Investment Rating - The investment rating for the company is "Hold" [2][12]. Core Views - The company has experienced a significant decline in performance due to market downturns, but it maintains a strong position in sales and stable operations across various business segments. The debt levels are gradually decreasing, which alleviates repayment pressures. The forecasted net profit for 2024-2026 has been adjusted to -4.16 billion, -0.47 billion, and 0.08 billion respectively, reflecting a substantial downward revision from previous estimates [1][2]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 41 billion, a year-on-year decrease of 21.6%. The net loss attributable to shareholders was approximately 3.41 billion, with a basic earnings per share of -0.76 yuan [1]. - In Q3 2024, the company achieved a revenue of approximately 19.87 billion, representing a year-on-year increase of 28.72%. The net loss for this quarter was about 49 million [1]. - The gross margin for the first three quarters of 2024 was 12.5%, an increase of 1.47 percentage points compared to the first half of 2024, but a decrease of 4.45 percentage points compared to the same period in 2023 [1]. Sales and Operational Stability - The company recorded a total contracted area of approximately 3.593 million square meters and a total contracted sales amount of about 52.81 billion for the first three quarters of 2024, reflecting year-on-year declines of 46.3% and 56.7% respectively. The new construction area decreased significantly by 68.3% [1]. - The rental income from real estate operations for the first three quarters of 2024 was 2.383 billion, a year-on-year increase of 2.81%, with an overall occupancy rate of 77% for office and commercial properties, up 2 percentage points from the previous year [1]. Debt and Financial Health - As of the end of Q3 2024, the company held cash and cash equivalents of 22.695 billion, a decrease of 420 million from the mid-2024 period. The debt-to-asset ratio was 67.6%, down 0.7 percentage points from mid-2024 [1]. - The total credit line from banks was 252.1 billion, with 87.9 billion utilized, leaving a remaining credit limit of 164.2 billion. The company has no foreign debt and is managing its liabilities effectively [1].

股票代码：600383 股票简称：金地集团 公告编号：2024-060 金地（集团）股份有限公司 科 学 筑 家 关于 2024 年第三季度计提资产减值准备的公告 本公司董事会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个别及连带责任。 特此公告。 金地（集团）股份有限公司董事会 公司对信用风险显著增加的应收款项单独确定信用风险损失，其他应收款 项则在组合基础上采用减值矩阵确定信用损失。除单项计提坏账准备的应收款 项外，公司以共同风险特征为依据将应收款项分为低风险组合、正常风险组合。 公司采用的共同信用风险特征包括债务人类别等。预期信用损失准备的增加或 转回金额，作为信用减值损失或利得计入当期损益。 按照公司计提信用损失准备的会计政策，第三季度共计提信用损失准备合 计24,271万元。 2、存货跌价准备 报告期末，存货按照成本与可变现净值孰低计量，按照存货的预计售价减 去至完工时预计将要发生的成本、销售费用以及相关税费后的金额确定可变现净 值。当其可变现净值低于成本时，提取存货跌价准备，第三季度共计提存货跌价 准备27,142万元。 二、本次计提 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥19,873,876,691.21, representing a year-on-year increase of 28.72%[3] - The net profit attributable to shareholders for the same period was -¥49,277,825.30, with a year-to-date net profit of -¥3,410,211,443.46, reflecting a decrease of 5,978.05% compared to the previous year[3] - The basic earnings per share for Q3 2024 was -¥0.01, with a year-to-date figure of -¥0.76, indicating a significant decline of 7,700%[3] - The company reported a significant drop in interest income to CNY 27,938,421.86 from CNY 60,427,062.01, a decrease of 53.8%[19] - The net profit for the third quarter of 2024 was -4,922,950,849.89 RMB, compared to a profit of 673,795,793.53 RMB in the same period last year, representing a significant decline[20] - The total comprehensive income for the third quarter of 2024 was -5,016,258,520.22 RMB, compared to 736,409,429.48 RMB in the previous year[21] - The basic and diluted earnings per share for the third quarter of 2024 were both -0.76 RMB, down from 0.01 RMB in the same quarter of 2023[21] - The total profit for the third quarter of 2024 was -4,857,216,946.10 RMB, down from 2,004,540,772.91 RMB in the same quarter of 2023[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥330,810,257,619.74, down 11.51% from the previous year-end[3] - The equity attributable to shareholders was ¥61,474,648,497.82, a decrease of 5.51% compared to the previous year-end[3] - The total assets as of the end of Q3 2024 were CNY 330,810,257,619.74, down from CNY 373,846,800,000.66 at the end of Q3 2023, representing a decrease of 11.5%[18] - The total liabilities decreased to CNY 223,665,870,126.77 from CNY 256,945,980,912.44, a reduction of 13.0% year-over-year[18] - The total equity attributable to shareholders decreased to CNY 61,474,648,497.82 from CNY 65,059,674,812.89, reflecting a decline of 5.5%[18] Cash Flow - The company reported a cash flow from operating activities of ¥7,802,839,314.64 year-to-date[3] - Cash inflows from operating activities for the first three quarters of 2024 totaled 55,605,046,413.50 RMB, a decrease from 105,567,529,067.23 RMB in the same period of 2023[22] - Cash outflows from operating activities for the first three quarters of 2024 were 47,802,207,098.86 RMB, compared to 106,312,619,908.30 RMB in the previous year[22] - Net cash flow from operating activities was ¥7.80 billion, a decrease from -¥745 million in the previous period[23] - Cash inflow from investment activities totaled ¥3.23 billion, down from ¥5.99 billion year-over-year[23] - Net cash flow from financing activities was -¥18.21 billion, compared to -¥22.16 billion in the same period last year[23] - The total cash and cash equivalents at the end of the period stood at ¥21.09 billion, down from ¥33.07 billion year-over-year[23] - Cash outflow for debt repayment was ¥24.51 billion, a decrease from ¥45.61 billion in the previous year[23] - Cash inflow from loans received was ¥10.28 billion, compared to ¥30.17 billion in the same period last year[23] - The company reported a net cash flow from investment activities of ¥2.86 billion, an increase from ¥1.58 billion year-over-year[23] - The cash inflow from other financing activities was ¥39.17 million, down from ¥150.91 million in the previous year[23] - The impact of exchange rate changes on cash and cash equivalents was -¥23.78 million, contrasting with a positive impact of ¥43.27 million in the previous period[23] Operational Highlights - In the first three quarters of 2024, the company completed a new construction area of approximately 709,000 square meters and a total signed area of approximately 3,593,225 square meters, generating a signed amount of approximately 52.81 billion RMB[11] - The company reported a total of 6,435,822 square meters of completed area and a sales amount of approximately 52.81 billion RMB across various regions, with the North region contributing 1,443.36 million RMB in sales[12] - The company experienced a decrease in gross margin due to project transfer scale and lower profitability[7] Non-Operating Income and Expenses - Non-operating income and expenses for the period resulted in a total loss of -¥86,959,555.25, with year-to-date losses amounting to -¥753,328,170.36[6] - Investment income for the third quarter of 2024 showed a loss of -1,300,058,965.96 RMB, compared to a gain of 440,616,116.50 RMB in the same period last year[20] - The company reported an asset impairment loss of -2,362,235,171.76 RMB in the third quarter of 2024, compared to -865,301,303.79 RMB in the previous year[20] - The company recorded a credit impairment loss of -991,802,378.22 RMB in the third quarter of 2024, compared to -592,289,373.19 RMB in the previous year[20] Strategic Focus - The company is focusing on improving its financial health and exploring new strategies for market expansion and product development[3] - The company has adopted new accounting standards starting from 2024, which may affect the financial statements[23]

股票代码：600383 股票简称：金地集团 公告编号：2024-058 2024 年 1-9 月公司累计实现签约面积 359.3 万平方米，同比下降 46.29%； 累计实现签约金额 528.1 亿元，同比下降 56.69%。 特此公告。 金地（集团）股份有限公司董事会 2024 年 10 月 10 日 金地（集团）股份有限公司 科 学 筑 家 关于公司2024年9月份销售情况的公告 本公司董事会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个别及连带责任。 2024 年 9 月公司实现签约面积 37.7 万平方米，同比下降 45.02%；实现签约 金额 52.0 亿元，同比下降 60.33%。 ...

股票代码：600383 股票简称：金地集团 公告编号：2024-057 科 学 筑 家 金地（集团）股份有限公司 关于为昆明西山项目公司融资提供担保的公告 本公司董事会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个别及连带责任。 重要内容提示： 一、 担保情况概述 金地（集团）股份有限公司（以下简称"公司"）合营公司之子公司昆明筑 鸿置业有限公司持有昆明乾辉房地产开发有限公司（下称"项目公司"）100% 的股权，开发位于昆明市西山区 52 号片区 D4 地块项目（下称"项目"）。为 了满足项目发展需要，项目公司向上海浦东发展银行股份有限公司昆明分行（以 下简称"浦发银行"）申请 32,000 万元额度的贷款，贷款期限最长为 5 年。公 司于近期与浦发银行签订了保证合同，为前述融资事项提供 100%连带责任保证 担保，即担保本金金额不超过人民币 32,000 万元。担保期限自担保合同生效之 日起至债务履行期限届满之日起三年。 2024 年 4 月 22 日，公司召开 2023 年年度股东大会，通过了《关于公司 2024 年度提供担保授权的议案》，公 ...

2024 年 9 月 22 日 公司研究 跨越公开债务高峰期，拿地销售有待提振 ——金地集团（600383.SH）动态跟踪 要点 事件： 9 月 19 日，公司发布《金地集团投资者关系活动记录表》。 点评：跨越偿债高峰，守住信用底线，销售弱于大市，业绩延续承压。 跨越偿债高峰，守住信用底线：24 年上半年公司如期偿还各项公开债务，截至 24 年上半年末，公司有息负债合计 817 亿元（较 23 年末降低 102 亿元），短 债占比 47.4%，银行借款占比为 88.9%，综合融资成本 4.38%，其中一年到期 的应付债券 87 亿元，包括美元债余额约人民币 34 亿元。24 年 8 月，公司已如 期偿还到期的 4.8 亿美元债，目前，公司已无存续境外美元债。24 年内公司剩 余待偿还公开市场债务为 11 月-12 月份合计到期的 30 亿元中票。截至 24 年上 半年末，公司在手货币资金 231 亿元，于各银行金融机构剩余授信额度 1642 亿 元，剔除预收款项后的资产负债率 60.0%，净负债率 53.0%，现金短债比 0.54 倍。整体上，公司有息负债规模稳步下降，总体财务杠杆水平稳健，短期现金流 仍显承 ...

股票代码：600383 股票简称：金地集团 公告编号：2024-056 金地（集团）股份有限公司 关于为南宁项目公司融资提供担保的公告 本公司董事会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个别及连带责任。 重要内容提示： 一、 担保情况概述 金地（集团）股份有限公司（以下简称"公司"）之子公司深圳市康森投资 有限公司持有南宁金鸿祥辉房地产开发有限公司（下称"项目公司"）34%的股权， 开发位于南宁市邕宁区龙华路 75 号金悦湾项目（下称"项目"）。为了满足项目 发展需要，项目公司向交通银行股份有限公司广西壮族自治区分行（以下简称"交 通银行"）申请 12,600 万元额度的贷款，贷款期限最长为 12 个月。公司于近期 与交通银行签订了保证合同，为前述融资事项提供 34%连带责任保证担保，即担 保本金金额不超过人民币 4,284 万元。担保期限为主合同项下债务履行期限届满 之日后三年止。 2024 年 4 月 22 日，公司召开 2023 年年度股东大会，通过了《关于公司 2024 年度提供担保授权的议案》，公司股东大会授权公司董事长对公司部分 ...

Market Outlook and Company Strategy - The real estate market is expected to gradually stabilize and maintain healthy development in the medium to long term, supported by various policies from central to local governments [2] - The company will focus on risk prevention, enhance cash flow management, and explore new high-quality development models [2] Sales Performance - In the first eight months of 2024, the company achieved a contracted area of 3.216 million square meters, a year-on-year decrease of 46% [4] - The total contracted sales amount reached 47.61 billion yuan, down 56% year-on-year [4] - The company plans to optimize channel management and enhance operational efficiency to address challenges [4] Financial Performance - The company reported a net profit of -3.36 billion yuan in the first half of 2024, a decline of 319.4% year-on-year, with operating revenue down 42.7% [5] - Asset impairment provisions totaled 2.925 billion yuan, including 834 million yuan for credit losses and 2.091 billion yuan for inventory depreciation [3] - Cash and cash equivalents decreased to 23.12 billion yuan from 29.74 billion yuan at the end of 2023, a reduction of 6.62 billion yuan [7] Debt Management - The company has repaid approximately 13.6 billion yuan in domestic public market debt and has no outstanding offshore dollar bonds [6] - Remaining public market debt due in November-December 2024 totals 3 billion yuan [6] Land Reserve and Investment Strategy - The company’s total land reserve is approximately 35.89 million square meters, with equity land reserves of about 15.99 million square meters, of which 75% is in first- and second-tier cities [7] - Future land acquisition will depend on market conditions and cash flow management [6] Brand Value and Market Position - The company's brand value is reported at 92.6 billion yuan, which enhances customer trust and attracts investors [9][10] - The company emphasizes the importance of brand value as a reflection of corporate image and commitment to customers [10]

股票代码：600383 股票简称：金地集团 公告编号：2024-055 项在上述授权范围内，无需另行召开董事会及股东大会审议。 二、 被担保人基本情况 金地（集团）股份有限公司 关于为广州项目公司融资提供担保的公告 本公司董事会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个别及连带责任。 重要内容提示： 一、 担保情况概述 金地（集团）股份有限公司（以下简称"公司"）之子公司广州市金璨房地 产开发有限公司通过间接方式持有广州市金振房地产开发有限公司（下称"项目 公司"）50%的股权，开发位于广州市增城区永宁街新新大道西侧项目（下称"项 目"）。为了满足项目发展需要，项目公司向中国光大银行股份有限公司广州分 行（以下简称"光大银行"）申请 36,529 万元额度的贷款，贷款期限最长为 36 个月。公司于 2024 年 9 月 19 日与光大银行签订了保证合同，为前述融资事项提 供 100%连带责任保证担保，即担保本金金额不超过人民币 36,529 万元。担保期 限为主合同项下债务履行期限届满之日起三年。 2024 年 4 月 22 日，公司召开 2 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's gross profit margin is under pressure, and impairment provisions have significantly impacted its operating performance [4] - Despite market challenges, the company remains a top-tier player in sales, focusing on high-tier cities [4] - Diversified businesses continue to show high-quality growth, with improvements in key operating indicators for commercial properties and property services [4] - The company is actively disposing of assets to maintain financial safety, with a net debt ratio of 53.0% and a weighted average cost of debt financing at 4.38% [4] - The report suggests that the current net profit does not reflect potential future earnings, and there is room for asset price recovery [5] Financial Performance - In 1H24, the company reported revenue of RMB 21.129 billion, a YoY decrease of 42.67%, with real estate business revenue dropping by 54.72% [4] - Net profit attributable to shareholders in 1H24 was RMB -3.361 billion, a YoY decrease of 319.39% [4] - The gross profit margin for real estate business settlement was 9.24%, down by 5.63 percentage points YoY [4] - The company's total land reserves are approximately 35.89 million square meters, with 75% located in first and second-tier cities [4] Valuation and Forecast - The report forecasts a 2024 EPS of RMB -0.38 and a net asset value per share of RMB 14.03, with a PB valuation range of 0.35-0.40x, corresponding to a reasonable value range of RMB 4.91-5.61 per share [5] - Revenue is expected to decline by 22.6% YoY in 2024, with a net profit of RMB -1.736 billion [6] - The gross profit margin is projected to be 11.0% in 2024, with a net profit margin of -2.3% [6] Industry Comparison - The company's valuation is compared with peers such as Vanke A, China Merchants Shekou, and Poly Development, showing a lower market cap and negative EPS for 2024 [9] Financial Ratios and Metrics - The company's debt-to-asset ratio was 68.3% as of 1H24, with a net debt ratio of 53.0% [4] - The company's cash and cash equivalents stood at RMB 23.116 billion as of 1H24, a YoY decrease of 49.8% [8] - The company's ROE (diluted) was -5.30% in 1H24, down by 7.63 percentage points YoY [8]