证券研究报告 | 2024年05月08日 华发股份（600325.SH） 买入 归母净利润受减值拖累，债务结构持续优化 核心观点 公司研究·财报点评 2023年营收增长但利润承压。2023年，公司实现营业收入721亿元，同比 房地产·房地产开发 +22%；归母净利润18亿元，同比-29%。分季度看，2023Q4利润表现较差， 证券分析师：任鹤 证券分析师：王粤雷 主要是年末公司计提资产减值准备（以存货跌价准备为主）16亿元，拖累了 010-88005315 0755-81981019 renhe@guosen.com.cn wangyuelei@guosen.com.cn 归母净利润11亿元。2024Q1，公司实现营业收入为70亿元，同比-41%；归 S0980520040006 S0980520030001 母净利润3.5亿元，同比-35%；季度表现受结算计划的排布影响较大。 证券分析师：王静 021-60893314 利润率延续下行趋势。2023全年，公司归母净利率为2.5%，较上年下降了 wangjing20@guosen.com.cn 1.8个百分点；一方面受计提减值影响，另一方面受毛利率降低影响。2 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨华发股份（ ） 600325.SH [毛Ta利b率le_下T滑itle与] 减值拖累业绩，大手笔分红彰显国 企担当——华发股份 点评 2023A&2024Q1 报告要点 [1T）ab短le期_S来u看mm，a公ry司] 销售拿地积极，增速业内领先，布局核心城市，可售土储充裕保障规模增长； 2）长期来看，行业供给格局优化，有望凭借雄厚的财务资源，立足珠海大本营，深耕核心城市， 扎实投资，追求有品质的增长；3）公司三道红线稳居绿档，资金成本下行，广义费用层面有进 一步改善空间；4）华发集团积极增持与定增认购，彰显集团对上市公司的强力支持；2023年 ...

上 市 公 司 房地产 2024 年04月 30 日 华发股份 (600325) 公 司 研 究 ——业绩低于预期，融资优势明显 公 司 点 报告原因：有业绩公布需要点评 评 投资要点： 买入 （维持）  24Q1业绩同比-35%，略低于预期，投资净收益2.7亿元、同比+100%。公司发布2024 年一季报，2024Q1 公司实现营业收入 70.0 亿元，同比-41.5%；净利润 4.3 亿元，同比 -45.7%；归母净利润3.5亿元，同比-35.3%；扣非后归母净利润3.4亿元，同比-39.4%； 证 市场数据： 2024年04月29日 基本每股收益0.13元/股，同比-45.8%。2024Q1公司综合毛利率、净利率分别为15.1%、 券 收盘价（元） 6.54 6.2%，同比分别-2.0pct、-0.5pct；期间费率9.5%，同比+3.4pct。此外，公司投资净收 研 一年内最高/最低（元） 11.66/5.84 益2.7亿元，同比+100.4%；少数股东损益0.8亿元，同比-67.6%；公司结算规模有所下 究 市净率 0.8 报 息率（分红/股价） - 滑，同时利润率回落、期间费率增加，使得公司归母 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.39 CNY per share, reflecting a potential upside from the current price of 6.54 CNY [4][23]. Core Views - The company has significantly increased its dividend payout ratio to 55%, with a planned total dividend of 1.02 billion CNY for 2023, despite a decline in net profit [2][8]. - The company's total revenue for 2023 reached 72.14 billion CNY, representing a year-on-year growth of 19.4%, while the net profit attributable to shareholders decreased by 29.6% to 1.84 billion CNY [2][3]. - The company has focused on high-potential markets, achieving a sales amount of 126 billion CNY in 2023, a 4.8% increase year-on-year, and improving its national sales ranking to 14th [2][16]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 72.14 billion CNY, up 19.4% from the previous year, and a net profit of 1.84 billion CNY, down 29.6% [3][8]. - The gross profit margin for the company and its real estate segment was 18.1% and 18.0%, respectively, both down from the previous year [2][11]. - The company plans to distribute a total dividend of 1.02 billion CNY, which corresponds to a dividend payout ratio of 55%, significantly higher than the previous year's 30% [2][8]. Sales and Market Position - The company achieved a sales amount of 126 billion CNY in 2023, with a market share increase from 0.9% to 1.1%, ranking 14th nationally [2][16]. - The average selling price per square meter increased by 5.2% to 31,545 CNY, driven by a strategic shift towards high-potential markets [2][16]. Investment and Land Acquisition - In 2023, the company acquired land worth 57.5 billion CNY, with a land acquisition intensity of 46%, which is 21 percentage points higher than the average of 44 mainstream real estate companies [2][20]. - The company has focused its investments in the East China region, which accounted for 73% of its total land acquisitions, with an average project gross margin of 31.2% [2][20]. Financial Management - As of December 31, 2023, the company's total interest-bearing debt was 144 billion CNY, a slight decrease of 1% year-on-year, with a comprehensive financing cost reduced to 5.48% [2][21]. - The company maintains a green rating under the "three red lines" policy, indicating a stable financial position [2][21]. Profit Forecast and Investment Advice - The company is expected to achieve net profits of 2.35 billion CNY and 2.80 billion CNY in 2024 and 2025, respectively, reflecting year-on-year growth of 28% and 19% [2][23]. - The report suggests that the company's focus on core markets and the gradual realization of high-margin projects will support its profitability recovery [2][23].

房地产 | 证券研究报告 — 调整盈利预测 2024年4月30日 600325.SH 华发股份 买入 营收规模稳步增长；经营性现金流明显优化 原评级：买入 市场价格:人民币 6.27 摘要：华发股份公布2023年年报，公司实现营业总收入721.4亿元，同比增长19.4%； 归母净利润18.4亿元，同比下降29.6%。公司拟每10股派发现金股息3.7元（含税）， 板块评级:强于大市 分红率为55.41%。  公司营收规模稳步增长，业绩承压，待结算资源充沛。2023年公司营收同比增长19.4%，归母净利润同比 下降29.6%，主要是因为：1）结算利润率下滑，公司毛利率为18.1%，同比下降2.0个百分点。2）投资 收益同比大幅下降81.7%至2.8亿元。3）受市场环境影响，公司计提资产减值损失15.9亿元（2022年为 股价表现 7.6亿元）。4）合联营项目结算利润提升，少数股东损益/净利润同比小幅提升0.5个百分点至47.0%。2023 年公司净利率和归母净利润率分别为4.8%和2.5%，同比分别下降了3.3、1.8个百分点。三费率明显改善， 同比下降0.7个百分点至5.7%，其中职工薪酬下降，管理费用同比下 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected growth in stock price over the next 6-12 months exceeding 15% [2][6]. Core Views - The company reported a significant decline in revenue and profit in Q1 2024, with revenue at 7.0 billion RMB, down 41.5% year-on-year, and net profit at 0.35 billion RMB, down 35.3% year-on-year [1]. - The decline in revenue is attributed to a decrease in the delivery and turnover of real estate projects, while net profit decline was slightly mitigated by an increase in investment income from joint ventures [1]. - The company is focusing on acquiring land in first-tier cities, having secured two plots in Shanghai and Guangzhou, totaling a construction area of 37,000 square meters [1]. - The company anticipates a recovery in performance as quality projects are delivered, with net profit forecasts for 2024-2026 at 2.01 billion RMB, 2.26 billion RMB, and 2.56 billion RMB, representing growth rates of 9.4%, 12.2%, and 13.5% respectively [2]. Summary by Sections Revenue and Profit Analysis - Q1 2024 revenue decreased by 41.5% year-on-year to 7.0 billion RMB, while net profit fell by 35.3% to 0.35 billion RMB [1]. - The gross margin for Q1 2024 was 15.09%, down 2.03 percentage points year-on-year [1]. Sales and Land Acquisition - Sales amount in Q1 2024 was 20.4 billion RMB, down 59% year-on-year, with a sales area of 685,000 square meters, also down 58% [1]. - The company acquired two land parcels in first-tier cities, focusing on strategic locations [1]. Construction Activity - New construction area in Q1 2024 was 400,000 square meters, up 164% year-on-year, while completed area was 1.29 million square meters, up 94% [1]. - As of March 2024, the total area under construction was 11.42 million square meters, a decrease of 470,000 square meters from the end of 2023 [1]. Financial Forecast - The company’s revenue projections for 2024-2026 are 79.29 billion RMB, 84.68 billion RMB, and 90.50 billion RMB, with growth rates of 9.91%, 6.79%, and 6.87% respectively [3]. - The projected net profit for 2024-2026 is 2.01 billion RMB, 2.26 billion RMB, and 2.56 billion RMB, with corresponding growth rates of 9.43%, 12.18%, and 13.50% [3].

房地产 公 2024年04月29日 司 报 华发股份(600325.SH) 告 开工同比提升，投资持续聚焦 推荐 ( 维持 ) 事项： 公司公布2024年一季报，一季度实现营业收入70亿元，同比下降41.5%，归 股价:6.54元 母净利润3.5亿元，同比下降35.3%。 公 主要数据 平安观点： 行业 房地产 司 公司网址 www.cnhuafas.com ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 72.145 billion yuan in 2023, representing a year-on-year growth of 19.4%, while the net profit attributable to shareholders decreased by 29.6% to 1.84 billion yuan, which was in line with expectations [2][3] - The revenue growth was steady, but the performance was under pressure due to several factors, including a decline in gross margin by 2.3 percentage points to 18.0%, an increase in sales expenses by 26.6%, and a rise in the proportion of minority shareholders' profit [2][3] - The company has maintained its leading position in Zhuhai and has entered the "trillion" sales club for four consecutive years, achieving a sales amount of 125.99 billion yuan in 2023, a year-on-year increase of 4.8% [3] - The company has focused on acquiring quality land reserves through various methods, with an investment amount of 68.24 billion yuan in 2023, significantly up from 46.5 billion yuan in 2022, and has targeted core cities [3] - Financing costs have been on a downward trend, with the average financing cost in 2023 at 5.5%, a decrease of 28 basis points year-on-year, supported by the controlling shareholder [3] Financial Forecasts and Valuation - The net profit forecasts for 2024 and 2025 have been revised down to 1.97 billion yuan and 2.11 billion yuan, respectively, with an expected net profit of 2.24 billion yuan in 2026 [4] - Corresponding EPS for 2024, 2025, and 2026 are projected to be 0.72 yuan, 0.77 yuan, and 0.81 yuan, with P/E ratios of 8.7X, 8.2X, and 7.7X respectively [4] - The company is expected to benefit from its state-owned shareholder advantage and steady sales performance, maintaining a "Buy" rating [4]

股票代码：600325 股票简称：华发股份 公告编号：2024-027 珠海华发实业股份有限公司 关于 2024 年第一季度经营情况简报 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 年第一季度房地产业务主要经营数据披 露如下： 一、销售情况 截至 2024 年 3 月 31 日，公司实现销售金额 203.7 亿元，较去年同期下降 59%；销售面积 68.5 万平方米，较去年同期下降 58%。 二、新增土地项目情况 2024 年 1-3 月，公司新增土地项目如下： 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 51%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 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥7,000,110,720.18, representing a decrease of 41.46% compared to the same period last year[4] - Net profit attributable to shareholders was ¥348,976,942.54, down 35.34% year-on-year[4] - Basic and diluted earnings per share were both ¥0.13, a decrease of 45.83% year-on-year[4] - Net profit for Q1 2024 was ¥431,851,068.01, a decline of 45.8% from ¥795,766,901.69 in Q1 2023[21] - The company reported a total comprehensive income of ¥461,030,592.04 for Q1 2024, down from ¥877,393,121.87 in Q1 2023[22] - The net profit for Q1 2024 was a loss of ¥204,976,203.72, compared to a loss of ¥256,381,775.65 in Q1 2023, showing an improvement of 20.0%[32] Cash Flow - The net cash flow from operating activities was ¥576,564,117.20, reflecting a significant decline of 94.74% compared to the previous year[4] - In Q1 2024, the company reported cash inflows from operating activities of CNY 13.64 billion, a decrease of 44.5% compared to CNY 24.50 billion in Q1 2023[23] - The company's cash flow from operating activities was significantly impacted by a decrease in sales revenue, which totaled CNY 11.22 billion in Q1 2024, down from CNY 22.01 billion in Q1 2023[23] - The cash flow from operating activities showed a net outflow of ¥2,223,167,983.90 in Q1 2024, compared to an inflow of ¥3,058,335,252.17 in Q1 2023[33] - The net cash flow from operating activities for Q1 2024 was CNY 576.56 million, down from CNY 10.97 billion in the same period last year, indicating a significant decline[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥459,715,696,599.04, an increase of 1.77% from the end of the previous year[5] - The company's total assets amounted to approximately ¥459.72 billion, an increase from ¥451.70 billion as of December 31, 2023, reflecting a growth of about 1.8%[15] - Total liabilities as of Q1 2024 amounted to ¥328,079,515,127.63, an increase from ¥319,999,856,599.69 in the previous year[18] - The total liabilities increased to ¥152,970,466,167.40 in Q1 2024 from ¥140,442,116,745.53 in Q1 2023, representing an increase of 8.9%[29] - The total liabilities of the company as of March 31, 2024, were CNY 128.69 billion, compared to CNY 115.45 billion at the end of 2023, reflecting an increase in financial obligations[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 40,897[9] - The largest shareholder, Zhuhai Huafa Group Co., Ltd., held 26.34% of the shares, totaling 724,967,983 shares[9] - Total equity attributable to shareholders was ¥22,435,712,639.65, up from ¥22,176,545,773.56 year-over-year[18] - The total equity decreased to ¥21,808,629,687.52 in Q1 2024 from ¥22,012,917,173.62 in Q1 2023, a decline of 0.9%[29] Operational Highlights - The decline in revenue was primarily due to a reduced scale of real estate project deliveries compared to the same period last year[7] - The company successfully acquired three properties through its wholly-owned subsidiary, Zhuhai Huaxin Investment Development Co., Ltd., enhancing its operational capabilities[12] - The company plans to sign a management contract for a project involving scattered properties, indicating a strategic move towards expanding its real estate management portfolio[13] Investment and Expenses - Research and development expenses for Q1 2024 were ¥11,604,502.04, slightly up from ¥10,260,358.81 in Q1 2023[19] - The company reported financial expenses of ¥542,895,253.41 in Q1 2024, an increase from ¥431,254,417.21 in Q1 2023[30] - The investment income for Q1 2024 was ¥174,450,849.84, significantly higher than ¥32,317,424.17 in Q1 2023, marking an increase of 441.5%[31]