本公司董事局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。 2023 年 11 月 3 日，经公司第十届董事局第三十二次会议和第十届监事会第 十八次会议审议通过，同意公司使用闲置募集资金 15.8 亿元临时补充流动资金， 用于公司主营业务相关的项目开发建设，使用期限自董事局审议批准该议案之日 起不超过 12 个月。具体内容详见公司于 2023 年 11 月 4 日在上海证券交易所网 站（www.sse.com.cn）及《上海证券报》《中国证券报》《证券时报》《证券日报》 披露的公告（公告编号：2023-063）。 股票代码：600325 股票简称：华发股份 公告编号：2024-063 珠海华发实业股份有限公司 关于归还临时补充流动资金的闲置募集资金的公告 截至 2024 年 11 月 1 日，公司已将上述用于临时补充流动资金的募集资金 15.8 亿元全部归还至募集资金专用账户，并已将上述募集资金归还情况及时通 知了公司的保荐机构及保荐代表人。 特此公告。 珠海华发实业股份有限公司 董事局 二〇二四年十一月二日 ...

股票代码：600325 股票简称：华发股份 公告编号：2024-062 珠海华发实业股份有限公司 关于回购股份事项前十大股东和前十大无限售条件股东 持股情况的公告 本公司董事局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。 珠海华发实业股份有限公司（以下简称"公司"）第十届董事局第四十五次会 议审议通过了《关于以集中竞价交易方式回购股份方案的议案》。具体内容详见 公司 10 月 30 日在上海证券交易所网站（www.sse.com.cn）及《上海证券报》《中 国证券报》《证券时报》《证券日报》披露的公告（公告编号：2024-058）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号—回购股份》等相关规定，现将公司董事局公告回购股份决议的前一个交易 日（即 2024 年 10 月 29 日）登记在册的前十大股东和前十大无限售条件股东的 名称及持股数量、比例情况公告如下： | 序 | 股东名称 | 持股数量（股） | 占公司总股本的 | | --- | --- | --- | --- | | 号 | | | 比例（ ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨华发股份（600325.SH） [Table_Title] 业绩承压，积极回购提振信心 ——华发股份 2024 年三季报点评 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 刘义 薛梦莹 SAC：S0490520040001 SAC：S0490520120002 SFC：BUV416 请阅读最后评级说明和重要声明 华发股份（600325.SH） cjzqdt11111 2024-10-31 公司研究丨点评报告 资料来源：Wind 相关研究 [Table_Title 业绩承压，积极回购提振信心 2] ——华发股份 2024 年三季报点评 [Table_Summary2] 事件描述 公司公告，2024 年前三季度实现营业收入 315.6 亿元（-33.2%），归母净利润 13.3 亿元（- 39.6%），综合毛利率 15.8%（-1.9pct）。 事件评论 ⚫ 收入与毛利率下滑拖累业绩表现，后期仍需努力。2024 年前三季度公司营收 315.6 亿元 （-33.2 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company experienced a significant decline in revenue and net profit in the first three quarters of 2024, with revenue down 33.2% year-on-year to 31.56 billion yuan and net profit down 39.6% to 1.331 billion yuan [1] - The management's decision to initiate a share buyback plan demonstrates confidence in the company's future performance, with plans to repurchase shares worth between 300 million and 600 million yuan [3] - The company is focusing on acquiring land in core cities, with a cautious approach to land purchases due to the current market environment [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 31.56 billion yuan, a decrease of 33.2% year-on-year, and a net profit of 1.331 billion yuan, down 39.6% [1] - The gross margin declined by 1.9 percentage points to 15.8%, impacting profit levels [1] - The company’s contract sales for January to September 2024 amounted to 65.12 billion yuan, a decrease of 37.1%, but the decline rate has narrowed compared to the first half of the year [2] Land Acquisition Strategy - The company has adopted a strategy focused on core cities, acquiring two plots of land in Shanghai and Guangzhou with a total land area of 93,000 square meters and a total equity acquisition cost of 1.493 billion yuan [2] - As of June 30, 2024, the total land reserve was 13.72 million square meters, a decrease of 15.4% from the end of 2023 [2] Share Buyback and Support from Major Shareholder - The company announced a share buyback plan to support employee stock ownership plans or equity incentives, with a buyback amount not less than 300 million yuan and not exceeding 600 million yuan [3] - The major shareholder, Huafa Group, has shown strong support, increasing its stake to 29.65% as of September 30, 2024 [3] Future Outlook - The report anticipates that the company will gradually stabilize its financial performance as higher-margin projects acquired since 2022 begin to be recognized in the financial statements [1] - The revenue forecasts for 2024, 2025, and 2026 are adjusted to 68.5 billion yuan, 70.11 billion yuan, and 72.29 billion yuan, respectively, with net profits projected at 1.69 billion yuan, 1.66 billion yuan, and 1.67 billion yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected growth in net profit for 2024-2026 adjusted to 1.7 billion, 2.03 billion, and 2.14 billion RMB respectively, reflecting year-on-year changes of -7.4%, +19.1%, and +5.6% [2]. Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 31.559 billion RMB, down 33.21% year-on-year, and net profit at 1.331 billion RMB, down 39.56% [1]. - The decrease in revenue is primarily attributed to a reduction in the scale of project completions in the real estate sector, compounded by ongoing industry challenges [1]. - Despite the sales pressure in the first nine months, October showed promising results with record-high visitor transactions [1]. - The company is focusing on first-tier cities, having expanded only two projects in Shanghai and Guangzhou during the first nine months of 2024 [1]. - The company plans to repurchase shares worth 300 to 600 million RMB to enhance its long-term incentive mechanisms [1]. Summary by Sections Performance Review - For the first nine months of 2024, the company achieved a revenue of 31.559 billion RMB, a decrease of 33.21% year-on-year, and a net profit of 1.331 billion RMB, down 39.56% [1]. - In Q3 2024, revenue was 6.716 billion RMB, reflecting a 57.42% decline year-on-year, with net profit at 66 million RMB, down 75.98% [1]. Operational Analysis - The decline in performance is linked to reduced project completions and profits, with sales down 37% to 65.12 billion RMB and sales area down 30% to 2.276 million square meters in the first nine months [1]. - The company reported a significant increase in rental income, up 39.2% year-on-year, with total rental area at 989,900 square meters, an increase of 67.2% [1]. Future Outlook - The company anticipates a recovery in performance as quality projects are completed, with adjusted net profit forecasts for 2024-2026 reflecting a gradual recovery [2]. - The stock is currently valued at a PE ratio of 11.1x for 2024, 9.3x for 2025, and 8.8x for 2026, indicating potential for growth [2].

广东恒益律师事务所 关于珠海华发实业股份有限公司 2024 年第五次临时股东大会的法律意见书 粤恒益法字 2024 第45号 致:珠海华发实业股份有限公司 2、公司已向本所保证,其已提供为出具本法律意见书所需要的资料,并保 证该等资料真实、准确、完整。 3、本所律师按照《股东大会规则》的要求,对公司提供的本次股东大会的 召集与召开程序、出席会议人员资格、表决程序以及本次股东大会的有关文件资 料进行审查验证,并据此发表法律意见。 4、经办律师同意将本法律意见书作为公司信息披露所必须的法定文件,随 公司本次股东大会的决议一起报送上海证券交易所,亦同意将本法律意见书随公 司本次股东大会的决议一并公告。 l 本所律师根据《股东大会规则》第五条的要求,按照律师行业公认的业务标 准,道德规范和勤勉尽责精神,对本次股东大会相关文件和有关事实进行了核查 和验证,现就本次股东大会的相关事项出具如下法律意见: 一、本次股东大会召集、召开的程序 根据《中华人民共和国证券法》(以下简称:"《证券法》")、《中华人民 共和国公司法》(以下简称:"《公司法》")和中国证券监督管理委员会《上市 公司股东大会规则》(以下简称:"《股东大会规 ...

证券代码：600325 证券简称：华发股份 公告编号：2024-061 珠海华发实业股份有限公司 2024 年第五次临时股东大会决议公告 本公司董事局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 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 563 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 897,324,946 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 32.6044 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等 本次会议的召集人为公司董事局，董事局主席李光宁先生因工作原因不 能主持本次股东大会。根据《公司章程》的相关规定，经董事局主席提议 并经董事局半数以上董事同意，推举董事局副主席陈茵女士主持本次股东 大会。会议的召开符合《公司法》和《公司章程》的有关规定。 (一) 股东大会召开的时间：2024 年 10 月 30 日 (二) 股东大会召 ...

Investment Rating - The report assigns a "Buy" rating to the company [2][4]. Core Insights - The company reported a revenue of 31.559 billion yuan for the first three quarters of 2024, a year-on-year decrease of 33.21%, and a net profit attributable to shareholders of 1.331 billion yuan, down 39.56% year-on-year. The decline in performance is primarily due to reduced project delivery and a decrease in gross profit margin, which stood at 15.81%, down 1.91 percentage points from the same period in 2023 [2][6]. - The company has improved its sales ranking, now positioned 11th in the industry, an increase of three places compared to the full year of 2023. The sales amount for the first three quarters was 65.12 billion yuan, a decrease of 37% year-on-year [2][6]. - A share repurchase plan was announced, with an amount between 300 million to 600 million yuan intended for employee stock ownership plans or equity incentives, aimed at boosting market confidence [2][6]. - Future performance is expected to improve under the support of policies aimed at stabilizing the real estate sector, leading to the "Buy" rating [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 31.559 billion yuan, down 33.21% year-on-year, and a net profit of 1.331 billion yuan, down 39.56% year-on-year. The gross profit margin was 15.81%, a decline of 1.91 percentage points from the previous year [2][6]. - The sales amount for the third quarter alone was 6.716 billion yuan, reflecting a year-on-year decrease of 57.42%, with a net profit of 66 million yuan, down 75.98% year-on-year [6]. Market Position - The company’s sales ranking improved to 11th in the industry, up three places from 2023, with a total sales amount of 65.12 billion yuan for the first three quarters, which is a 37% decrease year-on-year [2][6]. Share Repurchase - The company announced a share repurchase plan on October 29, 2024, intending to buy back shares worth 300 million to 600 million yuan within 12 months, all for employee stock ownership plans or equity incentives, with a repurchase price not exceeding 9.83 yuan per share [2][6]. Future Outlook - The report anticipates that the company’s revenue for 2024-2026 will be 78.141 billion, 83.700 billion, and 85.615 billion yuan, representing year-on-year growth rates of 8.31%, 7.11%, and 2.29% respectively. The net profit for the same period is projected to be 1.551 billion, 1.685 billion, and 1.815 billion yuan, with respective year-on-year changes of -15.63%, +8.65%, and +7.75% [2][6].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a decline in performance, with a significant drop in revenue and net profit, but improved its sales ranking to 11th place in the market [6] - The company has a solid pre-sale contract balance that supports future revenue recognition, despite a slowdown in project settlements [6] - Financing remains smooth, with a decrease in financing costs, and the company is actively working to revitalize its inventory through transactions with its major shareholder [6] Financial Summary - For Q3 2024, the company reported revenue of 31.56 billion yuan, down 33.2% year-on-year, and a net profit of 1.77 billion yuan, down 39.6% year-on-year [7] - The company's gross margin and net profit margin for Q3 2024 were 15.8% and 4.2%, respectively, showing a decline compared to the previous year [6] - The company’s total liabilities to assets ratio is 70.15%, with a net debt ratio of 76% as of Q3 2024 [3][6] Sales and Market Position - The company achieved sales of 65.1 billion yuan in Q3 2024, a decrease of 37% year-on-year, but improved its ranking in sales to 11th place [6] - The company has focused its land acquisition in core first and second-tier cities, with a significant reduction in new land purchases [6] Future Projections - The report forecasts the company's net profit for 2024 to be 1.78 billion yuan, with a gradual recovery expected in subsequent years [7] - The projected earnings per share for 2024 is 0.65 yuan, with a price-to-earnings ratio of 10.6 for 2024 and 9.7 for 2025 [6][7]

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][3]. Core Views - The company reported a revenue of 31.56 billion yuan for the first three quarters of 2024, a year-on-year decrease of 33.2%, and a net profit attributable to shareholders of 1.33 billion yuan, down 39.6% year-on-year, primarily due to reduced project delivery and profit recognition [2][3]. - The company has a relatively sufficient amount of unrecognized resources, with contract liabilities amounting to 90.83 billion yuan, which is 1.6 times its revenue over the past year [2][3]. - The company is focusing on core regions and has initiated a share buyback plan, which is expected to amount to 300-600 million yuan, with a maximum buyback price of 9.83 yuan per share, aimed at employee stock ownership plans or equity incentives [3]. - The company maintains a cautious investment strategy, focusing on core areas while actively managing financial stability and planning for share buybacks to demonstrate confidence in future development [3]. Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 15.8%, down 1.9 percentage points year-on-year, with minority interests accounting for 24.8%, a decrease of 4.5 percentage points year-on-year [2][3]. - The company’s projected earnings per share (EPS) for 2024-2026 are 0.70 yuan, 0.75 yuan, and 0.79 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 9.8x, 9.2x, and 8.7x [3][4]. - The company’s total assets are projected to decrease from 451.7 billion yuan in 2023 to 413.8 billion yuan in 2026, while total liabilities are expected to decline from 320 billion yuan to 273.9 billion yuan over the same period [6][8]. - The company’s asset-liability ratio is projected to decrease from 70.8% in 2023 to 66.2% in 2026, indicating improved financial stability [8].