83939815 021-38675923 当前股本（百万股） 2,532 当前市值（百万港元） 14,508 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 2024 年 3 月公司自投项目销售情况显著改善，3月单月销售额降幅较 1~2月大幅收 绿城中 ...

业绩增长稳健，盈利能力全方位改善 绿城中国（3900.HK）/房地产 证券研究报告/公司点评 2024年4月6日 行业 [Table_Industry] [评Ta级ble：_T增itle持] （下调） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：5.63港元 指标 2022A 2023A 2024E 2025E 2026E 分析师：由子沛 营业收入（百万元） 128,152 131,947 136,104 139,308 142,259 增长率yoy% 26% 3% 3% 2% 2% 执业证书编号：S0740523020005 净利润（百万元） 2,584 3,092 3,436 3,618 3,735 Email：youzp@zts.com.cn 增长率yoy% -21% 20% 11% 5% 3% 每股收益（元） 1.02 1.22 1.36 1.43 1.48 每股现金流量 5.76 0.00 89.59 -33.23 8.91 分析师：侯希得 净资产收益率 7% 9% 9% 9% 8% 执业证书编号：S0740523080001 P/E 5.0 4.2 3.8 3.6 3.5 P/B ...

房地产 | 证券研究报告 — 调整盈利预测 2024年4月2日 03900.HK 绿城中国 买入 营收业绩正增长，拿地成长性强；代建持续发力； 原评级：买入 融资通道畅通 市场价格:港币 6.24 事件：绿城中国发布2023年年报，实现主营业务营业收入1313.8亿元，同比+3.3%；归母净利润31.2亿元，同比+13.1%； 板块评级:强于大市 归母核心净利润64.17亿元，基本持平。公司拟每股派发现金红利0.43元（含税），分红率为35.2%。 核心观点  营收业绩稳步增长，未来业绩保障倍数提升。2023年公司主营业务营业收入1313.8亿元，同比增长3.3%；归母净利润31.2亿元，同比 增长13.1%；扣除汇兑损益、收购收益、资产的减值亏损计提与拨回、公允价值变动后的核心归母净利润为64.2亿元，同比基本持平， 业绩符合市场预期。营业收入稳步增长，一方面开发业务实现营收1205.8亿元，同比增长2.6%，房地产项目结转面积同比增长5.5%至 股价表现 6 益19 1.8 3.万 9亿平 元； ，另 同一 比方 下面 降代建 7.4业 %务 。实 2）现 公收 司入 注3 重1.4 费亿 用元 管， ...

公司研 究 证 券研究 报 告 房地产 2024年03月30日 绿 城中国（03900.HK）2023年业绩报告点评 推 荐 （维持） 目标价：11港元 用高效率对抗行业下行 当前价：6.24港元 事项： 华创证券研究所  公司发布2023年全年业绩报告，2023年实现营业收入1313.83亿元，同比增 证券分析师：单戈 长3.3%；净利润31.18亿元，同比增长13.1%。 邮箱：shange@hcyjs.com 评论： 执业编 号：S0360522110001  2023年营收利润双增，但毛利率仍承压。1）公司 2023 年综合毛利率 13%， 其中物业销售毛利率11.3%，较2022年下降5pcts，主要原因是市场下行导致 公司基本数据 销售不及预期，以及结转的物业大部分来源于2020年和2021年相对高价获取 总股本(万股) 253200 的项目。3）随着2022年以来获取的项目逐渐交付，预计后续毛利率会有所好 已上市流通股(万股) 253200 转，但行业下行仍未有显著变化，未来毛利率改善也不宜高估。 总市值(亿元) 158 流通市值(亿元) 158 资产负债率(%) 78.73%  2023 ...

海 外 研 证券研究报告 究 ＃industryId＃ 房地产 ＃investSuggestion＃ ＃ ＃03900 .HK ＃绿dy城Com中pa国ny＃ 港股通（沪、深） 买入 ( i维nve持stS ） dyStockco uggesti d e＃ 合预期，权＃ 益title＃ 业 绩符 提 升有望增厚利润 onC han ge ＃ ＃createTime1＃ 2024年 03月 28 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 公ma 司ry＃ 2 023 年业绩符合预期：2023 年，公司实现营收 1313.83 亿元，同比增 司 日期 2024.03.27 长3.3%；因地产行业下行及限价影响令售价低于预期，公司年内继续计提非 跟 收盘价（港元） 6.00 金融资产减值亏损约 13.91 亿元以及预期信用亏损模式下的减值亏损 2.3 亿 踪 总股本（亿股） 25.32 元；综合毛利率也同比下降 4.3 个百分点至 13.0%，其中物业销售毛利率同 总市值（亿港元） 152 比下降5个百分点至11.3%；归母净利润为31.18亿元，同比增长13.1%，主 报 要因汇兑亏损 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved revenue growth in 2023, with operating income reaching 131.38 billion yuan, a year-on-year increase of 3.3%. However, net profit decreased by 24.9% to 6.68 billion yuan, primarily due to a decline in gross margin and asset impairment provisions [1]. - The company’s financing channels remain open, with a positive operating cash flow of 23 billion yuan in 2023. The average interest rate for bonds issued was 3.93%, and the overall financing cost decreased by 10 basis points to 4.3% [1]. - The company’s sales performance remains strong, ranking 7th among the top 100 real estate companies in China, with a contract sales amount of 301.1 billion yuan, a slight increase of 0.3% year-on-year [1]. Financial Performance Summary - In 2023, the company reported operating income of 131.38 billion yuan, with a year-on-year growth rate of 3.3%. The net profit attributable to shareholders was 3.12 billion yuan, reflecting a growth of 13.1% [2]. - The core net profit remained stable at 6.42 billion yuan, with a gross margin of 13.0%, down 4.3 percentage points from the previous year [1][2]. - The company’s earnings per share (EPS) for 2023 was 1.22 yuan, with projected EPS for 2024, 2025, and 2026 at 1.24, 1.28, and 1.35 yuan respectively [2][3]. Land Acquisition and Sales Strategy - The company focused on acquiring land in core cities, with 38 new projects added in 2023 and a land acquisition amount of 59.5 billion yuan. The sell-through ratio was 46.6%, ensuring a projected saleable value of 142.5 billion yuan [1]. - The company’s land reserves at the end of 2023 amounted to 37.2 million square meters, with a saleable area of 24.99 million square meters, of which 80% is located in first and second-tier cities [1].

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[绿I Tnaf 城bol]e 中_Ti国tle]（ 3900） [评Tab级le_：Inv est] 增持 当前价格（港元）： 6.00 稳中有升，巩固龙头 2024.03.27 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） 5.52-10.90 当前股本（百万股） 2,532 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 15,192 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 年公司实现营收和归母净利润的双增，并坚持聚焦收敛的拿地策略，经营稳中 绿城中国 恒生指数 向好； ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][16] Core Insights - The company achieved a revenue of 1313.83 billion RMB in 2023, representing a year-on-year increase of 3.33%. The net profit attributable to the parent company was 30.92 billion RMB, up 19.63% year-on-year [3][6][7] - The company maintained a strong financial structure with a total debt weighted average interest cost reduced to 4.3% in 2023, down 10 basis points from 2022 [4][13] - The company has a robust land reserve with 168 projects, totaling approximately 37.2 million square meters, with 80% of the value located in first and second-tier cities [11][12] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1313.83 billion RMB, with property development revenue at 1205.80 billion RMB, hotel business revenue at 10.46 billion RMB, and project management revenue at 31.35 billion RMB [3][6][7] - The gross profit margin for 2023 was 12.99%, a decrease of 4.32 percentage points year-on-year, while the net profit margin increased to 2.35%, up 0.32 percentage points [4][14] Sales and Contracts - The company achieved a contract sales amount of 3011 billion RMB in 2023, a slight increase of 0.3% year-on-year, ranking third in the industry [8][9] - The average selling price for self-invested projects was approximately 28,334 RMB per square meter, maintaining a high industry level [8] Land Reserves and Investment - As of December 31, 2023, the company had a total land reserve of 168 projects, with a total building area of approximately 37.2 million square meters, and 80% of the value located in first and second-tier cities [11][12] - The company actively participated in land auctions in key cities, acquiring 38 new projects with an estimated new value of 1425 billion RMB [11] Management and Profitability - The management business covered 122 cities, with a net profit of 9.7 billion RMB in 2023, reflecting a year-on-year growth of 30.8% [12] - The company plans to distribute a dividend of 0.43 RMB per share for the fiscal year ending December 31, 2023 [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][6] Core Views - The company has achieved revenue and profit growth against the trend, with self-investment and construction business developing in synergy. The company has abundant land reserves and a high-quality structure, while financing costs continue to decrease [6][7] - The company’s revenue for 2023 was 131.38 billion HKD, a year-on-year increase of 3.3%, and the net profit attributable to shareholders was 3.12 billion HKD, up 13.1% year-on-year [7][10] - The company’s projected net profit for 2024-2026 is estimated at 3.65 billion HKD, 4.40 billion HKD, and 5.07 billion HKD respectively, with corresponding EPS of 1.44, 1.74, and 2.00 HKD [6][10] Financial Performance - The company reported a gross profit margin of 13.0% in 2023, down from 17.3% in 2022, while the net profit margin was 5.1% [10] - The company’s cash on hand increased by 3 billion HKD to 73.4 billion HKD by the end of 2023, with a net debt ratio of 63.8% [7][10] - The company’s sales area in 2023 was 15.47 million square meters, with a sales amount of 301.1 billion HKD, representing year-on-year growth of 12.1% and 0.3% respectively [8][10] Business Development - The company’s construction management segment, which holds a 71% stake, has maintained over 20% market share for eight consecutive years, with revenue and net profit growth of 24.3% and 30.8% respectively in 2023 [9] - The company has a strong land reserve distribution in core cities, with 84% of the newly acquired land value located in first and second-tier cities [8][9]