华发股份（600325.SH） 优于大市 归母净利润同比下降 34%，控股股东提供收储支持 归母净利润同比下降 34%。2024H1，公司实现营业收入 248 亿元，同比-21%， 受结算计划的排布影响较大；归母净利润 12.6 亿元，同比-34%；归母净利 率为 5.1%，同比下降 1.0 个百分点，主要受毛利率降低影响。2024H1，公司 毛利率 16.8%，同比下降 2.1 个百分点；此外归母净利润占比 73%，同比下 降 3.2 个百分点。 销售排名持续提升，土储仍较充裕。2024H1，公司签约销售金额为 452 亿元， 同比-41%，行业排名第 11，较 2023 全年提升 3 名；销售面积 167 万㎡，同 比-33%。虽然 2024H1 公司仅新增 2 宗地块，但均位于一线城市，且土储仍 较充裕。截至 2024H1 末，公司拥有在建项目面积 1008 万㎡，待开发土地计 容建面 365 万㎡，预收账款余额为 895 亿元，待结转资源充沛，为未来业绩 提供充分保障。 融资成本持续降低，控股股东提供收储支持。2024H1，公司融资成本为 5.13%， 较 2023 全年下降 35 个基点；经营性现金 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 09 02 年 月 日 华发股份（600325.SH） 1H24 业绩承压，大股东计划 120 亿元收购公司存量项目 2024H1 公司营收同比-21.1%，归母净利润同比-34.4%。公司 2024H1 实 现营业收入 248.4 亿元（同比-21.1%，下同）；实现归母净利润 12.65 亿元（- 34.4%）；实现扣非归母净利润 11.85 亿元（-38.3%）。业绩下滑主要因：（1） 受房地产市场下行以及公司结转结构影响，公司营收规模下滑，同时毛利率继 续下滑 2.1pct 至 16.8%，影响利润规模；（2）少数股东损益占比进一步提高 至 27.1%（+3.2%）。我们认为随着往年低利润率项目逐步结转，2022 年以来 获取的核心城市较高 IRR 及净利率的项目将逐步结转，报表利润有望逐步企 稳。 上半年销售有所承压，我们预计公司下半年将适度加大投拓及推盘力度。公司 2024H1 合约销售金额为 452 亿元（-41.2%），跌幅接近克而瑞百强房企平均 下滑幅度。公司上半年销售降幅较大，主要是公司在华东大区推盘有所下降， 上半年公司华 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company experienced a revenue decline of 21.1% year-on-year in H1 2024, with a net profit decrease of 31.5% [5] - Despite the performance drop, the company has a substantial pre-sale balance of 963.9 billion yuan, which is 1.3 times its 2023 revenue, ensuring future revenue stability [5] - The company has a strong land reserve strategy focused on core first and second-tier cities, with a ranking improvement in sales to 11th place [5][6] - The company remains in the green zone for the "three red lines" policy, indicating a stable financing environment and decreasing financing costs [6] Financial Summary - As of June 30, 2024, the company reported total revenue of 248.4 billion yuan and a net profit of 17.3 billion yuan [5] - The company's gross margin and net profit margin were 16.8% and 5.1%, respectively, showing a slight decline compared to the previous year [5] - The projected net profit for 2024-2026 is adjusted to 17.8 billion, 19.5 billion, and 21.4 billion yuan, respectively [6][7] Market Data - The closing price of the company's stock is 5.52 yuan, with a price-to-book ratio of 0.7 and a dividend yield of 6.70% [2] - The company's market capitalization is approximately 14,193 million yuan [2]

Investment Rating - The report maintains a "Recommended" rating for the company [2][6] Core Views - The company experienced a decline in revenue and profit in the first half of 2024, with revenue at 24.84 billion yuan, down 21.1% year-on-year, and net profit at 1.26 billion yuan, down 34.4% year-on-year [4] - Despite the decline, the company has a relatively sufficient backlog of resources, with contract liabilities amounting to 89.04 billion yuan, which is 1.4 times its revenue over the past year [4] - The company has improved its sales ranking, moving up three places to 11th in the sales rankings, with total sales of 45.2 billion yuan, down 41.2% year-on-year [4] - The company has implemented various strategies to enhance sales, including a "trade-in" program and increased digital marketing efforts [4] - The company has strengthened cash flow management, maintaining a stable financial structure with a debt ratio of 61.3% excluding advance payments [4] Financial Summary - For the first half of 2024, the company reported a revenue of 24.84 billion yuan and a net profit of 1.26 billion yuan, with a gross margin of 16.8%, down 2.1 percentage points year-on-year [4] - The company’s projected EPS for 2024-2026 is 0.70 yuan, 0.75 yuan, and 0.79 yuan, with corresponding P/E ratios of 7.8, 7.4, and 7.0 [6] - The company’s total assets are projected to decrease from 451.7 billion yuan in 2023 to 413.8 billion yuan in 2026 [7] - The company’s operating cash flow for 2024 is estimated at 24.11 billion yuan, significantly lower than the previous year [8] - The company’s debt ratio is expected to decrease from 70.8% in 2023 to 66.2% in 2026, indicating improved financial stability [9]

业绩简评 2024 年 8 月 30 日公司披露 2024 年半年报，1H24 实现营业收入 248.4 亿元，同比-21.1%；实现归母净利润 12.6 亿元，同比-34.4%。 2Q24 实现营业收入 178.4 亿元，同比-8.6%；实现归母净利润 9.2 亿元，同比-34.0%。 经营分析 当期业绩下滑，主因规模下降&毛利率下滑：公司营收主要来自房 地产开发项目结转，结转规模减少导致营收下滑。归母净利润同 比下滑，主要由于：①公司结算项目主要是 2022 年以前拿地项目， 且受市场下行影响期内加快库存去化，1H24 结算毛利率 16.75%， 同比下降 2.10pct；②合联营项目贡献的投资收益亦受市场影响， 1H24 合联营企业投资净收益 2.10 亿元，同比减少 0.78 亿元。 销售排名稳步提升，率先推出"以旧换新"：1H24 公司实现销售金 额 452 亿元，同比-41%%，居克而瑞销售榜单第 11（较 2023 年提 升 3 位）。形成华东、华南、北方和珠海的"3+1"布局，四个区 域销售贡献占比分别为 35.9%、35.5%、2.0%和 26.6%。迅速响应 政策号召，率先推出"以旧换新" ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 24.84 billion, a decrease of 21.08% compared to CNY 31.48 billion in the same period last year[13]. - The net profit attributable to shareholders for the first half of 2024 was CNY 1.26 billion, down 34.35% from CNY 1.93 billion year-on-year[13]. - The net cash flow from operating activities was CNY 664.86 million, a significant decline of 98.00% compared to CNY 33.30 billion in the previous year[13]. - Basic earnings per share for the first half of 2024 were CNY 0.46, down 47.73% from CNY 0.88 in the same period last year[14]. - The weighted average return on equity decreased by 5.01 percentage points to 5.54% from 10.55% year-on-year[14]. - The company reported a decrease of 38.29% in net profit after deducting non-recurring gains and losses, amounting to CNY 1.19 billion compared to CNY 1.92 billion last year[13]. - The company achieved rental income of CNY 368 million in the first half of the year, representing a year-on-year increase of 45.45%[26]. - Property management revenue reached CNY 845 million, up 26.69% year-on-year, with a total managed area of 36.54 million square meters, a 21.9% increase[26]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 444.23 billion, a decrease of 1.65% from CNY 451.70 billion at the end of the previous year[13]. - The net assets attributable to shareholders increased by 4.13% to CNY 23.09 billion from CNY 22.18 billion at the end of the previous year[13]. - The company maintained a debt-to-asset ratio of 61.31% (excluding pre-receipts), a decrease of 109 basis points from the end of 2023, while the comprehensive financing cost was 5.13%, down 35 basis points[23]. - The company's short-term borrowings surged by 277.16% to CNY 1.75 billion, indicating increased financing needs[28]. - The company's long-term equity investment balance stood at CNY 28.115 billion, highlighting its commitment to strategic investments[31]. - The total liabilities decreased from CNY 320.00 billion to CNY 309.92 billion, a decline of about 3.36%[155]. Business Strategy and Operations - The company is actively expanding its business into urban renewal, design, marketing, and long-term rental apartments, enhancing its core competitiveness in commercial real estate[20]. - The company launched the "Huafa Technology + Good House Product System" in April 2024, integrating advanced technologies such as the Harmony system and drone delivery into its residential offerings[19]. - The company has implemented a digital, intelligent, green, and industrialized transformation strategy to enhance product quality and operational efficiency[24]. - The company is focusing on enhancing its operational efficiency and financial management through various strategic partnerships and transactions[91]. - The company plans to enhance sales and collection efforts in key cities to mitigate market risks and improve operational efficiency[40]. Social Responsibility and Community Engagement - In the first half of 2024, the company engaged in consumption poverty alleviation projects, purchasing various specialty agricultural products from impoverished areas totaling 7.876 million yuan[53]. - The company was awarded the "Copper Cup" for the 2023 Guangdong Poverty Alleviation and Assistance by the Guangdong Provincial Committee, reflecting its commitment to social responsibility[54]. - The company actively organized employees to participate in rural revitalization training, enhancing theoretical knowledge and professional skills[52]. Corporate Governance and Compliance - The company has not disclosed any plans for profit distribution or capital increase during this reporting period[2]. - There are no significant non-operating fund occupations by controlling shareholders or related parties reported[2]. - The company has held four shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements[45]. - The company has established a long-term commitment to address any potential violations that may arise from its real estate projects, ensuring compliance with relevant laws and regulations[59]. Financial Management and Capital Structure - The company successfully issued a 2.125 billion RMB innovative Pre-reits product to optimize financing costs and maintain a strong credit profile with an AAA rating[23]. - The company plans to optimize its asset-liability structure by conducting supply chain asset securitization, using receivables from suppliers as the underlying assets[91]. - The company has been actively engaging in bond issuance to optimize its capital structure and manage financing costs[119]. - The company has not reported any overdue bonds or overdue debt obligations in the current reporting period[125]. Shareholder Information - The company issued a cash dividend of RMB 3.70 per 10 shares to all shareholders, which was distributed on July 5, 2024[107]. - The company's total share capital after the issuance of restricted shares is 2,752,152,116 shares, with 180,911,500 shares under restricted conditions[109]. - The company’s controlling shareholder, Huafa Group, increased its stake by acquiring 31,677,400 shares, representing 1.15% of the total share capital[103]. - The company has not reported any changes in the top ten shareholders due to securities lending activities[115]. Risk Management - The company emphasizes the importance of responding to macro-control policies in the real estate industry to optimize business development directions[39]. - The company will continue to innovate products and explore new business models to improve its industry position and brand influence[41]. - The company has implemented measures to address risks associated with the termination of bond trading, ensuring investor protection and compliance with regulations[125].

珠海华发集团财务有限公司 2024 年半年度风险持续评估报告 根据上海证券交易所《上市公司自律监管指引第 5 号——交 易与关联交易》的要求，珠海华发实业股份有限公司（以下简称 "本公司"）通过查验珠海华发集团财务有限公司（以下简称"财 务公司"）《金融许可证》《营业执照》等证件资料，审阅包括 资产负债表、利润表、现金流量表、所有者权益变动表等在内的 财务公司的定期财务报告，并了解财务公司内部控制及风险监管 指标动态，对财务公司的经营资质、业务和风险状况进行了评估， 具体情况报告如下： 一、财务公司基本情况 财务公司是经中国银行业监督管理委员会批准设立的为珠 海华发集团有限公司（以下简称"华发集团"）及其成员单位提 供财务管理服务的非银行金融机构，自 2013 年 2 月 8 日获准筹 建，于同年 9月 4日获得中国银行业监督管理委员会开业批复（银 监复[2013]459 号），于同年 9 月 6 日取得《金融许可证》（证 号：00367142），于同年 9 月 9 日办理工商登记并取得《营业执 照》（注册号：440003000020370），初始注册资本为人民币十 亿元。 2015 年 9 月 15 日，财 ...

截至 2024 年 6 月 30 日，公司实现销售金额 452 亿元，较去年同期下降 41%；销售面积 166.8 万平方米，较去年同期下降 33%。 二、新增土地项目情况 2024 年 1-6 月，公司新增土地项目如下： 股票代码：600325 股票简称：华发股份 公告编号：2024-048 珠海华发实业股份有限公司 关于 2024 年半年度经营情况简报 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露第 一号——房地产》要求，公司现将 2024 年半年度房地产业务主要经营数据披露 如下： 一、销售情况 1.上海闵行区七宝镇古美 17-01、21-01 项目：地块东至星中路，西至智联路， 北至宝兰路。土地出让面积为 31,521 平方米，用地性质住宅用地，容积率 2.00。 公司拥有该项目 26.01%权益。 2.广州海珠区琶洲西区 9 亩项目：地块位于海珠区琶洲西区。土地出让面积 为 5,706 平方米，用地性质为住宅用地，容积率 5.26。公司拥有该项目 ...

股票代码：600325 股票简称：华发股份 公告编号：2024-047 珠海华发实业股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告 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。 根据《上海证券交易所上市公司自律监管指引第1号——规范运作》和《上 市公司监管指引第2号——上市公司募集资金管理和使用的监管要求（2022年修 订）》的规定，珠海华发实业股份有限公司（以下简称"公司"或"本公司"） 将2024年半年度募集资金存放与实际使用情况专项说明如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意珠海华发实业股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2023〕2084 号）予以同意注册，并经上海 证券交易所同意，本公司由主承销商国金证券股份有限公司于 2023 年 10 月 17 日向特定对象发行普通股（A 股）股票 63,500.00 万股，每股面值 1 元，每股发 行价人民币 8.07 元。本次发行股票，共募集股款人民币 5,124,450,000.00 元，扣 除与发行有关的 ...

股票代码：600325 股票简称：华发股份 公告编号：2024-045 珠海华发实业股份有限公司 第十届董事局第四十三次会议决议公告 三、以十四票赞成、零票反对、零票弃权审议通过了《关于公司<2024 年半 年度募集资金存放与实际使用情况的专项报告>的议案》。具体内容详见公司同日 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：2024-047）。 特此公告。 珠海华发实业股份有限公司 董事局 二〇二四年八月三十一日 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"）第十届董事局第四十三次会 议通知于 2024 年 8 月 26 日以电子邮件方式发出，会议于 2024 年 8 月 30 日以通 讯方式召开，会议符合《公司法》和《公司章程》的有关规定。经与会董事以通 讯方式表决，形成如下决议： 一、以十四票赞成、零票反对、零票弃权审议通过了《关于<2024 年半年度 报告>及摘要的议案》。本项议案已经公司第 ...