Revenue and Profit Performance - Revenue for the first quarter of 2024 was RMB 4,974.85 million, a year-on-year increase of 24.51%[4] - Net profit attributable to shareholders of the listed company was RMB 222.36 million, a year-on-year decrease of 18.28%[4] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 211.61 million, a year-on-year decrease of 20.34%[4] - Basic earnings per share were RMB 0.19, a year-on-year decrease of 17.91%[4] - Company's revenue increased by 24.51% YoY to 49.748 billion yuan, while net profit attributable to shareholders decreased by 18.28% YoY to 2.224 billion yuan in Q1 2024[10] - Total revenue for Q1 2024 reached 49.75 billion RMB, a 24.4% increase compared to 39.99 billion RMB in Q1 2023[15] - Net profit attributable to parent company shareholders was 2.22 billion RMB, a decrease of 18.3% from 2.72 billion RMB in Q1 2023[18] - Operating income for Q1 2024 was 99.74 million yuan, up from 46.48 million yuan in Q1 2023[26] - Net profit loss for Q1 2024 was 716.75 million yuan, an improvement from 873.99 million yuan loss in Q1 2023[27] Assets and Liabilities - Total assets at the end of the reporting period were RMB 142,435.58 million, a year-on-year decrease of 0.87%[4] - Equity attributable to shareholders of the listed company was RMB 20,003.04 million, a year-on-year increase of 0.75%[4] - Company's total assets decreased by 0.87% to 1.424356 trillion yuan, and shareholders' equity increased by 0.75% to 200.03 billion yuan as of Q1 2024[10] - Total liabilities decreased to 1.08 trillion RMB in Q1 2024 from 1.10 trillion RMB in Q1 2023[14] - Total equity increased to 343.55 billion RMB in Q1 2024 from 337.03 billion RMB in Q1 2023[14] - Company's total liabilities decreased by 0.66 percentage points to 75.88% as of Q1 2024[10] - Total assets at the end of the period were 340,159,539,719.12 RMB, up from 327,586,476,397.47 RMB at the beginning of the period[24] - Total liabilities at the end of the period were 198,395,551,007.80 RMB, slightly up from 197,884,051,576.31 RMB at the beginning of the period[24] - Total liabilities increased to 290.17 billion yuan, up from 276.07 billion yuan in the previous period[25] - Long-term borrowings rose to 21.30 billion yuan, compared to 18.09 billion yuan in the previous period[25] - Total owner's equity decreased to 49.99 billion yuan from 51.51 billion yuan[25] Cash Flow and Financial Activities - Company's monetary funds balance was 129.554 billion yuan, with a comprehensive collection rate of 91.53% in Q1 2024[10] - Sales of goods and services received cash of 53,031,179,820.36 RMB, a decrease from 76,442,367,292.71 RMB in the previous period[20] - Net cash flow from operating activities was -33,305,867,568.54 RMB, compared to -14,162,412,369.44 RMB in the previous period[20] - Net cash flow from investing activities was -1,028,820,696.45 RMB, compared to -868,772,213.02 RMB in the previous period[21] - Net cash flow from financing activities was 15,899,237,660.91 RMB, compared to -9,506,755,561.35 RMB in the previous period[21] - Total cash and cash equivalents at the end of the period were 128,145,836,030.11 RMB, down from 150,839,767,174.79 RMB at the beginning of the period[21] - Cash flow from operating activities showed a net outflow of 21.73 billion yuan, compared to 11.45 billion yuan outflow in Q1 2023[29] - Cash received from sales of goods and services was 77.23 million yuan, up from 19.74 million yuan in Q1 2023[29] - Cash paid for goods and services was 12.47 million yuan, down from 14.93 million yuan in Q1 2023[29] - Cash paid to employees decreased to 47.05 million yuan from 51.64 million yuan in Q1 2023[29] - Investment activities cash outflow totaled 189,374.33 thousand and 185,846.40 thousand respectively[30] - Net cash flow from investment activities was 58,055,833.28 thousand and 57,299,153.60 thousand respectively[30] - Cash inflow from financing activities was 19,200,000,000.00 thousand and 7,000,000,000.00 thousand respectively[30] - Cash outflow for debt repayment was 5,533,700,000.00 thousand and 4,097,000,000.00 thousand respectively[30] - Cash outflow for dividends, profits, or interest payments was 747,933,011.32 thousand and 862,239,072.74 thousand respectively[30] - Net cash flow from financing activities was 12,029,203,335.62 thousand and 1,023,330,744.37 thousand respectively[30] - Net increase in cash and cash equivalents was -9,647,157,979.90 thousand and -10,373,356,402.42 thousand respectively[30] - Ending balance of cash and cash equivalents was 1,923,791,061.84 thousand and 19,776,672,382.77 thousand respectively[30] Shareholder Information - The largest shareholder, Poly Southern Group Co., Ltd., holds 37.69% of the shares[6] - The second largest shareholder, Taikang Life Insurance Co., Ltd., holds 3.70% of the shares[6] - The third largest shareholder, China Poly Group Corporation, holds 3.02% of the shares[6] Market and Sales Performance - National commercial housing sales area decreased by 19.4% YoY to 227 million square meters, and sales amount decreased by 27.6% YoY to 2.14 trillion yuan in Q1 2024[10] - Company's contracted sales amount decreased by 44.81% YoY to 62.984 billion yuan, and contracted sales area decreased by 41.84% YoY to 3.6687 million square meters in Q1 2024[10] - Company's new construction area increased by 42.9% YoY to 2.83 million square meters, and completed area increased by 5.0% YoY to 5.42 million square meters in Q1 2024[10] - Company's inventory remained stable at 871.897 billion yuan as of Q1 2024[12] - Inventory increased to 1,996,601,839.72 RMB from 1,926,646,086.40 RMB at the beginning of the period[22] Operating and Investment Activities - Operating profit for Q1 2024 was 5.34 billion RMB, slightly higher than 5.32 billion RMB in Q1 2023[17] - R&D expenses decreased to 9.07 million RMB in Q1 2024 from 15.62 million RMB in Q1 2023[17] - Investment income for Q1 2024 was 399.99 million RMB, a significant improvement from a loss of 104.01 million RMB in Q1 2023[17] - Total comprehensive income for Q1 2024 was 4.05 billion RMB, up from 3.91 billion RMB in Q1 2023[18] - Minority interest in net profit increased to 1.76 billion RMB in Q1 2024 from 1.24 billion RMB in Q1 2023[18] - Long-term equity investments were 29,085,193,944.96 RMB, slightly down from 29,097,495,700.70 RMB at the beginning of the period[24] - Cash received from interest and commissions was 31,955,540.09 RMB[20] - Operating costs for Q1 2024 were 36.05 million yuan, compared to 30.14 million yuan in Q1 2023[27] Non-Recurring Items - Non-recurring gains and losses for the period amounted to RMB 107.50 million[5]

业绩暂时承压，销售行业领先 保利发展（600048.SH）/房地 证券研究报告/公司点评 2024年4月28日 产行业 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：8.64元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 281,017 346,828 362,435 377,295 389,180 分析师：由子沛 增长率yoy% -1% 23% 5% 4% 3% 执业证书编号：S0740523020005 净利润（百万元） 18,347 12,067 13,563 14,477 15,253 Email：youzp@zts.com.cn 增长率yoy% -33% -34% 12% 7% 5% 每股收益（元） 1.53 1.01 1.13 1.21 1.27 每股现金流量 0.62 1.16 2.82 -3.47 -3.38 分析师：侯希得 净资产收益率 6% 4% 4% 4% 4% 执业证书编号：S0740523080001 P/E 5.6 8.6 7.6 7.1 6 ...

2024年4月26日 公司研究 销售规模稳居行业第一，经营性净现金流连续六年为正 ——保利发展（600048.SH）2023 年年报点评 要点 买入（维持） 当 前价：8.00元 事件：公司发布23年年报。2023年，公司实现营业收入3468亿元，同比增长 23.4%；归母净利润121亿元，同比下降34.1%。 点评：经营性净现金流连续六年为正，23年减值计提充分，优质土储充裕。 作者 分析师：何缅南 23年表内结算量价齐升，积极计提存货减值：2023年，公司实现营业收入3468 执业证书编号：S0930518060006 亿元，同比增长23.4%，其中房地产销售业务营收3225亿元，同比增长25.7%， 021-52523801 收入高增长主要因23年房地产结算量价齐升，结算面积同比增长21.4%，结算 hemiannan@ebscn.com 均价同比增长3.5%；同时，华东片区营收结算规模正式超越华南片区位居公司 联系人：庄晓波 营收贡献第一的片区；公司综合毛利率为16.0%，同比降低6.0pct，其中房地 021-52523416 产销售毛利率为16.3%，同比降低5.5pct，低毛利项目结算占比仍较高 ...

证券研究报告 | 年报点评报告 2024年04月27日 保利发展（600048.SH） 2023 年业绩承压，分红比例提升 毛利率下滑和计提减值致业绩承压，分红比例显著提升。2023 年公司营 买入（维持） 业收入3468.3亿元，同比增长23.4%；归母净利润120.7亿元，同比下 股票信息 降34.1%；扣非后归母净利润117.9亿元，同比下降34.3%。公司利润下 滑主要由于：（1）低毛利项目结转导致公司2023年毛利率同比下降6pct 行业 房地产开发 至16%，税后毛利率同比下滑4.3pct至13.1%；（2）投资净收益同比减 前次评级 买入 少47.3%至22.12亿元；（3）计提资产减值损失50.5亿元，包括存货跌 4月25日收盘价(元) 8.00 价准备43.6亿（厦门、贵阳、杭州、天津、成都、九江、宁波等项目）和 总市值(百万元) 95,763.55 长期股权投资减值准备6.8亿元。2023年公司现金分红金额48.6亿元， 总股本(百万股) 11,970.44 分红率40.3%，同比提升11pct，截至2024/4/22收盘，股息率5%。 其中自由流通股(%) 100.00 30日日均成交量 ...

买入 [2T0a2b4l年e_0S4t月oc2k5In日fo ] （维持） 证券研究报告•2023年年报点评 当前价： 8.00元 保利发展（600048） 房地产 目标价： 9.69元（6个月） 聚焦核心城市，土储结构持续优化 投资要点 西南证券研究发展中心 [T a利ble润_S短u期mm承a压ry，] 高分红彰显信心。2023年公司实现营业收入 3468亿元，同比 [分Ta析bl师e_：Au池th天or惠] 增长 23.4%；实现归母净利润 121亿元，同比下降 34.1%。年内公司结转毛利 执业证号：S1250522100001 率为 16.0%，同比下降6.0pp；对存货和长期股权投资计提减值合计约50亿元。 电话：13003109597 公司拟每10股派发现金股利4.10元（含税），分红比例42.4%。 邮箱：cth@swsc.com.cn  聚焦核心城市，市占率持续提升。2023年公司实现销售金额 4222亿元，位居 分析师：刘洋 行业第一，销售面积 2386万平方米。公司坚持核心城市深耕，重点布局的 38 执业证号：S1250523070005 个核心城市销售贡献近 90%，同比提升 2p ...

股 票 研 究 [Table_industryInfo] 房地产/金融 [ Table_Main[保ITnaf 利bol]e 发_Ti展tle]( 600048) [评Tab级le_：Inv est] 增持 上次评级： 增持 聚焦现金流 目标价格： 12.80 上次预测： 20.66 公 ——保利发展2023 年年报点评 当前价格： 8.04 司 谢皓宇(分析师) 白淑媛(分析师) 黄可意(研究助理) 2024.04.24 更 010-83939826 021-38675923 010-83939815 [交Ta易bl数e_M据a rket] 新 xiehaoyu@gtjas.com baishuyuan@gtjas.com huangkeyi028691@gtjas.com 证书编号 S0880518010002 S0880518010004 S0880123070129 52周内股价区间（元） 7.90-14.76 报 总市值（百万元） 96,242 告 本报告导读： 总股本/流通A股（百万股） 11,970/11,970 流通 B股/H股（百万股） 0/0 公司计提约50亿减值后，当前利润率创新低；20 ...

证券研究报告 | 2024年04月25日 保利发展（600048.SH） 买入 业绩短期承压，土储持续优化 核心观点 公司研究·海外公司财报点评 归母净利下降 34.1%，分红承诺提振信心。2023年公司实现营业收入 房地产·房地产开发 3468.3亿元，同比增长23.4%；实现归母净利润120.7亿元，同比下降34.1%， 证券分析师：任鹤 证券分析师：王粤雷 与此前发布的业绩快报基本一致。公司增收不增利的主要原因是项目结转毛 010-88005315 0755-81981019 renhe@guosen.com.cn wangyuelei@guosen.com.cn 利率下降，以及公司结合当前市场情况拟对部分项目计提资产减值准备。公 S0980520040006 S0980520030001 司发布股东回报规划，未来三年分红比例不低于40%，配合大股东增持计划， 证券分析师：王静 有助于提振市场信心。 021-60893314 wangjing20@guosen.com.cn 市占率提升，土储持续优化。公司销售规模行业第一，2023全年公司实现 S0980522100002 销售面积2386万平方米，同比 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨保利发展（ ） 600048.SH [周Ta期b逻le_辑T不itle改] 长期逻辑，估值已反应悲观预期 ——保利发展 年报点评 2023 报告要点 [周Ta期bl压e_力Su不m改m长ar期y]逻辑，央企龙头或已进入左侧布局窗口。尽管周期压力难免，但考虑融资、 拿地、费率控制等竞争优势和长期地位，当前估值隐含的预期已过于悲观，只需等待修复契机。 待近年优质土储进入结算期，盈利能力有望提升；格局优化与份额提高为公司长期确定性逻辑， 提高分红比例彰显央企担当，积极回购增持提振市场信心。 ...

房地产 | 证券研究报告 — 调整盈利预测 2024年4月25日 600048.SH 保利发展 买入 营收增长利润承压；经营性现金流大幅改善 原评级：买入 摘要：保利发展公布2023年年报，公司实现营业总收入3468.9亿元，同比增长23.4%；归母净利润120.7亿 市场价格:人民币 8.00 元，同比下降34.1%。公司拟每10股派发现金股息4.1元（含税），分红率为42.4%。 板 块评级:强于大市  公 收司 同结 比算 增规 长模 23稳 .4步 %，增 公长 司； 竣受 工毛 和利 结率 转水 规平 模、 带投 动资 收收 入益 增规 长模 ，下 2降 02、 3计 年提 房减 地值 产准 项备 目增 结加 算的 面影 积响 24， 82公 .2司 万业 平绩 ，承 同压 比。 增2 长023 12年 .9公 %司 ；营 归 母净利润同比下降 34.1%，主要是因为前期低利润项目成为结转主力，导致毛利率水平下降，投资收益规模下降以及计 提资产减值准备增加。1）2023年公司毛利率、净利率、归母净利率分别为16.0%、5.2%、3.5%，同比分别下降6.0、4.5、 3.0个百分点，ROE也因利润 ...

证券研究报告·公司点评报告·房地产开发 保利发展（600048） 2023 年报点评：销售稳健投拓聚焦，分红比 2024 年 04月 24日 例提升回馈股东 证券分析师 房诚琦 买入（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 肖畅 营业总收入（百万元） 281,108 346,894 359,323 376,022 395,771 执业证书：S0600523020003 xiaoc@dwzq.com.cn 同比（%） (1.37) 23.40 3.58 4.65 5.25 证券分析师 白学松 归母净利润（百万元） 18,320 12,067 12,687 13,722 14,779 执业证书：S0600523050001 同比（%） (33.11) (34.13) 5.14 8.16 7.70 baixs@dwzq.com.cn EPS-最新摊薄（元/股） 1.53 1.01 1.06 1.15 1.23 P/E（现价&最新摊薄） 5.25 7. ...