| 股票代码：600153 | 股票简称：建发股份 | | | --- | --- | --- | | 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 | | | | 公告编号：临 | | | | 2024-048 | 厦门建发股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 审议结果：通过 表决情况： 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 659 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,562,917,83 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 09 04 年 月 日 建发股份（600153.SH） 收入利润下滑，拿地积极土储结构优化 事件：公司 2024 年 8 月 30 日发布 2024 年半年报，2024 年上半年公司 实现营业收入3190亿元（YoY-16.8%），归母净利润12亿元（YoY-37.7%）， 扣非归母净利润 8 亿元（YoY-26.9%）。 房地产业务：销售排名提升，投拓稳健，土储结构优化。2024 年上半年房 地产业务营收 512 亿元（YoY+55.6%），归母净利润 1.5 亿元（YoY-38%）。 其中，建发房产贡献归母净利润 3.46 亿元，同比增加 0.35 亿元；联发集 团贡献-2.85 亿元，同比减少 2.24 亿元；此外，出售天津金晨公司股权取 得投资收益 0.94 亿元。业绩下滑主要因为：（1）房地产业务毛利率同比 下滑 1.9pct 至 13.1%；（2）建发房产和联发集团分别计提存货跌价准备 4.63 和 6.14 亿元。销售端，2024 年上半年公司合同销售金额 742.7 亿元 （YoY-40.3%），销售金额位列行业第 7 名，同比 ...

交通运输/物流 公 司 研 究 两大主业同向共振，营收及利润均有所下滑 建发股份（600153.SH） 2024 年 09 月 03 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/9/3 | | 当前股价 ( 元 ) | 7.17 | | 一年最高最低 ( 元 ) | 11.56/7.00 | | 总市值 ( 亿元 ) | 211.31 | | 流通市值 ( 亿元 ) | 207.90 | | 总股本 ( 亿股 ) | 29.47 | | 流通股本 ( 亿股 ) | 29.00 | | 近 3 个月换手率 (%) | 38.59 | 齐东（分析师） 杜致远（联系人） qidong@kysec.cn 证书编号：S0790522010002 duzhiyuan@kysec.cn 证书编号：S0790124070064 房地产业务同比营收大增，美凯龙并表稀释利润，维持"买入"评级 建发股份发布 2024 年中期报告，公司实现营业收入、归母净利润分别为 3190.15 亿元、11. ...

交通运输/物流 公 司 研 究 两大主业同向共振，营收及利润均有所下滑 建发股份（600153.SH） 2024 年 09 月 03 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/9/3 | | 当前股价 ( 元 ) | 7.17 | | 一年最高最低 ( 元 ) | 11.56/7.00 | | 总市值 ( 亿元 ) | 211.31 | | 流通市值 ( 亿元 ) | 207.90 | | 总股本 ( 亿股 ) | 29.47 | | 流通股本 ( 亿股 ) | 29.00 | | 近 3 个月换手率 (%) | 38.59 | 齐东（分析师） 杜致远（联系人） qidong@kysec.cn 证书编号：S0790522010002 duzhiyuan@kysec.cn 证书编号：S0790124070064 房地产业务同比营收大增，美凯龙并表稀释利润，维持"买入"评级 建发股份发布 2024 年中期报告，公司实现营业收入、归母净利润分别为 3190.15 亿元、11. ...

证券研究报告 建发股份 (600153 CH) 减值及商场业务影响业绩，静待修复 华泰研究 中报点评 投资评级(维持): 买入 目标价(人民币): 9.82 2024 年 9 月 01 日│中国内地 仓储物流 减值及商场业务影响业绩，静待修复 公司 8 月 30 日发布中报，2024H1 实现营收 3910 亿元（YOY-16.8%），归 母净利 12.0 亿元（YOY-37.7%）。因行业景气度、减值计提以及家居商场 业务的公允价值变动损失影响导致业绩同比下滑，我们将 2024-2026 年归 母净利润调整为 35.0/41.5/48.5 亿元（前值 52.2/60.7/70.7 亿元），对应最 新股本的 EPS 分别为 1.19/1.41/1.65 元，地产开发运营企业和供应链企业 对应 24 年 Wind 一致预期 PE 均值为 11.9/7.3x，我们予以公司两部分业务 2024PE 估值 11.9/7.3 倍，予以目标价 9.82 元（前值：12.91 元），重申"买 入"评级。 房地产业务：谨慎原则下减值影响利润，拿地维持高强度优化储备结构 2024H1 公司房地产业务收入 51.2 亿元，同比+ ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance has declined, with a stable growth in sales ranking despite a significant drop in revenue and net profit [6] - The real estate division has seen a profit margin at its lowest, yet the sales ranking continues to improve [6] - The supply chain division's revenue has decreased, but profitability is stabilizing due to strategic focus [6] Summary by Sections Market Data - Closing price as of August 30, 2024: 7.29 CNY - Market capitalization: 21,138 million CNY - Price-to-book ratio: 0.4 - Dividend yield: 9.60% [3][4] Financial Performance - H1 2024 revenue: 319.01 billion CNY, down 16.8% YoY - H1 2024 net profit: 1.20 billion CNY, down 37.7% YoY - H1 2024 earnings per share: 0.33 CNY, down 41.1% YoY - Comprehensive gross margin: 4.8%, up 2.0 percentage points YoY [6][8] Business Segments Real Estate - H1 2024 revenue: 51.2 billion CNY, up 55.6% YoY - H1 2024 net profit: 1.6 billion CNY, down 1.9% YoY - Sales amount: 74.27 billion CNY, down 40.3% YoY, with a collection rate of 97% [6] Supply Chain - H1 2024 revenue: 263.6 billion CNY, down 24.8% YoY - H1 2024 net profit: 14.1 billion CNY, down 11.0% YoY - International business accounted for approximately 40% of supply chain operations [6] Investment Analysis - The company is expected to face challenges in the real estate sector, but its overall performance remains positive with a stable dividend yield [6] - The forecast for net profit for 2024-2026 has been adjusted to 3.83 billion, 4.07 billion, and 4.25 billion CNY respectively, reflecting a significant decrease from previous estimates [6][8]

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2024—046 | | --- | --- | --- | --- | --- | --- | | 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 | | | 厦门建发股份有限公司 第九届董事会第十次会议决议公告 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。 1 表决结果：9 票同意，0 票反对，0 票弃权。 厦门建发股份有限公司董事会 2024 年 8 月 31 日 具体内容详见公司于同日刊登的公告。 本议案已经公司第九届董事会审计 ...

厦门建发股份有限公司 董事、监事和高级管理人员所持公司股份及其变动 管理制度 第一章 总则 第一条 为加强厦门建发股份有限公司（以下简称"公司"）董事、监事和高 级管理人员持有公司股份及其变动的管理，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》"）、 《上市公司股东减持股份管理暂行办法》《上市公司董事、监事和高级管理人员所 持本公司股份及其变动管理规则》《上海证券交易所上市公司自律监管指引第 8 号 ——股份变动管理》《上海证券交易所上市公司自律监管指引第 15 号——股东及 董事、监事、高级管理人员减持股份》等法律、法规、规范性文件以及《公司章程》 的有关规定，结合公司的实际情况，特制定本制度。 第二条 本制度适用于公司董事、监事和高级管理人员所持本公司股份及其变动的 管理。 第三条 公司董事、监事和高级管理人员所持本公司股份，是指登记在其名下和利 用他人证券账户持有的所有本公司股份；从事融资融券交易的，还包括记载在其信用账 户内的本公司股份。 第四条 公司董事、监事和高级管理人员应知悉《公司法》《证券法》等法律、法规、 规范性文件关于内幕交易、 ...

| 股票代码：600153 | 股票简称：建发股份 | 公告编号：临2024—047 | | --- | --- | --- | | 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 | | 厦门建发股份有限公司 关于计提资产减值准备的公告 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： 公司及子公司 2024 年 1-6 月计提上述各类资产减值准备 240,923.68 万 元，将减少公司2024年1-6月合并报表"归属于母公司股东的净利润"129,750.44 万元。 2024 年上半年，房地产行业的政策环境相对宽松，但外部市场形势持续 严峻，居民的消费信心不足，行业整体规模继续下滑，受此影 ...

Fundraising and Financial Management - The company plans to raise a total of up to 4.98 billion RMB through a rights issue, offering 3.5 shares for every 10 shares held by A-share shareholders[5]. - The rights issue is currently under review by the Shanghai Stock Exchange and has completed the first round of inquiries and updates to the 2023 annual report data[5]. - The funds raised will be used to supplement working capital for supply chain operations and repay bank loans[4]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[4]. - There are no significant risks or violations in the decision-making process for external guarantees[4]. - The board of directors and senior management have ensured the accuracy and completeness of the semi-annual report[3]. - The semi-annual report has not been audited, but management has declared the financial report's authenticity[4]. - The company has not proposed any profit distribution or capital reserve transfer plans for the reporting period[4]. - The company maintained a debt-to-asset ratio of 57.3% and a net debt ratio of 70.2% as of June 2024, ensuring compliance with financial management standards[111]. - The company reported a significant increase in short-term borrowings, amounting to CNY 421.58 billion, up 338.56% year-on-year, attributed to expanded financing in the supply chain operation business[128]. Financial Performance - The company's operating revenue for the first half of 2024 was approximately 319.01 billion RMB, a decrease of 16.80% compared to the same period last year[23]. - The net profit attributable to shareholders for the same period was approximately 1.20 billion RMB, down 37.67% year-on-year[23]. - The net cash flow from operating activities was negative 22.11 billion RMB, a decline of 194.56% compared to the previous year[23]. - The total assets at the end of the reporting period were approximately 902.31 billion RMB, an increase of 9.92% from the end of the previous year[23]. - The basic earnings per share for the first half of 2024 was 0.33 RMB, a decrease of 41.07% compared to the same period last year[32]. - The weighted average return on equity decreased by 1.77 percentage points to 1.67%[32]. - The company reported a net cash flow from operating activities of -22.112 billion RMB, a significant decline compared to the previous year[118]. - The company's financial expenses increased by 184.26% year-on-year, amounting to approximately 2.105 billion RMB[118]. Segment Performance - The supply chain operation segment generated a net profit of 1.42 billion RMB, a decrease of 2.52 billion RMB year-on-year due to macroeconomic factors and fluctuations in commodity prices[27]. - The real estate segment reported a net profit of 1.55 billion RMB, down 0.95 billion RMB year-on-year, impacted by inventory impairment provisions[27]. - The home mall operation segment had a net loss of 3.77 billion RMB, primarily due to decreased rental rates and increased support incentives for merchants[28]. - The supply chain operation segment generated a revenue of 263.569 billion yuan, a decline of 24.81%, with a net profit of 1.421 billion yuan, down 15.07%[102]. - The real estate segment achieved a revenue of 51.221 billion yuan, a year-on-year increase of 55.63%, but the net profit decreased by 38.02% to 155 million yuan[110]. Supply Chain Operations - The company aims to provide efficient, safe, and controllable supply chain solutions, capitalizing on the growing demand for cross-border logistics and information services[42]. - The supply chain industry is expected to benefit from China's dual circulation strategy, with a 7.2% increase in trade with Belt and Road countries in the first half of 2024, totaling 10.03 trillion yuan[42]. - The government has emphasized the importance of supply chain resilience and security, which is expected to create new development opportunities for the industry[43]. - The company is positioned to leverage its experience and resources to support Chinese enterprises in their international expansion efforts[42]. - The supply chain sector is recognized as a strategic industry, with policies aimed at enhancing its modernization and competitiveness[43]. - The company is focused on integrating logistics, finance, and information flows to optimize supply chain operations and reduce costs for upstream and downstream partners[39]. - The overall market for supply chain services is anticipated to expand as more manufacturing firms outsource non-core functions to specialized providers[40]. - The supply chain industry is experiencing increased concentration, benefiting leading supply chain companies, with significant growth potential for top operators in China due to low current market concentration[45]. Real Estate Development - In the first half of 2024, the sales area of commercial housing decreased by 19.0% year-on-year, with sales revenue down by 25.0% to CNY 471.33 billion[49]. - The top 10 real estate companies accounted for 52% of the total sales revenue, while the top 30 companies represented 76% of the market share, indicating a significant concentration in the industry[50]. - The company is focusing on high-quality residential products to meet the increasing demands for living space and community services, marking a shift towards a "quality era" in the real estate industry[51]. - The company is enhancing its supply chain service system, integrating logistics, information, finance, and trading to provide customized services for clients[53]. - The company has established a comprehensive "LIFT" supply chain service system, integrating logistics, information, finance, and business services to enhance operational efficiency and reduce risks[58]. - The company has expanded its service areas to include consumer goods and new energy industries, achieving positive results in various sectors[61]. - The company has established business relationships with over 170 countries and regions, covering multiple product categories from bulk commodities to consumer goods[62]. - The company has launched several digital platforms, including "E Jian Qian" for electronic contracts and "E Jian Xun" for remote inventory management, enhancing operational efficiency through digitalization[65]. Project Development and Expansion - The company has a total of 10 planned projects in Xiamen, with a combined area of 420,000 square meters for sale, representing a 100% equity ratio for several projects[134]. - The planned residential project "聚合地块" in Guiyang has a total planned construction area of 300,846 square meters, with an expected saleable area of 292,637 square meters, achieving a 100% equity ratio[134]. - The company is expanding its market presence with new projects in cities like Shanghai and Wuhan, with significant planned construction areas[135]. - The company has a strong pipeline of residential and commercial projects, with a focus on high equity ratios, such as "Yun Chong Zhi Jiang Phase I" in Hangzhou at 51% equity ratio[140]. - The company is actively pursuing new strategies for market expansion and product development, as evidenced by the diverse range of projects across multiple cities[139][140]. - The company has several ongoing projects, with a total sold area of 1,200,000 square meters across various cities, including Jiangmen and Nanjing[141]. - The company is committed to continuous product innovation and has established a comprehensive service layout in real estate development and management[93]. - The company is focusing on strategic expansion through new residential and commercial projects across multiple cities, enhancing its market footprint[137]. Risk Management - The company has a professional risk control system that addresses price, credit, ownership, and exchange rate risks, enhancing its operational resilience[69]. - The company has implemented comprehensive risk management measures for its derivative investments, focusing on high correlation and matching hedging strategies[193]. - The company has a risk management framework that includes a three-tier risk management structure to ensure effective risk control[79]. Subsidiary Performance - The net profit attributable to the parent company from Xiamen Jianfa Pulp and Paper Group Co., Ltd. increased by 167.50% to RMB 2.14 billion compared to the same period last year[197]. - The net profit attributable to the parent company from Hengyutong Co., Ltd. increased by 86.86% to RMB 2.56 billion compared to the same period last year[198]. - The net profit attributable to the parent company from Xiamen Jianfa Automobile Co., Ltd. decreased by 48.96% to RMB 0.49 billion compared to the same period last year[198]. - The net profit attributable to the parent company from Red Star Macalline Home Group Co., Ltd. was a loss of RMB 12.73 billion, attributed to decreased rental rates and increased losses from investment properties[198]. - The net profit attributable to the parent company from Lianfa Group Co., Ltd. decreased by RMB 3.50 billion, with a significant decline due to the ongoing downturn in the real estate market[198]. - The company acquired control of Macalline in 2023, enhancing its position in the home decoration and furniture market[200]. Investment and Financial Assets - The total financing amount at the end of the reporting period reached CNY 12,595,880,870.87, with an average financing cost of 3.57% to 4.25%[180]. - The investment amount during the reporting period was CNY 1,548,878,264.60, representing a decrease of CNY 2,075,159,818.11 or 57.26% compared to the same period last year[182]. - The fair value of financial assets at the end of the period totaled CNY 3,337,002,612.74, with a loss of CNY 96,494,752.78 from fair value changes during the period[186]. - The company reported a net investment loss of CNY 16,489,177.97 during the reporting period, with a total end book value of CNY 1,531,991,858.08 for its financial assets[188]. - The company has a significant investment in supply chain operations, with multiple investments ranging from CNY 2,000,000.00 to CNY 3,500,000.00 across various subsidiaries[182].