公司报告 | 年报点评报告 金地集团（600383） 证券研究报告 现金流改善，静待投资重启——金地集团 2024 年报点评 事件：公司 24 年实现营业收入 753.44 亿元，同比-23.22%；归母净利润亏损约 61.15 亿元；基本每股收益-1.35 元/股，同比-775.00%。 结转毛利率下滑，积极计提减值准备。收入端，公司 24 年实现营收 753.44 亿元， 同比-23.22%，Q4 单季度实现营收 343.41 亿元，同比-25.07%。24 年开发业 务收入同比-29.77%，占比营收 79.7%，物业管理、物业出租及其他分别同比 +0.78%、-8.23%。利润端，公司 24 年归母净利润亏损约 61.15 亿元，Q4 单 季度亏损 27.05 亿元，主要系：1) 开发业务结转规模下降，同时结算毛利率下降 2.05pct 至 14.11%；2）24Q4 计提资产减值准备 32.53 亿元，其中计提信用损 失准备 14.87 亿元，计提存货跌价准备 17.04 亿元。 销售、土储收缩，静待公司重启拿地。销售端，公司 24 年签约销售面积 471.4 万平，同比-46.2%，销售金额 68 ...

丨证券研究报告丨 公司研究丨点评报告丨金地集团（600383.SH） [Table_Title] 公开债偿还高峰已过，经营与业绩仍需努力 ——金地集团 2024 年报点评 报告要点 [Table_Summary] 受制于市场需求下行及行业性的信用收缩，公司经营导向也顺势趋于审慎；债务压力临近、资 金链趋紧下，公司紧抓销售回款，积极抵押与处置优质资产换取现金流的态度值得肯定。公开 债的压力高峰期已过，作为老牌优质房企，公司相对突出的运营效率和开发优势仍在，随着宽 松政策持续加码，等到市场止跌回稳，公司凭借高效的运营和卓越的品牌，有望迎来经营层面 的边际改善。 金地集团（600383.SH） cjzqdt11111 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 %% %% %% %% research.95579.com 1 [Table_Title 公开债偿还高峰已过，经营与业绩仍需努力 2] ——金地集团 2024 年报点评 [Table_Summary2] 事件描述 ...

Core Viewpoint - The article discusses the recent adjustments in stock ratings by analysts, highlighting the common themes of performance improvement and turnaround situations for several companies, particularly in the real estate and consumer sectors [1][3]. Group 1: Rating Upgrades - Analysts have upgraded ratings for 15 stocks in the past week, with many citing performance improvement and turnaround as key reasons [1]. - China Fortune Land Development (金地集团) was upgraded by both CICC and Zhongyin Securities despite reporting a loss in its 2024 annual report, indicating a potential turnaround due to reduced debt pressure and improved operational conditions [3][4]. - Sinopec (中国石化) received an upgrade to "Buy" from Dongfang Securities, with expectations of benefiting from an improving refining industry landscape [4]. Group 2: Performance Improvement - Significant performance improvement in Q4 2023 has led to rating upgrades for several companies, such as Furuida (福瑞达), which saw a notable increase in its non-GAAP net profit despite an overall decline in 2024 [6]. - Conch Cement (海螺水泥) was upgraded to "Buy" by Zhongyou Securities, as its Q4 net profit showed a 42% year-on-year increase, indicating a recovery trend [6][7]. Group 3: Rating Downgrades - Eight stocks have had their ratings downgraded, primarily in the food and beverage, beauty, and machinery sectors, with reasons including underperformance and excessive prior gains [9][10]. - Jinhuijiu (金徽酒) and Shede Liquor (舍得酒业) were downgraded by China Galaxy Securities due to significant profit declines, although future recovery is anticipated [10]. - Other downgraded stocks include Jinzai Food (劲仔食品) and Aimeike (爱美客), reflecting cautious sentiment from analysts despite potential long-term growth [10].

Core Points - The company reported a significant decline in its financial performance for 2024, with a total revenue of 753.44 billion yuan, down 23.22% year-on-year, and a net profit attributable to shareholders of -6.115 billion yuan, a decrease of 788.54% [2][3][5] - The company has decided not to distribute cash dividends, issue bonus shares, or increase capital from reserves for the 2024 fiscal year due to negative distributable profits [4][5] - As of February 28, 2025, the number of shareholders decreased to 100,100, a reduction of 1,894, or 1.86%, while the average shareholding increased slightly [1][5] Financial Performance - The fourth quarter of 2024 saw a revenue of 343.41 billion yuan, down 25.07% year-on-year, and a net profit of -2.705 billion yuan, a decline of 425.85% [2] - The company's total assets decreased by 21.38% year-on-year to approximately 293.91 billion yuan, while net assets attributable to shareholders fell by 9.25% to about 59.04 billion yuan [3] - The company's financial metrics included a debt ratio of 64.79%, investment losses of 2.737 billion yuan, and financial expenses of 2.056 billion yuan, with a gross profit margin of 14.95% [2][3] Shareholder Information - The average number of shares held per shareholder increased from 44,300 to 45,100, with an average shareholding value of 215,100 yuan [1] - The company currently ranks 13th in market capitalization within the real estate development sector, with a total market value of approximately 20.993 billion yuan [1]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has experienced a continuous contraction in revenue recognition scale, leading to a significant decline in operating income and a substantial increase in impairment losses, which have adversely affected profit performance. The cautious investment activities amid market fluctuations have prompted a downward revision of profit forecasts for 2025-2026 and the addition of a profit forecast for 2027. The expected net profits for 2025-2027 are projected to be -110 million, 93 million, and 293 million respectively, with corresponding EPS of -0.02, 0.02, and 0.06. The current stock price corresponds to a PE ratio of 222.1 and 70.2 for 2025-2026 and 2026-2027 respectively. Despite the challenges, the company maintains a strong sales position, stable property management operations, and sufficient impairment provisions to alleviate historical burdens, with high-quality land reserves expected to exceed expectations once the market recovers [5][6][7]. Financial Performance Summary - The company reported total operating revenue of 753.44 billion, a year-on-year decrease of 23.22%. The net profit attributable to the parent company was -61.15 billion, a year-on-year decrease of 788.54%. The gross margin and net margin were 14.95% and -10.39%, reflecting declines of 2.46 percentage points and 13.65 percentage points respectively. The decline in operating revenue was primarily due to a reduction in the scale of revenue recognition from real estate projects, while the significant drop in net profit was attributed to increased impairment losses (credit impairment losses of 2.376 billion and asset impairment losses of 3.899 billion) and substantial losses from equity method investments (investment income of -2.737 billion) [6][9]. Sales and Land Reserves - The company achieved a total sales amount of 685.0 billion in 2024, ranking 14th in the industry. The new construction area in 2024 was 1.01 million square meters, while the completed area was 9.92 million square meters. As of the end of 2024, the total land reserve was approximately 29.16 million square meters, with equity land reserves of about 12.45 million square meters, of which approximately 77% is located in first- and second-tier cities, indicating a relatively sufficient land reserve focused on high-potential urban areas [7][8]. Property Management Performance - The company's property management revenue for 2024 was 7.808 billion, a year-on-year increase of 0.78%, with a gross margin of 10.11%, reflecting an increase of 2.47 percentage points. By the end of 2024, the managed area reached 252 million square meters. In the office property sector, the total area of new and renewed leases exceeded 200,000 square meters, while the performance of long-term rental apartments remained stable, with a maintained occupancy rate of 93% for mature projects [8].

Investment Rating - The report indicates a positive outlook for the Tianjin real estate market, suggesting a "small spring" trend in land transactions and new home sales for early 2025 [3]. Core Insights - The Tianjin real estate market has shown signs of recovery with significant land transactions and new home sales, establishing a solid foundation for market development in 2025 [3]. - The top 10 real estate companies in Tianjin achieved a total sales volume of 6.92 billion yuan in January and February 2025, with a minimum threshold of 480 million yuan for the ranking [4]. - The top-selling project, "Jian Investment Yuhe Yuan," recorded sales of 580 million yuan, leading the project sales ranking [6]. Sales Performance of Top 10 Companies - The top three companies by sales volume are: 1. 泰达建设 (Teda Construction) - 1.36 billion yuan 2. 中海地产 (China Overseas Property) - 950 million yuan 3. 天津城投 (Tianjin Urban Investment) - 740 million yuan [4][6]. - The total sales area for the top 10 companies reached 1.1 million square meters [4]. Project Sales Performance - The top 10 residential projects in Tianjin achieved a total sales volume of 2.95 billion yuan, with a minimum threshold of 210 million yuan for the ranking [6]. - The leading project by sales area was "Jian Investment Yuhe Yuan," with a transaction area of 21,000 square meters [6]. Policy Environment - In February, the central government emphasized boosting consumption, including housing demand, and urged local governments to enhance the supply of affordable housing [8]. - The report anticipates that the upcoming national meetings will release more positive signals for stabilizing the real estate market, which is expected to boost market confidence [8]. Land Market Analysis - In February 2025, Tianjin launched 23 land parcels, including 5 residential land parcels, with a total transaction amount of 4.657 billion yuan [10][12]. - The most notable transaction was for a residential land parcel in Heping District, which sold for 296 million yuan with a premium rate of 8.82%, marking a new high since 2018 [3][13].

上市24年首亏，66.92亿计提减值拖垮金地集团 曾经"招保万金"之一的金地，迎来了上市24年后的首次亏损。3月24日晚，金地集团发布2024年度 业绩报告显示，2024年金地集团实现营业收入约753.44亿元，同比下降23.22%；归母净利润亏损约 61.15亿元，同比下降788.54%。北京商报记者梳理发现，这是金地集团自2001年上市以来，归母净利润 首次转为亏损。对于归母净利润亏损，金地集团方面表示，受到销售规模的缩减、开发业务结转规模的 减少、结算毛利率的下滑，以及部分资产计提减值等因素的综合影响。北京商报记者注意到，2024年金 地集团对部分资产计提的减值损失高达66.92亿元，成为导致利润亏损的关键因素。 | 七、近三年主要会计数据和财务指标 | | | | | | --- | --- | --- | --- | --- | | (一)主要会计数据 | | | | | | | | | | 单位:元 | | 主要会计数据 | 2024年 | 2023年 | 本期比上年同期增减 (%) | 20 | | 营业收入 | 75.343.746.673.02 | 98.125.335.583.60 | - ...

数据四舍五入，查看更多财务数据>> 金地集团:2024年报净利润-61.15亿 同比下降 788.63% 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -1.3500 | 0.2000 | -775 | 1.3500 | | 每股净资产（元） | 0 | 14.41 | -100 | 14.44 | | 每股公积金(元) | 0.03 | 0.04 | -25 | 0.15 | | 每股未分配利润(元) | 11.32 | 12.69 | -10.8 | 12.63 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 753.44 | 981.25 | -23.22 | 1202.08 | | 净利润(亿元) | -61.15 | 8.88 | -788.63 | 61.15 | | 净资产收益率(%) | | 1.36 | -100 | 9.56 | | 名称 持有数量(万股) | | 占总 ...

金地(集团)股份有限公司 内部控制审计报告 2024 年 12 月 31 日 Deloitte. 内部控制审计报告 德师报(审)字(25)第 S00175 号 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见,并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化可 能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结果推 测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为,金地集团于2024年12月31日按照《企业内部控制基本规范》和相关规定在所 有重大方面保持了有效的财务报告内部控制。 金地(集团)股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了金地 (集团)股份有限公司(以下简称"金地集团")2024年12月31日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实 ...