| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2024—056 | | --- | --- | --- | --- | --- | --- | | 债券代码：185248 | 债券简称：22 | 建发 | 01 | | | | 债券代码：185929 | 债券简称：22 | 建发 | Y3 | | | | 债券代码：137601 | 债券简称：22 | 建发 | Y4 | | | | 债券代码：115755 | 债券简称：23 | 建发 | Y1 | | | | 债券代码：240217 | 债券简称：23 | 建发 | Y2 | | | | 债券代码：240650 | 债券简称：24 | 建发 | Y1 | | | | 债券代码：241016 | 债券简称：24 | 建发 | Y2 | | | | 债券代码：241137 | 债券简称：24 | 建发 | Y3 | | | | 债券代码：241265 | 债券简称：24 | 建发 | Y4 | | | | 债券代码：241266 | 债券简称：24 | 建发 | Y5 | | | 厦门建发股份有限公司 关于为商舟物流提供担保 ...

证券代码：600153 证券简称：建发股份 厦门建发股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-------------------------|---------------------------------|----------------------------------------------------|----------------| | | | | | | 投资者关系活动类别 | 特定对象调研 | 分析师会议 | | | | 媒体采访 | 业绩说明会 | | | | 新闻发布会 | 路演活动 | | | | 现场参观 | | | | | | 其他（请文字说明其他活动内容） | | | 参与单位名称及人员 姓名 | 线上参与公司 2024 | 年第三季度业绩说明会的全体投资者 | | | 时间 | 2024 年 11 月 25 | 日 15:00-16:00 | | | 地点 | | 价值在线（https://www.ir-online.cn/）网络互动 | | | | 董事长 林茂先生 | | | | | 独立董事 吴育辉先生 | | | | ...

厦门建发股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 11 月 22 日 ( 星 期 五 )16:00 前 访问网址 https://eseb.cn/1jwzF1Hbco8 或使用微信扫描下方小程序码进行会前提问，公 司将在信息披露允许范围内就投资者普遍关注的问题进行回答。 厦门建发股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公 司 2024 年第三季度报告。为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营业绩、业务发展等情况，公司计划于 2024 年 11 月 25 日（星期一） | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 2024—054 | | --- | --- | --- | --- | --- | | 债券代码：185248 | 债券简称：22 | 建发 | 01 | | | 债券代码：185929 | 债券简称：22 | 建发 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company's net profit decline has narrowed in the third quarter compared to the second quarter, excluding the impact of the restructuring gains from Meikailong [5][8]. - The company achieved a revenue of 502.14 billion yuan in the first nine months of 2024, a year-on-year decrease of 16.1%, with a net profit attributable to shareholders of 2.06 billion yuan, down 83.4% year-on-year [5][11]. - The gross profit margin improved to 4.37%, an increase of 1.32 percentage points compared to the same period in 2023 [11]. Summary by Sections Financial Performance - In the real estate segment, the company reported a revenue of 81.37 billion yuan, a year-on-year increase of 26.03%, but the net profit attributable to shareholders decreased by 19.04% to 0.38 billion yuan [6]. - The supply chain operation segment generated a revenue of 414.67 billion yuan, down 22.22% year-on-year, with a net profit of 2.24 billion yuan, a decrease of 10.20% [7]. - The home furnishing mall operation segment faced challenges, resulting in a net loss of 0.57 billion yuan due to declining rental rates and increased support for merchants [7]. Earnings Forecast - The report forecasts the company's EPS for 2024 to be 1.25 yuan, with a valuation range of 25.9 billion to 29.5 billion yuan, corresponding to a reasonable value range of 8.77 to 10.03 yuan per share [8][12]. Market Comparison - The company’s stock has shown a relative performance compared to the market index, with a significant decline of 19.93% in recent months [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong position in the domestic bulk supply chain management industry and its potential for further strengthening through internationalization and digitalization [4] Core Views - The company's supply chain operations showed improved profitability in Q3 2024, with revenue increasing by 7.21% QoQ and net profit attributable to the parent company growing by 26.87% QoQ [2] - However, the real estate and home furnishing mall operations experienced a decline in profitability, with the home furnishing mall segment reporting a net loss of 567 million yuan in the first three quarters of 2024 [3] - The company's overall performance fell short of expectations due to weak terminal demand and declining profits in its real estate and home furnishing mall businesses [4] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 502.136 billion yuan, a year-on-year decrease of 16.13%, and net profit attributable to the parent company of 2.058 billion yuan, a year-on-year decrease of 83.43% [1] - In Q3 2024, the company's revenue was 183.122 billion yuan, a year-on-year decrease of 14.94%, while net profit attributable to the parent company was 859 million yuan, a year-on-year decrease of 91.81% but a QoQ increase of 44.44% [1] - The company's real estate business revenue increased by 26.03% YoY in the first three quarters of 2024, but net profit attributable to the parent company decreased by 19.04% YoY [3] Profit Forecast and Valuation - The report revised downward the company's net profit forecasts for 2024-2026 to 3.054 billion yuan, 4.102 billion yuan, and 4.867 billion yuan, respectively, from previous estimates of 6.171 billion yuan, 6.986 billion yuan, and 7.972 billion yuan [4] - The company's P/E ratio is projected to be 10, 7, and 6 for 2024, 2025, and 2026, respectively, while the P/B ratio is expected to remain at 0.4 for all three years [6] Business Segment Analysis - The supply chain operations segment achieved revenue of 1.511 trillion yuan in Q3 2024, with a gross margin of 1.5%, down 0.6 percentage points QoQ due to weak terminal demand and declining commodity prices [2] - The real estate segment contributed a net loss of 373 million yuan to the parent company in the first three quarters of 2024, primarily due to a 664 million yuan inventory impairment provision [3] - The home furnishing mall segment reported a net loss of 567 million yuan in the first three quarters of 2024, driven by declining occupancy rates and increased merchant retention incentives [3]

| 股票代码：600153 | 股票简称：建发股份 | 公告编号：临2024—053 | | --- | --- | --- | | 债券代码：185248 | 债券简称：22建发01 | | | 债券代码：185929 | 债券简称：22建发Y3 | | | 债券代码：137601 | 债券简称：22建发Y4 | | | 债券代码：115755 | 债券简称：23建发Y1 | | | 债券代码：240217 | 债券简称：23建发Y2 | | | 债券代码：240650 | 债券简称：24建发Y1 | | | 债券代码：241016 | 债券简称：24建发Y2 | | | 债券代码：241137 | 债券简称：24建发Y3 | | | 债券代码：241265 | 债券简称：24建发Y4 | | | 债券代码：241266 | 债券简称：24建发Y5 | | 厦门建发股份有限公司 关于为全资子公司建发物流提供担保的公告 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。 重要内容提示： ●担保人：厦门建发股份有限公司（以下简称"公 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The termination of the share placement plan is expected to alleviate short-term dilution pressure and protect the interests of minority shareholders, which may boost market confidence [1]. - The company's real estate business has shown resilience despite a downturn in the industry, with a focus on high-quality land reserves and a sales ranking improvement [2]. - The supply chain operations have faced challenges due to macroeconomic conditions, but there was a notable recovery in Q3 performance [3]. Summary by Sections Share Placement Plan - On November 3, 2024, the company announced the termination of its share placement plan, which aimed to raise up to RMB 4.98 billion for supply chain operations and debt repayment. The decision was made due to changes in internal and external environments, which is seen as beneficial for maintaining shareholder interests and market confidence [1]. Real Estate Business - From January to October 2024, the company achieved a total sales amount of RMB 104 billion, a decline of 28.6% year-on-year, which is less than the 34.8% decline of the top 100 real estate companies. The company ranked 7th in sales, improving its position from the previous year. In the first half of 2024, the company acquired 17 plots of land with a total investment of RMB 38.76 billion, a year-on-year decrease of 46.3% [2]. Supply Chain Operations - For the first nine months of 2024, the supply chain operations generated revenue of RMB 414.67 billion, a decrease of 22.2% year-on-year, with a net profit of RMB 2.24 billion, down 10.2%. The decline was attributed to macroeconomic conditions and fluctuations in commodity prices. However, Q3 showed a recovery with a net profit of RMB 0.82 billion, a 26.9% increase from Q2 [3]. Financial Projections - The report adjusts the company's revenue forecasts for 2024, 2025, and 2026 to RMB 691 billion, RMB 712.5 billion, and RMB 734 billion, respectively. The projected net profits are RMB 3.18 billion, RMB 3.98 billion, and RMB 4.48 billion, with corresponding EPS of RMB 1.08, RMB 1.35, and RMB 1.52 [4][5].

1 厦门建发股份有限公司董事会 2024 年 11 月 2 日，公司向上交所提交了《厦门建发股份有限公司关于撤回 向原股东配售股份申请文件的申请报告》，申请撤回公司向原股东配售股份的相 关申请文件，同时申请取消相应的上市审核委员会审议会议。 2024 年 11 月 3 日，公司收到上交所出具的《关于终止对厦门建发股份有限 公司向原股东配售股份审核的决定》（上证上审（再融资）〔2024〕255 号）。上 交所根据《上海证券交易所上市公司证券发行上市审核规则》第十九条和《上海 证券交易所股票发行上市审核规则》第六十三条（二）的有关规定，决定终止对 公司向原股东配售股份的审核。 特此公告。 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2024—052 | | --- | --- | --- | --- | --- | --- | | 债券代码：185248 | 债券简称：22 | 建发 | 01 | | | | 债券代码：185929 | 债券简称：22 | 建发 | Y3 | | | | 债券代码：137601 | 债券简称：22 | 建发 | Y4 | | | | 债券代码 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company has decided to withdraw its share placement application, which is seen as beneficial for the company's valuation recovery and shareholder interests. The decision was made after careful consideration of internal and external factors [5]. - The company's financial position remains strong, with a cash balance of 91.4 billion yuan as of Q3 2024, despite a year-on-year decrease of 5%. The asset-liability ratio stands at 64% when excluding pre-receipts, and the net debt ratio is 31% [5]. - In the real estate sector, the company reported a revenue of 81.37 billion yuan for Q1-Q3 2024, a year-on-year increase of 26%, but a net profit decline of 21.2%. The gross profit margin for the real estate division is 12.4%, down by 1.2 percentage points [5]. - The supply chain segment experienced a revenue decline of 22% year-on-year, with a net profit decrease of 10%. The gross profit margin for this segment is 2.0%, showing a slight improvement [5]. Summary by Sections Market Data - Closing price as of November 1, 2024, is 9.57 yuan, with a one-year high of 11.56 yuan and a low of 7.00 yuan. The price-to-book ratio is 0.5, and the dividend yield is 7.31% [2]. Financial Data - As of September 30, 2024, the company's net asset value per share is 18.71 yuan, with a total share capital of 2,947 million shares [3]. Revenue and Profit Forecast - The total revenue for 2024 is projected at 691.25 billion yuan, with a year-on-year decrease of 9.5%. The net profit is expected to be 3.218 billion yuan, reflecting a significant decline of 75.4% [6][7]. Profitability Metrics - The company’s return on equity (ROE) is projected to be 5.6% in 2024, with a price-to-earnings ratio of 9 [6]. Shareholder Returns - The report highlights a high dividend yield of 7.5%, indicating attractive returns for shareholders [5].

证券研究报告 非金融公司|公司点评|建发股份（600153） 营收利润下滑，地产投销有韧性 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 公司 2024 年前三季度实现营业收入 5021.36 亿元，同比-16.13%；实现归母净利润 20.58 亿 元，同比-83.43%。2023 年三季度公司及子公司联发集团收购美凯龙 29.95%股份，确认重组 收益 95.97 亿元。剔除此事项影响后，公司 2024 年前三季度同比减少 8.72 亿元，同比-29.76%， 单三季度归母净利润同比减少 1.47 亿元，同比-14.64%，降幅较第二季度有收窄。公司供应 链风控能力强，地产投销积极稳健，预计未来扣非业绩持续增长，给予"买入"评级。 |分析师及联系人 杜昊旻 方鹏 姜好幸 刘汪 SAC：S0590524070006 SAC：S0590524100003 SAC：S0590524070008 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月04日 建发股份(600153) 营收利润下滑，地 ...