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].

Investment Rating - The report assigns a "Buy" rating to the company [2][4]. Core Views - The company reported a revenue of 502.136 billion yuan for the first three quarters of 2024, a decrease of 16.13% year-on-year, and a net profit attributable to shareholders of 2.058 billion yuan, down 83.43% year-on-year. Excluding the impact of a restructuring gain from the acquisition of a 29.95% stake in Meikailong, the net profit decreased by 872 million yuan, or 29.76% year-on-year [2][6]. - The company's strong supply chain risk control and stable real estate sales are expected to lead to continuous growth in non-recurring performance in the future [2][7]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 183.122 billion yuan, down 14.94% year-on-year, and a net profit of 859 million yuan, down 91.81% year-on-year [6]. - The supply chain segment reported a net profit of 2.244 billion yuan, down 10.20% year-on-year, while the real estate segment contributed 381 million yuan, down 19.04% year-on-year. The home furnishing mall operations segment reported a net loss of 567 million yuan due to a decline in rental rates [7]. Business Segments - The real estate business showed resilience with a sales amount of 85.3 billion yuan for the first three quarters of 2024, an increase of 36% year-on-year, ranking 7th in the industry [7]. - The company maintained strong land acquisition activity, with a total land acquisition amount of 27.9 billion yuan, ranking 3rd in the industry [7]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 703.873 billion yuan, 732.172 billion yuan, and 755.839 billion yuan, respectively, with year-on-year changes of -7.83%, +4.02%, and +3.23% [8]. - Net profit projections for the same years are 3.621 billion yuan, 4.145 billion yuan, and 4.543 billion yuan, with year-on-year changes of -72.36%, +14.47%, and +9.60% [8].

中国经济网北京11月4日讯 上交所网站发布2024年第27次审议会议公告的补充公告显示，上海证券交易 所上市审核委员会定于2024年11月5日召开2024年第27次审议会议，鉴于厦门建发股份有限公司决定终 止本次向原股东配售股份事项并撤回申请文件，按照相关规则和程序，上海证券交易所上市审核委员会 决定取消本次审议会议。 建发股份昨晚发布关于终止向原股东配售股份的事项并撤回申请文件的公告。 公司于2024年11月2日召开第九届董事会2024年第十七次临时会议，会议审议通过了《关于公司终止向 原股东配售股份的事项并撤回申请文件的议案》。 鉴于内外部环境的变化，结合公司内部实际情况及发展规划等因素，经相关各方充分讨论、审慎研究 后，公司决定终止本次向原股东配售股份事项并撤回申请文件。 根据公司2022年年度股东大会以及2023年年度股东大会的授权，公司终止向原股东配售股份的事项无需 提交股东大会审议。 建发股份表示，自公司申请本次向原股东配售股份的事项以来，公司一直积极推进各项相关工作。 鉴于内外部环境的变化，结合公司内部实际情况及发展规划等因素，经相关各方充分讨论、审慎研究 后，公司决定终止本次向原股东配售股份事 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in Q3 2024 showed a significant decline in net profit, primarily due to the absence of last year's restructuring gains. However, the decline in profit margins has narrowed compared to Q2 2024 [2] - The real estate segment has shown revenue growth, but net profit has decreased due to losses from a subsidiary. The company has made provisions for inventory impairment, impacting overall profitability [2] - The supply chain operations have experienced a recovery in Q3 2024, with a notable increase in net profit compared to previous quarters, although the overall revenue for the year remains down [2] - The home furnishing business has faced losses due to declining occupancy rates and increased discounts offered to merchants [2] - The company is expected to maintain its revenue and profit growth trajectory in the coming years, with projected revenues of 771.9 billion, 790.2 billion, and 791.2 billion for 2024, 2025, and 2026 respectively [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 502.14 billion, a year-on-year decrease of 16.1%, and a net profit of 2.06 billion, down 83.4% [2] - In Q3 2024, revenue was 183.12 billion, a decrease of 14.9% year-on-year, with a net profit of 0.86 billion, down 91.8% [2] - The real estate segment generated revenue of 81.37 billion in the first nine months, up 26% year-on-year, but net profit fell by 19% [2] - The supply chain operations reported revenue of 414.67 billion, down 22.2% year-on-year, with a net profit of 2.24 billion, down 10.2% [2] Business Segments - The real estate business's gross margin decreased by 1.2 percentage points to 12.4%, with significant inventory impairment provisions impacting profitability [2] - The supply chain business showed a recovery in Q3, with net profit increasing by 26.9% from Q2 [2] - The home furnishing segment reported a loss of 0.57 billion due to lower occupancy rates and increased discounts [2] Future Projections - The company forecasts revenues of 771.9 billion, 790.2 billion, and 791.2 billion for 2024, 2025, and 2026 respectively, with net profits expected to be 3.4 billion, 4.0 billion, and 4.2 billion [2]

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2024—051 | | --- | --- | --- | --- | --- | --- | | 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 关于终止向原股东配售股 ...