Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance has declined, but its sales ranking continues to grow. The report highlights that the company achieved a revenue of 502.14 billion yuan in the first three quarters of 2024, a year-on-year decrease of 16.1%, and a net profit attributable to shareholders of 2.06 billion yuan, down 83.4% year-on-year [5] - The real estate segment shows a revenue increase of 26.0% year-on-year, but net profit has decreased by 21.2%. The company ranks 7th in national sales, improving by one position year-on-year [5] - The supply chain segment reported a revenue decline of 22% year-on-year, with a net profit decrease of 10%. The company is focusing on deepening its professional and international operations [5] Financial Data Summary - For 2024, the company is projected to have total revenue of 691.25 billion yuan, with a year-on-year decrease of 9.5%. The net profit attributable to shareholders is expected to be 3.22 billion yuan, down 75.4% [6] - The company’s earnings per share for 2024 is projected at 1.09 yuan, with a significant drop from 4.45 yuan in 2023 [8] - The gross profit margin is expected to remain at 4.4% for 2024, consistent with the previous year [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company's real estate business revenue has grown, and the dual main business operations are resonating synergistically. Despite a decline in overall revenue and profit, the company maintains a stable operational status [3][4]. - The company expects a gradual recovery in its financial performance, with projected net profits for 2024-2026 being 50.5 billion, 64.3 billion, and 78.0 billion respectively, indicating a long-term positive outlook [3][4]. Financial Performance Summary - For the first nine months of 2024, the company achieved operating revenue of 502.14 billion, a year-on-year decrease of 16.13%, and a net profit attributable to shareholders of 2.06 billion, down 83.43% year-on-year [3][4]. - The supply chain business reported revenue of 414.67 billion, a decline of 22.22%, while the real estate business saw revenue of 81.37 billion, an increase of 26.03% [4]. - The company's gross margin for the first three quarters was 4.37%, an increase of 1.32 percentage points year-on-year, while the net margin was 0.53%, a decrease of 1.98 percentage points year-on-year [4]. Earnings Forecast and Valuation Metrics - The earnings per share (EPS) for 2024-2026 are projected to be 1.68, 2.14, and 2.60 respectively, with corresponding price-to-earnings (P/E) ratios of 5.6, 4.4, and 3.6 [3][4]. - The company’s total revenue is expected to recover slightly in 2024, with a forecast of 789.74 billion, followed by growth to 835.62 billion in 2025 and 884.42 billion in 2026 [6][7].

Financial Performance - The net profit attributable to shareholders for Q3 2024 was CNY 859.36 million, a decrease of 91.81% year-on-year[5]. - Excluding the reorganization gains from the acquisition of Red Star Macalline, the net profit attributable to shareholders for the first nine months of 2024 decreased by CNY 872 million, a decline of 29.76%[6]. - In Q3 2024, the net profit attributable to shareholders increased by CNY 264 million compared to Q2 2024, representing a quarter-on-quarter growth of 44.44%[7]. - The company reported a net profit of CNY 2.06 billion for the first nine months of 2024, down 83.43% year-on-year[5]. - The net profit attributable to shareholders for the year-to-date period decreased by 83.43% compared to the previous year[17]. - The net profit for Q3 2024 was RMB 1.012 billion, reflecting a 36.00% increase compared to the previous quarter[13]. - The supply chain operation segment achieved a net profit of RMB 2.244 billion in the first nine months of 2024, down 10.20% year-on-year, primarily due to macroeconomic conditions and weak demand in the traditional automotive sector[11]. - The real estate segment reported a net profit of RMB 381 million for the first nine months of 2024, a decrease of 19.04% year-on-year, impacted by inventory impairment provisions totaling RMB 663 million[11]. - The home furnishing mall operation segment recorded a net loss of RMB 5.67 billion, attributed to a decline in rental rates and increased support incentives for merchants[12]. Revenue and Earnings - The total revenue for Q3 2024 was CNY 183.12 billion, down 14.94% year-on-year, while the revenue for the first nine months was CNY 502.14 billion, a decrease of 16.13%[5]. - The basic earnings per share for Q3 2024 was CNY 0.24, a decrease of 93.04% year-on-year[5]. - The weighted average return on equity for Q3 2024 was 1.30%, a decrease of 21.32 percentage points compared to the same period last year[5]. - Total operating revenue for the first three quarters of 2024 was approximately ¥502.14 billion, a decrease of 16.06% compared to ¥598.70 billion in the same period of 2023[30]. - Basic earnings per share for the first three quarters of 2024 were ¥0.57, down from ¥4.02 in the same period of 2023[32]. Cash Flow and Assets - The net cash flow from operating activities for the first nine months of 2024 was CNY -14.11 billion, a decrease of 157.90% year-on-year[5]. - Cash flow from operating activities for the first three quarters of 2024 was negative at approximately -¥14.11 billion, compared to a positive cash flow of ¥24.37 billion in the same period of 2023[33]. - As of September 30, 2024, total assets reached CNY 876.01 billion, an increase from CNY 820.85 billion at the end of 2023, reflecting a growth of approximately 6.7%[24]. - Current assets totaled CNY 683.03 billion, up from CNY 629.80 billion, indicating a growth of about 8.4% year-over-year[24]. - Total liabilities increased to CNY 647.86 billion from CNY 596.21 billion, which is an increase of approximately 8.7%[26]. - The company's equity attributable to shareholders reached CNY 70.03 billion, slightly up from CNY 69.51 billion, showing a growth of about 0.7%[28]. Investments and Financing - The company plans to raise up to 4.98 billion RMB through a rights issue, offering 3.5 shares for every 10 shares held, to support supply chain operations and repay bank loans[22]. - The company is currently in the review stage for its rights issue project, which was accepted by the Shanghai Stock Exchange on June 15, 2023[22]. - Cash inflow from financing activities reached $184.74 billion in 2024, slightly up from $182.32 billion in 2023[34]. - Net cash flow from financing activities was $6.09 billion in 2024, recovering from a net outflow of $11.27 billion in 2023[34]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 91,417[19]. - Xiamen Jindaf Group Co., Ltd. holds 46.03% of the shares, making it the largest shareholder[19].

上海证券交易所 上市审核委员会 2024 年 10 月 29 日 龙子威 运巍 吴洪 罗俊亮 褚冰茜 二、审议的发行人 厦门建发股份有限公司（再融资） 上海证券交易所上市审核委员会 2024 年第 27 次审议会议公告 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 次上市审核委员会审议会议。现将有关事项公告 如下： 一、参会上市委委员 ...

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 | 年半年度业绩说明会的全体投资者 | | 时间 | 2024 年 09 月 23 | 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 | | | 上市公司接待人员姓名 | 独立董事 吴育辉先生 副总经理兼董事 ...

重要内容提示： 投 资 者 可 于 2024 年 9 月 20 日 ( 星 期 五 )16:00 前 访问网址 https://eseb.cn/1hTCDEbpJYs 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 8 月 31 日发布公 司 2024 年半年度报告。为便于广大投资者更全面深入地了解公司 2024 年半年度 会议召开时间：2024 年 9 月 23 日（星期一）15:00-16:00 会议召开平台：价值在线（www.ir-online.cn） 会议召开方式：网络在线交流 经营成果、财务状况，公司计划于 2024 年 9 月 23 日（星期一）15:00-16:00 召 开 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2024—050 | | --- | --- | --- | --- | --- | --- | | 债券代码：185248 | 债券简称：22 | 建发 | 01 | | ...

[Table_MainInfo] 公司研究/商业贸易/贸易 证券研究报告 建发股份（600153）公司半年报点评 2024 年 09 月 18 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 7.48 | | 52 周股价波动（元） | 7.00-11.56 | | 总股本 / 流通 A 股（百万股） | 2947/2900 | | 总市值 / 流通市值（百万元） | 22044/21689 | | 相关研究 | | | [Table_ReportInfo] 《重组收益致利润上升，销售投资保持定力》 | | | 2024.04.21 | | 市场表现 [Table_QuoteInfo] -26.41% -18.41% -10.41% -2.41% 5.59% 2023/9 2023/12 2024/3 2 ...

兴业证券股份有限公司 关于 厦门建发股份有限公司 向原股东配售股份并在主板上市 之 发行保荐书 保荐机构（主承销商） （福州市湖东路 268 号） 二〇二四年九月 厦门建发股份有限公司 发行保荐书 兴业证券股份有限公司 关于厦门建发股份有限公司 向原股东配售股份并在主板上市 之发行保荐书 兴业证券股份有限公司接受厦门建发股份有限公司的委托，担任其本次向原 股东配售股份并在主板上市的保荐机构，张俊和王亚娟作为具体负责推荐的保荐 代表人，特为其出具本发行保荐书。 本保荐机构和保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）等有关法律 法规和中国证监会、交易所的有关规定，诚实守信、勤勉尽责，并严格按照依法 制定的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证所出具文 件的真实性、准确性、完整性。 本发行保荐书中如无特别说明，相关用语具有与《厦门建发股份有限公司向 原股东配售股份并在主板上市配股说明书（申报稿）》中相同的含义。 3-1-1 | 第一节 | 本次证券发行基本情况 3 | | --- | --- | | | 一、本次证券发行具体 ...

容诚专字[2024]361Z0551 号 容诚会计师事务所(特殊普通合伙) 中国·北京 | 目录 | | --- | | 3.关于经营情况 | | 2 | | --- | --- | --- | | 4.关于境外销售 | | 76 | | 5.关于财务状况及偿债能力 | | 89 | | 7.关于财务性投资与类金融业务 | | 99 | | 8.关于其他 | | 129 | 关于厦门建发股份有限公司 关于厦门建发股份有限公司 向原股东配售股份申请文件的审核问询函中 有关财务会计问题的专项说明 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层/922-926(100037) TEL: 010-6600 1391 FAX: 010-6600 1392 E-mail:bj@rsmchina.com.cn https//WWW.rsm.global/china/ 向原股东配售股份申请文件的审核问询函中 有关财务会计问题的专项说明 容诚专字[2024]361Z0551 号 上海证券交易所： 根据贵所于 2023 年 6 月 29 日出具的《关于厦门建发股份有限公司向原股 东配售股份申请文件的审核问询函》( ...

厦门建发股份有限公司 XIAMEN C&D INC. （厦门市思明区环岛东路 1699 号建发国际大厦 29 层） 向原股东配售股份并在主板上市 配股说明书 （申报稿） 保荐机构（主承销商） （福建省福州市湖东路 268 号） 签署日期：二〇二四年九月 股票简称：建发股份 股票代码：600153 厦门建发股份有限公司 配股说明书 声 明 本公司及全体董事、监事、高级管理人员承诺本配股说明书及其他信息披露 资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完 整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证配股说明书及其摘 要中财务会计报告真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行 ...