Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has experienced a significant decline in performance, with a projected net profit of 5.02 billion yuan for 2024, down 58.4% year-on-year, which is below market expectations. This decline is attributed to a decrease in project delivery and a drop in gross profit margins due to market downturns [8] - The company remains the industry leader in sales, achieving a sales amount of 323.03 billion yuan in 2024, despite a 23.5% year-on-year decline. The company has focused on acquiring land in core first and second-tier cities [8] - The company has received approval for a targeted convertible bond issuance of up to 9.5 billion yuan, which is expected to enhance its financing advantages [8] - The report anticipates that after the accelerated clearing of the real estate market, the company will benefit from improved concentration and profitability, leading to greater development opportunities [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 346.89 billion yuan, with a year-on-year growth rate of 23.4%. However, for 2024, revenue is expected to decline by 9.8% to 312.81 billion yuan [6] - The net profit attributable to the parent company is forecasted to be 5.02 billion yuan in 2024, reflecting a significant decrease of 58.4% compared to the previous year [6] - The company's gross profit margin is expected to remain low, with a forecasted gross margin of 14.0% for 2024 [6] - The company's asset-liability ratio stands at 74.89%, indicating a high level of debt [2] Sales and Market Position - The company achieved a sales area of 17.97 million square meters in 2024, down 24.71% year-on-year, but still maintains its position as the top seller in the industry [8] - The company acquired 37 land parcels in 2024, with a total acquisition amount of 68.25 billion yuan, a decrease of 57.4% year-on-year [8] - As of the end of Q3 2024, the company has a substantial land reserve of 52.86 million square meters and an ongoing construction area of 87.13 million square meters [8]

Investment Rating - The report maintains a "Recommended" rating for Poly Developments (600048.SH) with a current stock price of 8.66 yuan [1]. Core Views - The company is experiencing gradual release of performance pressure, with sales maintaining industry leadership despite a projected decline in revenue and profit for 2024 [4][9]. - The anticipated total revenue for 2024 is 312.735 billion yuan, a year-on-year decrease of 9.8%, with net profit expected to drop by 58.4% to 5.016 billion yuan [4][8]. - The company continues to focus on land acquisition in core cities, with a sales amount of 323 billion yuan in 2024, down 23.5% year-on-year, but still leading the market [8][9]. Summary by Sections Financial Performance - The projected operating revenue for 2024 is 312.735 billion yuan, down from 346.828 billion yuan in 2023, reflecting a 9.8% decline [7][8]. - Net profit is expected to fall to 5.016 billion yuan in 2024, a decrease of 58.4% compared to 2023 [4][8]. - The gross margin is projected to decline to 14.0% in 2024, with a net margin of 1.6% [7][8]. Sales and Market Position - The company remains the top seller in the industry, with a sales price of 17,980 yuan per square meter, an increase of 1.6% year-on-year [8][9]. - Land acquisition in 2024 is reported at 329 million square meters, with an investment of 68.2 billion yuan [8][9]. Future Projections - Earnings per share (EPS) for 2024 is revised down to 0.42 yuan, with projections for 2025 and 2026 at 0.46 yuan and 0.54 yuan respectively [8][9]. - The price-to-earnings (P/E) ratio is expected to be 20.7 times for 2024, decreasing to 15.9 times by 2026 [8][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively adjusting its investment layout, focusing on core cities, and is expected to benefit from special bond storage and optimization of land reserve structure [3] - The company maintains a green status under the "three red lines" policy, indicating a stable financing environment [3] - The company is projected to experience a decline in revenue and net profit in 2024, but as a leading state-owned enterprise in the industry, its valuation is expected to gradually recover [3] Summary by Sections Financial Performance - The company expects to achieve total revenue of 312.8 billion yuan in 2024, a year-on-year decrease of 9.8% [10] - The projected net profit attributable to shareholders is 5.016 billion yuan, a year-on-year decline of 58.4% [10] - The earnings per share (EPS) is adjusted to 0.42 yuan for 2024, with corresponding P/E ratios of 20.67X [3][11] Land Acquisition and Investment Strategy - In 2024, the company acquired a total land area of 3.29 million square meters, a decrease of 69.4% year-on-year, with land costs amounting to 68.3 billion yuan, down 58.2% [3] - The investment intensity is reported at 21.1%, a decline of 17.5 percentage points from 2023 [3] - The company is focusing on acquiring quality land in first-tier and core second-tier cities, with 31.6% and 42.3% of new land reserves located in these cities, respectively [3] Financing and Debt Management - As of September 2024, the company has a cash balance of 127.4 billion yuan, accounting for 9.3% of total assets, with interest-bearing debt remaining stable at 358.7 billion yuan [3] - The company continues to maintain a green status under the "three red lines" policy, with a debt-to-asset ratio of 65.5%, down 2.67 percentage points from the beginning of the year [3] Market Position - Despite a decline in sales scale, the company remains the top seller in the industry, with total sales of 323 billion yuan in 2024, down 23.5% year-on-year [10] - The average selling price increased by 1.6% year-on-year to 17,980 yuan per square meter [10]

Core Viewpoint - Poly Developments has reported a decline in both revenue and net profit for the year 2024, attributed to a decrease in the scale of project deliveries and a drop in gross profit margins [1][3]. Group 1: Financial Performance - In 2024, Poly Developments achieved an operating revenue of 312.81 billion yuan, a year-on-year decrease of 9.83%, and a net profit attributable to shareholders of 5.02 billion yuan, down 58.43% year-on-year [1]. - The company's total assets and net asset levels remained stable, with a slight increase of 0.22% in net asset per share due to share buybacks [1]. Group 2: Sales and Market Position - Poly Developments secured the title of industry sales champion in 2024, with a signed area of 17.97 million square meters and a signed amount of 323.03 billion yuan [2]. - The company's sales amount represented a 23.5% year-on-year decline, which was better than the overall market decline of 30.6% for the top 100 real estate companies [2]. Group 3: Resource and Financing - In 2024, Poly Developments added a new value of 129.3 billion yuan, ranking third in the industry, with significant investments in the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [2]. - The company increased its financing efforts, raising a total of 49.27 billion yuan in the public market from January to November 2024, and plans to issue convertible bonds to raise 9.5 billion yuan for various projects [2]. Group 4: Market Outlook - The real estate market is currently in a bottoming phase, with ongoing challenges due to declining sales and slow capital recovery [3]. - Despite a recent warming in core city markets, the overall market remains in an adjustment phase, with many listed real estate companies reporting lower performance [3]. - Looking ahead to 2025, there are expectations for policy support to drive recovery, but significant challenges remain for the real estate market [3].

Financial Performance Expectations - The company expects a net profit attributable to shareholders of 501,607.97 million yuan for 2024, a decrease of 58.43% compared to the previous year[3]. - The projected net profit excluding non-recurring gains and losses for 2024 is 449,216.24 million yuan, down 61.90% year-on-year[3]. - Total operating revenue for 2024 is estimated at 31,280,816.02 million yuan, reflecting a decline of 9.83% from the previous year[6]. - Operating profit is expected to be 1,507,800.84 million yuan, a decrease of 38.00% compared to the prior year[6]. - The basic earnings per share for 2024 is projected to be 0.42 yuan, down 58.11% from 1.01 yuan in the previous year[6]. - The weighted average return on equity is expected to decline by 3.59 percentage points to 2.53%[6]. Asset and Revenue Changes - The company's total assets decreased by 7.14% to 133,432,258.83 million yuan as of the end of 2024[6]. - The decrease in revenue is primarily attributed to a reduction in the scale of real estate project deliveries during the year[7]. Market Response and Audit Considerations - The company plans to make impairment provisions for certain projects in response to current market conditions[7]. - The financial data presented is preliminary and subject to change upon final audit, with potential discrepancies in the annual report[8].

公司本次向特定对象发行可转换公司债券事项尚需获得中国证券监督管理 委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施，最终能否 获得中国证监会同意注册的决定及其时间尚存在不确定性。公司将根据该事项的 进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 证券代码：600048 证券简称：保利发展 公告编号：2025-003 关于向特定对象发行可转换公司债券收到 上海证券交易所审核意见的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 保利发展控股集团股份有限公司（以下简称"公司"）于2025年1月16日收 到上海证券交易所出具的《关于保利发展控股集团股份有限公司向特定对象发行 可转债的交易所审核意见》，具体审核意见如下："保利发展控股集团股份有限 公司向特定对象发行可转债申请符合发行条件、上市条件和信息披露要求。本所 将在收到你公司申请文件后提交中国证监会注册。" 保利发展控股集团股份有限公司 董事会 二○二五年一月十七日 ...

证券代码：600048 证券简称：保利发展 公告编号：2024-104 第七届监事会第八次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 保利发展控股集团股份有限公司（以下简称"公司"）第七届监事会第八次 会议于 2024 年 12 月 30 日以传真表决方式召开，会议召集人为公司监事会主席 孔峻峰先生，会议应参加表决监事三名，实际参加表决监事三名。会议的召集和 召开符合《中华人民共和国公司法》《中华人民共和国证券法》及《公司章程》 的有关规定，会议审议通过了以下议案： 一、监事会以 3 票同意、0 票反对、0 票弃权通过《关于公司向特定对象发 行可转换公司债券方案（修订稿）的议案》。 同意对本次向特定对象发行可转换公司债券方案中的发行对象进行调整，调 整后，中国保利集团有限公司不再认购公司本次发行的可转换公司债券。修订后 的具体方案如下： （一）本次发行证券的种类 本次发行证券的种类为可转换为公司股票的公司债券。 （二）发行数量 本次可转债拟发行数量为不超过 9,500.00 万张（含本数）。 （四）票面金额和 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600048 证券简称：保利发展 公告编号：2024-106 关于公司向特定对象发行可转换公司债券 预案（修订稿）披露的提示性公告 保利发展控股集团股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日召开 2024 年第 11 次临时董事会及第七届监事会第八次会议，审议通过了《关 于公司向特定对象发行可转换公司债券方案（修订稿）的议案》《关于公司向特 定对象发行可转换公司债券预案（修订稿）的议案》等相关议案。《保利发展控 股集团股份有限公司向特定对象发行可转换公司债券预案（修订稿）》（以下简称 《预案修订稿》"）及相关文件已在上海证券交易所网站上披露，敬请投资者注 意查阅。 《预案修订稿》的披露不代表审批机关对于本次向特定对象发行可转换公司 债券相关事项的实质性判断、确认或批准，《预案修订稿》所述本次向特定对象 发行可转换公司债券相关事项的生效和完成尚需上海证券交易所审核通过及取 得中国证券监督管理委员会同意注册的批复。敬请广大投资者注意投资风险。 特此 ...

保利发展控股集团股份有限公司（以下简称"公司"）于 2024 年 8 月 16 日 召开第七届董事会第七次会议和第七届监事会第六次会议，于 2024 年 9 月 5 日 召开 2024 第三次临时股东大会，审议通过了《关于公司向特定对象发行可转换 公司债券预案的议案》等相关议案，并授权董事会及其授权人士办理本次向特定 对象发行可转换公司债券相关事宜。具体详见公司于 2024 年 8 月 20 日在上海证 券交易所网站（www.sse.com.cn）披露的《保利发展控股集团股份有限公司向特 定对象发行可转换公司债券预案》及其他相关公告。 根据《中华人民共和国证券法》《上市公司证券发行注册管理办法》《可转换 公司债券管理办法》等法律、法规及规范性文件的有关规定，公司于 2024 年 12 月 30 日召开 2024 年第 11 次临时董事会和第七届监事会第八次会议，审议通过 了《关于公司向特定对象发行可转换公司债券方案（修订稿）的议案》等相关议 案，对本次向特定对象发行可转换公司债券的预案及相关文件进行了修订，主要 为对发行对象部分进行修订。根据公司股东大会的授权，本次向特定对象发行可 转换公司债券方案的调整无需 ...

根据《中华人民共和国证券法》《上市公司证券发行注册管理办法》《可转换 公司债券管理办法》等法律、法规及规范性文件的有关规定，公司于 2024 年 12 月 30 日召开 2024 年第 11 次临时董事会和第七届监事会第八次会议，审议通过 了《关于公司向特定对象发行可转换公司债券方案（修订稿）的议案》，同意对 本次向特定对象发行可转换公司债券方案中的发行对象进行调整，调整后，中国 保利集团有限公司不再认购公司本次发行的可转换公司债券，具体内容如下： 1、债券利率 证券代码：600048 证券简称：保利发展 公告编号：2024-105 关于调整向特定对象 发行可转换公司债券方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 保利发展控股集团股份有限公司（以下简称"公司"）于 2024 年 8 月 16 日 召开第七届董事会第七次会议和第七届监事会第六次会议，于 2024 年 9 月 5 日 召开 2024 第三次临时股东大会，审议通过了《关于公司向特定对象发行可转换 公司债券预案的议案》等相关议案，并授权董事会及其授权人 ...