股票代码：600325 股票简称：华发股份 公告编号：2024-034 珠海华发实业股份有限公司 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： ● 珠海华发实业股份有限公司（以下简称"公司"）A 股股票（证券代码： 600325）于 2024 年 5 月 15 日、2024 年 5 月 16 日、2024 年 5 月 17 日连续三个 交易日内日收盘价格涨幅偏离值累计达到 20%。根据《上海证券交易所交易规则》 的有关规定，属于股票交易异常波动情形。 关于股票交易异常波动的公告 ● 经公司自查，并函询公司控股股东及实际控制人，截至本公告披露日， 公司不存在应披露而未披露的重大事项。 一、股票交易异常波动的具体情况 公司 A 股股票于 2024 年 5 月 15 日、2024 年 5 月 16 日、2024 年 5 月 17 日连续三个交易日内日收盘价格涨幅偏离值累计达 20%，根据《上海证券交易所 交易规则》的有关规定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 （一）生产经营情况 （四）可能导 ...

特此回复！ 珠海市人民政府国有资产监督管理委员会 珠海华发实业股份有限公司： 我单位于今日收到贵公司发来的《珠海华发实业股份有 限公司股票交易异常波动的询证函》，经我单位认真自查，现 回复如下： 我单位作为珠海华发实业股份有限公司（以下简称"华 发股份"）的实际控制人，截至目前不存在影响华发股份股票 交易异常波动的重大事项；不存在其他应披露而未披露的重 大信息：包括但不限于筹划涉及上市公司的重大资产重组、 股份发行、收购、债务重组、资产剥离、资产注入、股份回 购、股权激励、破产重组、重大业务合作、引进战略投资者 等对华发股份股票交易价格产生较大影响的重大事项。 关于珠海华发实业股份有限公司股票交易异常波动 询证函的回复 2024 年 5 月 17 日 ...

关于珠海华发实业股份有限公司股票交易异常波动 询证函的回复 珠海华发实业股份有限公司： 本公司于今日收到贵公司发来的《珠海华发实业股份有 限公司股票交易异常波动的询证函》，经本公司认真自查，现 回复如下： 本公司作为珠海华发实业股份有限公司（以下简称"华 发股份"）的控股股东，截至目前不存在影响华发股份股票交 易异常波动的重大事项；不存在其他应披露而未披露的重大 信息：包括但不限于筹划涉及上市公司的重大资产重组、股 份发行、收购、债务重组、资产剥离、资产注入、股份回购、 股权激励、破产重组、重大业务合作、引进战略投资者等对 华发股份股票交易价格产生较大影响的重大事项。 特此回复！ 珠海华发集团有限公司 2024 年 5 月 17 日 ...

买入 [2T0a2b4l年e_0S5t月oc0k9In日fo ] （维持） 证券研究报告•2023年年报点评 当前价： 6.06元 华发股份（600325） 房地产 目标价： 7.28元（6个月） 销售稳健排名提升，高分红凸显价值 投资要点 西南证券研究发展中心 [T a业ble绩_S总u结mm：2a0r2y3] 年公司实现营业收入721.5亿元，同比增长19.4%；净利润34.7 [分Ta析bl师e_：Au池th天or惠] 亿元，同比下降29.0%；归母净利润18.4亿元，同比下降29.6%。公司拟每10 执业证号：S1250522100001 股派发现金红利3.7元（含税），分红比例55.4%，股息率约6%。 电话：13003109597  销售稳健排名提升，土地储备充足。2023年实现销售1260亿元，同比增长4.8%， 邮箱：cth@swsc.com.cn 连续 4年稳居千亿阵营，克而瑞销售排名升至第14，较上年提升4位。公司调 分析师：刘洋 整优化了组织结构框架，形成了“3+1”业务布局，华东大区/华南大区/珠海大 执业证号：S1250523070005 区/北方区域销售占比分别为 55.0%/ ...

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 ...

Investment Rating - The investment rating for the company is "Buy" [11] Core Viewpoints - In the short term, the company is actively acquiring land with leading growth rates in the industry, focusing on core cities, and has ample saleable land reserves to ensure scale growth [5][7] - In the long term, the industry supply structure is expected to optimize, allowing the company to leverage its strong financial resources, deepen its investment in core cities, and pursue quality growth [5][7] - The company remains in the green zone of the "three red lines" policy, with declining financing costs and further improvement potential in general expenses [5][7] - The parent group is actively increasing its stake and participating in private placements, demonstrating strong support for the listed company [5][7] - The dividend payout ratio for 2023 has significantly increased to 55.4%, reflecting the responsibilities of a local state-owned enterprise [5][7] Financial Performance Summary - In 2023, the company achieved revenue of 72.14 billion (+19.4%) and a net profit attributable to shareholders of 1.84 billion (-29.6%), with a significant decline in net profit after deducting non-recurring items to 870 million (-63.8%) [5][8] - The gross profit margin decreased by 2.0 percentage points to 18.1%, and the investment income from joint ventures dropped by 99.2% to 10 million, with impairment provisions totaling 1.64 billion [8] - The company’s sales volume for 2023 was 126 billion (+4.8%), maintaining a position in the top 14 of the industry rankings, with a sales area of 3.99 million square meters (-0.4%) and an average sales price of 32,000 per square meter (+5.2%) [7][8] - The company has a robust pre-sale cash reserve of 93.5 billion (+15.7%), ensuring future revenue growth [8] Land Acquisition and Development - The company actively acquired 23 quality projects in high-energy cities, with a total new land value of 72.7 billion, ranking 12th in the industry [7] - The land acquisition area to sales area ratio stands at 124.4%, indicating strong replenishment intensity [7] - The company’s new construction volume in 2023 was 2.05 million square meters (-28.3%), with a completion area of 5.15 million square meters (-22.0%) [7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's Q1 2024 performance was below expectations, with a year-on-year revenue decline of 41.5% to 7 billion yuan and a net profit decrease of 45.7% to 430 million yuan [6] - Despite the decline in performance, the company has a strong financing advantage, with a diversified financing channel and successful completion of equity financing [6] - The company has a solid land reserve and focuses on core urban areas, which supports future growth potential [6] Financial Performance Summary - Q1 2024 revenue was 7 billion yuan, down 41.5% year-on-year, while net profit was 430 million yuan, down 45.7% [6][7] - The company's gross margin and net margin for Q1 2024 were 15.1% and 6.2%, respectively, showing a decline compared to the previous year [6] - The company reported a pre-revenue of 97.82 billion yuan, which is 1.4 times the revenue for 2023, indicating a secured future revenue stream [6] Sales and Market Position - In Q1 2024, the company achieved sales of 20.37 billion yuan, a decrease of 59% year-on-year, but improved its national ranking to 11th place [6] - The company has a land reserve of 4.34 million square meters and is focused on strategic acquisitions in major cities [6] Financing and Debt Management - As of Q1 2024, the company maintained a healthy financial position with a net debt ratio of 70% and a cash-to-short-term debt ratio of 1.5 times [6] - The company successfully completed a public offering of A-shares, raising 5.1 billion yuan, and has issued various debt instruments totaling 2.21 billion yuan in 2024 [6]

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].