证券代码：600048 证券简称：保利发展 公告编号：2024-086 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 2,052 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 6,264,290,040 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 52.7945 | 注：上表中公司有表决权股份总数不含公司回购账户所持 105,031,600 股。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，公司董事长刘平先生主持本次会议，并采取现 场投票与网络投票相结合的方式召开及表决。本次股东大会的召集与召开程序、 出席会议人员资格及表决程序符合《公司法》及《公司章程》的有关规定。 (一) 股东大会召开的时间：2024 年 11 月 4 日 (二) 股东大会召开的地点：广州市海珠区阅江中路 832 号保利发展广场会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 保利发展控股集团股份有限公司 2024 年第四次临 ...

北京德恒律师事务所 关于保利发展控股集团股份有限公司 2024 年第四次临时股东大会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于保利发展控股集团股份有限公司 2024 年第四次临时股东大会的法律意见 北京德恒律师事务所 关于保利发展控股集团股份有限公司 2024 年第四次临时股东大会的 法律意见 德恒 01G20240039-05 号 （二）《股东大会议事规则》； （三）《2024 年第 6 次临时董事会会议决议》； （四）公司于 2024 年 10 月 19 日在上海证券交易所网站（http:// www.sse.com.cn）公布的《保利发展控股集团股份有限公司关于召开 2024 年第 四次临时股东大会的通知》（以下简称"《股东大会的通知》"）； 1 北京德恒律师事务所 关于保利发展控股集团股份有限公司 2024 年第四次临时股东大会的法律意见 （五）公司本次会议现场参会股东到会登记记录及凭证资料； （六）公司本次会议股东表决情况凭证资料； 致：保利发展控股集团股份有限公司 ...

证券代码：600048 证券简称：保利发展 公告编号：2024-087 2024 年第 8 次临时董事会决议公告 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"）2024 年第 8 次临时 董事会于 2024 年 11 月 4 日在广州市海珠区阅江中路 832 号保利发展广场会议室 以现场方式召开，会议召集人为公司董事长刘平先生，会议应参加表决董事九名， 实际参加表决董事九名。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、董事会以 9 票同意、0 票反对、0 票弃权通过《关于改选公司董事会专门 委员会委员的议案》。 同意改选公司董事会专门委员会委员如下： 1、战略委员会：刘平、陈关中、周东利、於骁冬、张峥，刘平为召集人; 2、提名委员会：章靖忠、刘平、张方斌、张峥、张俊生，章靖忠为召集人; 3、审计委员会：张俊生、陈关中、陈育文、章靖忠、张峥，张俊生为召集人； 4、薪酬与考核委员会：张峥、章靖忠、张俊 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company's gross margin has declined, impacting operational performance. For the first nine months of 2024, the company achieved operating revenue of 182.77 billion yuan, a year-on-year decrease of 5.06%, and a net profit attributable to shareholders of 7.81 billion yuan, down 41.23% year-on-year. The gross margin stood at 15.92%, a decrease of 3.47 percentage points compared to the same period in 2023 [5][11] - The company remains the industry leader in sales scale, with a signed amount of 241.69 billion yuan for the first nine months of 2024, a year-on-year decrease of 27.89%. The company continues to invest in core cities, with 99% of the new land acquisition costs in 2024 focused on 38 core cities [6] - A convertible bond issuance plan of up to 9.5 billion yuan is progressing smoothly, aimed at funding 15 real estate development projects in cities like Beijing and Shanghai, and supplementing working capital. This is expected to improve the company's debt structure and enhance investor confidence [7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total assets of 1,373.94 billion yuan, a decrease of 4.38% from the end of 2023. The net assets attributable to shareholders increased by 1.11% to 200.75 billion yuan. The debt-to-asset ratio improved to 74.89%, down 1.66 percentage points from the end of 2023 [5][13] - The company’s net profit margin decreased to 4.27% in Q3 2024, down 2.63 percentage points year-on-year, while the return on equity (ROE) fell to 6.40% [11][13] Sales and Market Position - The company achieved a sales recovery rate of 91% with cash balance at the end of Q3 2024 amounting to 127.40 billion yuan. The total signed sales area was 13.50 million square meters, down 29.66% year-on-year, but it maintained the leading position in the industry [5][6] Future Outlook - The report projects an EPS of 1.03 yuan for 2024, with a price-to-earnings (PE) valuation range of 10-12 times, corresponding to a market value range of 122.8 billion to 147.4 billion yuan, and a reasonable value range of 10.26 to 12.31 yuan per share [7][15]

Investment Rating - The report maintains a "Recommended" rating for the company [2][5] Core Views - The company reported a slight decline in revenue for the first three quarters of 2024, achieving an operating income of 182.77 billion yuan, a year-on-year decrease of 5.06%. The net profit attributable to shareholders was 7.81 billion yuan, down 41.23% year-on-year, with basic earnings per share of 0.66 yuan, a decrease of 40.79% [2][5] - The decline in net profit was attributed to a higher drop in profit margins compared to revenue, with a gross margin of 15.92%, down 3.45 percentage points from the previous year. The company's equity ratio also decreased significantly, impacting net profit [2][5] - The company maintained a high equity ratio in its investments, with a land acquisition amounting to 41.5 billion yuan and an average land price of 18,610 yuan per square meter. The equity ratio for newly acquired land was 86.87% [2][5] Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved a revenue of 182.77 billion yuan, down 5.06% year-on-year. The net profit attributable to shareholders was 7.81 billion yuan, a decline of 41.23% year-on-year, with earnings per share of 0.66 yuan, down 40.79% [2][5] Cost and Margin Analysis - The gross margin for the first three quarters of 2024 was 15.92%, a decrease of 3.45 percentage points compared to the same period last year. The decline in net profit was more pronounced than the revenue drop due to increased costs and a higher proportion of minority shareholders' profit [2][5] Sales Performance - The company sold 13.5 million square meters in the first three quarters of 2024, a year-on-year decrease of 29.66%. The sales amount was 241.69 billion yuan, down 27.89%, with an average selling price of 17,908 yuan per square meter, an increase of 2.51% year-on-year [2][5] Investment and Land Acquisition - The company focused on maintaining a high equity ratio in its investments, acquiring land in 38 core cities, with 99% of the total acquisition amount concentrated in these areas. The total land area acquired was 2.23 million square meters, with a total acquisition cost of 41.5 billion yuan [2][5] Financial Health - As of the end of the third quarter of 2024, the company's asset-liability ratio was 74.89%, a decrease of 1.66 percentage points from the end of 2023. The company had cash and cash equivalents of 127.4 billion yuan and successfully issued 500 million yuan in medium-term notes at a low interest rate of 2.65% [2][5]

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 13 yuan, compared to the current price of 10.62 yuan [1][3]. Core Insights - The company reported a revenue of approximately 182.77 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.08%, and a net profit attributable to shareholders of about 7.81 billion yuan, down 41.23% year-on-year [1]. - The decline in profit was faster than the revenue drop, primarily due to market downturns and pressure on prices, leading to a gross margin of 16%, which is a decrease of 3.5 percentage points compared to the same period last year [1]. - The company has been actively acquiring quality land reserves, with a land investment intensity of 17%, and has secured 24 plots of land with a total land price of 41.5 billion yuan [2]. - The company plans to issue convertible bonds totaling no more than 9.5 billion yuan to enhance liquidity, with the funds allocated for 15 real estate development projects in cities like Beijing and Shanghai [3]. Financial Summary - For 2024, the company is projected to have total revenue of 329.51 billion yuan, a decrease of 5.0% year-on-year, and a net profit of 90.07 billion yuan, down 25.4% year-on-year [4]. - The earnings per share (EPS) for 2024 is estimated at 0.75 yuan, with a price-to-earnings (P/E) ratio of 14 [4]. - The company’s total assets are projected to reach 1,469.05 billion yuan by 2024, with a debt-to-asset ratio of 76.0% [4].

2024 年第四次临时股东大会 保利发展控股集团股份有限公司 2024 年第四次临时股东大会 2024 年第四次临时股东大会 保利发展控股集团股份有限公司 2024 年第四次临时股东大会须知 根据中国证券监督管理委员会《上市公司股东大会规则》和《公 司章程》的有关规定，为确保公司股东大会顺利召开，特制定会议须 知如下，望出席股东大会的全体人员遵守执行： 一、股东参加股东大会，应当认真履行其法定义务，不得侵犯其 他股东权益； 二、股东大会期间，全体出席人员应以维护股东的合法利益、确 保大会正常秩序和议事效率为原则，认真履行法定职责； 三、出席大会的股东依法享有发言权、咨询权、表决权等各项权 利，但需由公司统一安排发言和解答； 四、任何人不得扰乱大会的正常秩序和会议程序，会议期间请关 闭手机或将其调至振动状态。 2024 年第四次临时股东大会 会议资料 （2024 年 11 月） 保利发展控股集团股份有限公司 2024 年第四次临时股东大会 会议议程 一、会议时间： 现场会议召开时间：2024 年 11 月 4 日（星期一），下午 14:30 网络投票时间：采用上海证券交易所网络投票系统，通过交易系 统投票平台的 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [2][9]. Core Views - The company reported a decline in revenue and net profit for the first three quarters of 2024, with revenue at 182.77 billion yuan, down 5.06% year-on-year, and net profit at 7.81 billion yuan, down 41.23% year-on-year [1]. - Despite the challenging market conditions, the company maintained its leading position in sales and increased its investment efforts, with a focus on optimizing land reserves and improving cash flow [1][2]. - The company is expected to experience a gradual recovery in gross profit margins and maintain a solid sales growth trajectory in the future [1]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 43.53 billion yuan, a year-on-year decrease of 21.62%, and a net profit of 0.39 billion yuan, down 63.31% [1]. - The gross margin for the company was reported at 16.0%, a decline of 0.1 percentage points from the first half of 2024 and a decrease of 3.45 percentage points from the same period in 2023 [1]. - The company’s total assets were 1,373.94 billion yuan, with a debt-to-asset ratio of 74.89%, reflecting a decrease of 1.66 percentage points from the end of 2023 [1][5]. Sales and Investment Activities - The company recorded a signed contract amount of 241.69 billion yuan in the first three quarters of 2024, a decrease of 27.89% year-on-year, while the signed area was 13.50 million square meters, down 29.66% [1]. - The company increased its investment in land acquisition, with a total acquisition cost of 41.5 billion yuan for 2.23 million square meters of new land, indicating a significant increase in investment compared to the first half of 2024 [1]. - The company has 652 ongoing and planned projects, with a total construction area of 87.13 million square meters, and is actively working on inventory reduction strategies [1]. Cash Flow and Financing - The company reported cash and cash equivalents of 127.40 billion yuan as of the end of Q3 2024, a decrease of 13.9% from the end of 2023, indicating a generally sufficient cash position [1]. - The company plans to issue convertible bonds totaling up to 9.5 billion yuan to further improve cash flow [1][2]. Profit Forecast - The company’s projected net profit for 2024-2026 is estimated at 11.08 billion yuan, 12.03 billion yuan, and 13.46 billion yuan, respectively, reflecting a gradual recovery in profitability [1][4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - Despite cyclical pressures, the company has competitive advantages in financing, land acquisition, and brand reputation, leading to significant short-term valuation flexibility [5]. - The company achieved revenue of 182.8 billion yuan, a decrease of 5.1%, and a net profit attributable to shareholders of 7.8 billion yuan, down 41.2% for the first three quarters of 2024 [3][4]. - The company plans to issue up to 9.5 billion yuan in convertible bonds, which is expected to enhance its financial strength and market share [5]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a completion area of 20.62 million square meters, down 26.6%, with a settlement average price increase of 17.5% in H1 2024 [3]. - The comprehensive gross margin for Q1-Q3 2024 was 15.9%, a decrease of 3.5 percentage points compared to the previous year [3]. - The company’s sales amount for Q1-Q3 2024 was 241.7 billion yuan, down 27.9%, with a sales area of 13.5 million square meters, down 29.7% [4]. Investment and Land Acquisition - The company’s land acquisition amount for Q1-Q3 2024 was 41.5 billion yuan, down 61.6%, with a land acquisition area of 2.23 million square meters, down 65.9% [4]. - In Q3 2024, the company significantly increased its investment intensity, with a land acquisition amount of 28.9 billion yuan, 2.3 times that of the first half of the year [4]. Future Outlook - The company aims for a completion target of 34 million square meters in 2024, which is 16.1% lower than the actual completion in 2023 [3]. - The company has a relatively abundant pre-sale and potential transfer volume, with a pre-sale to annual settlement ratio of 1.10 for H1 2024 [3]. - The issuance of convertible bonds is expected to optimize the debt structure and enhance financial strength, positioning the company for future market opportunities [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported a decrease in operating revenue and net profit attributable to shareholders for the first three quarters of 2024, with a revenue of 182.77 billion yuan, down 5.06% year-on-year, and a net profit of 7.81 billion yuan, down 41.23% year-on-year [2] - The settlement gross margin remained stable, while the investment intensity has decreased, indicating a cautious approach to new investments [2] - The company maintains a sufficient amount of resources available for settlement, with a contract liability scale increasing by 15.46 billion yuan compared to the previous half [2] Financial Summary - For the first three quarters of 2024, the company achieved a signed amount of 241.69 billion yuan, down 27.89% year-on-year, and a signed area of 13.50 million square meters, down 29.66% year-on-year [2] - The gross margin for the first three quarters was 15.9%, a decrease of 3.5 percentage points year-on-year, while the net margin was 6.7%, down 2.1 percentage points year-on-year [2] - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 13.21 billion yuan, 14.19 billion yuan, and 15.10 billion yuan respectively, with corresponding EPS of 1.10 yuan, 1.19 yuan, and 1.27 yuan [2][3] Valuation Metrics - The current stock price is 10.91 yuan, with a market capitalization of approximately 130.60 billion yuan [4] - The projected P/E ratios for 2024, 2025, and 2026 are 9.7, 9.0, and 8.5 respectively [3][4] - The company’s revenue is expected to grow from 383.16 billion yuan in 2024 to 416.70 billion yuan in 2026, with a year-on-year growth rate of 10.5% in 2024 [3]