融资改善，商业运营支撑业绩 华泰研究 中报点评 投资评级(维持): 增持 目标价(人民币): 11.05 2024 年 8 月 31 日│中国内地 房地产开发 研究员 陈慎 SAC No. S0570519010002 SFC No. BIO834 chenshen@htsc.com +(86) 21 2897 2228 研究员 刘璐 SAC No. S0570519070001 SFC No. BRD825 liulu015507@htsc.com +(86) 21 2897 2053 研究员 林正衡 SAC No. S0570520090003 SFC No. BRC046 linzhengheng@htsc.com +(86) 21 2897 2065 研究员 陈颖 SAC No. S0570524060002 chenying019881@htsc.com +(86) 755 8249 2388 融资改善，商业运营支撑业绩 公司 8 月 30 日发布中报，2024H1 实现营收 339.0 亿元（YOY-18.8%），归 母净利 13.2 亿元（YOY-42.2%），EPS0.58 元。我们维持公司 ...

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 | --- | --- | |------------------------|------------------------------| | 行业 | 房地产 | | 公司网址 | www.seazen.com.cn | | 大股东 / 持股 | 富域发展集团有限公司 /61.09% | | 实际控制人 | 王振华 | | 总股本 ( 百万股 ) | 2,256 | | 流通 A 股 ( 百万股 ) | 2,256 | | 流通 B/H 股 ( 百万股 ) | | | | | | 总市值 ( 亿元 ) | 231 | | 流通 A 股市值 ( 亿元 ) | 231 | | 每股净资产 ( 元 ) | 27.23 | | 资产负债率 (%) | 76.1 | | 行情走势图 | | 相关研究报告 【平安证券】新城控股（601155.SH）*季报点评*毛 利率同比改善，商业地产平稳运行*推荐20240429 证券分析师 推荐 ( 维持) 事项： 股价:10.26元 2024年08月30日 房地产 新城控股(601155.SH) 紧抓资金回笼 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 33.90 billion, a decrease of 18.83% compared to CNY 41.77 billion in the same period last year[21]. - Net profit attributable to shareholders decreased by 42.16% to CNY 1.32 billion from CNY 2.28 billion year-on-year[21]. - The net cash flow from operating activities fell by 71.91% to CNY 2.09 billion, down from CNY 7.43 billion in the previous year[21]. - Basic earnings per share decreased by 42.57% to CNY 0.58 from CNY 1.01 in the same period last year[21]. - The total assets of the company at the end of the reporting period were CNY 355.65 billion, a decrease of 4.93% from CNY 374.11 billion at the end of the previous year[21]. - The net assets attributable to shareholders increased by 2.25% to CNY 61.43 billion from CNY 60.08 billion at the end of the previous year[21]. - The weighted average return on equity decreased to 2.17%, down from 3.78% in the same period last year, a decline of 1.61 percentage points[21]. - The company reported a decrease of 31.98% in net profit after deducting non-recurring gains and losses, amounting to CNY 1.32 billion compared to CNY 1.94 billion last year[22]. Market Expansion and Strategy - The company has entered 147 cities across China, focusing on a "residential + commercial" dual-driven operation model[31]. - The company has developed a new high-end product line called "Pin Yue," which emphasizes quality living spaces and lifestyle[32]. - The "Wuyue" commercial complex brand has expanded to 201 locations, covering 137 major cities in China[33]. - The company aims to enhance the value of commercial spaces through innovative operational strategies and user-centric approaches[34]. - The company is committed to creating a differentiated competitive advantage in the commercial real estate sector through unique space designs and operational models[34]. - The company is actively expanding its market presence with multiple projects in various cities, including a new commercial project in Qingdao at 29.99% completion[61]. - The overall market expansion strategy includes targeting high-demand residential areas and enhancing project completion rates to boost sales[59]. Project Development and Completion - The company delivered over 57,000 residential units in major cities such as Shenzhen, Nanjing, and Suzhou, showcasing its commitment to quality and customer satisfaction[49]. - The company completed 61 sub-projects with a total completion area of 6.9031 million square meters during the reporting period[55]. - As of the end of the reporting period, there were 194 sub-projects under construction, with a total construction area of 30.7011 million square meters[55]. - The company has multiple residential projects under construction, with the highest completion rate being 99.95% for the Suzhou Kunshan New City project[59]. - The company is focusing on residential projects, with several under construction and nearing completion, indicating a strong pipeline for future revenue[60]. - The company has a strong pipeline of projects in various stages of development, indicating a robust growth strategy for the upcoming years[83]. Financial Management and Risks - The company reported a net cash outflow from financing activities of ¥3,424,846,189, a 62.93% improvement compared to the previous year's outflow of ¥9,237,975,311[88]. - The company's long-term borrowings increased by 13.29% to ¥26,612,103,730 from ¥23,490,729,076[91]. - The company highlighted a significant risk from policy adjustments in the real estate sector, emphasizing the need for continuous monitoring and strategic adaptation[97]. - Financial risks are heightened due to the capital-intensive nature of the real estate industry, with a focus on improving capital structure and maintaining liquidity[100]. - The company is committed to monitoring regulatory changes that may impact project approvals and timelines, ensuring proactive management of potential risks[86]. Corporate Governance and Management - The company has undergone significant management changes, including the election of new board members and executives[105]. - The company appointed Mr. Wang Xiaosong as the chairman of the board and Mr. Zhou Jianfeng as the employee representative supervisor, with terms aligned with the fourth board of supervisors[106]. - The company has not implemented any new employee stock ownership plans or other incentive measures during the reporting period[108]. Social Responsibility and Sustainability - The company has invested 4.59 million yuan in various public welfare projects during the reporting period, demonstrating its commitment to social responsibility[115]. - A donation of 300,000 yuan was made to the Dayu School in Shanxi Province for educational support, including infrastructure and teacher training[117]. - The company is actively promoting energy management and sustainable practices, including the use of renewable energy sources and energy-efficient technologies[114]. - The company has established a carbon emission accounting methodology to support carbon neutrality in the construction sector[112]. Future Outlook - The company plans to start 22 new projects in the second half of 2024, with a total construction area of 1,337,445 square meters, including 533,000 square meters for residential projects and 806,000 square meters for commercial complexes[77]. - The company aims to complete 115 projects in the second half of 2024, achieving a total completion area of 701,810 square meters, with 349,490 square meters for residential projects and 352,320 square meters for commercial complexes[77]. - The company has set a future outlook with a revenue target of 1,080,000,000 for the upcoming fiscal year, indicating a strategic focus on expanding its market presence[140]. - The company anticipates a continued upward trend in revenue, supported by ongoing projects and market demand[148].

新城控股集团股份有限公司 证券代码：601155 证券简称：新城控股 公告编号：2024-036 对外担保进展公告 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法律责任。 重要内容提示: 被担保人：公司合并报表范围内各级子公司（以下简称"子公司"）、合 营公司及联营公司（以下简称"合联营公司"）。 担保金额：截至 2024 年 6 月 30 日，公司对外担保余额为 454.19 亿元， 在公司 2023 年年度股东大会授权范围内。 截至本公告披露日无逾期担保。 特别风险提示：基于房地产行业项目开发特点，公司及控股子公司存在 对外担保总额超过最近一期经审计归属母公司股东净资产 100%以及对资产负债 率超过 70%的公司提供担保的情况。 一、担保情况概述 公司于 2024 年 5 月 29 日召开的 2023 年年度股东大会审议通过了《关于公 司 2024 年度担保计划的议案》，同意公司在 2023 年 12 月 31 日担保余额基础上， 对资产负债率为 70%以上的子公司、资产负债率低于 70%的子公司、资产负债 率为 70%以上的合 ...

证券代码：601155 证券简称：新城控股 编号：2024-035 新城控股集团股份有限公司 关于召开2024年半年度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2024 年 9 月 2 日（星期一）9:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 8 月 26 日（星期一）至 8 月 30 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （xckg@xincheng.com）进行提问。公司将在说明会上就投资者普遍关注的问题 进行回答。 新城控股集团股份有限公司（以下简称"公司"）将于 2024 年 8 月 31 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度的经营成果及财务状况，公司计划于 202 ...

证券代码：601155 证券简称：新城控股 编号：2024-034 新城控股集团股份有限公司 2024 年 7 月份经营简报 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法律责任。 本公司董事会提醒，披露信息所有经营数据未经审计，月度经营数据与定期报 告数据可能存在差异，仅供投资者了解公司现时经营状况作参考。 一、公司 2024 年 7 月份销售情况 7月份公司实现合同销售金额约34.87亿元，比上年同期减少41.93%；合同销售 面积约46.74万平方米，比上年同期减少40.43%。 1-7月公司累计实现合同销售金额约270.42亿元，比上年同期减少44.14%；累 计合同销售面积约372.95万平方米，比上年同期减少37.33%。 | 省份 7 | 月份销售金额（万元） 7 | 月销售面积（平方米） | | --- | --- | --- | | 江苏 | 104,025 | 97,012 | | 北京 | 44,721 | 15,384 | | 天津 | 29,095 | 50,159 | | 新疆 | 24,485 | 26, ...

2024 年 7 月 15 日 公司研究 商业助力穿越周期,积极保障交付进度 ——新城控股(601155.SH)动态跟踪 要点 事件:公司发布《2024 年 6 月份及第二季度经营简报》;中指研究院发布《2024 上半年中国房地产企业交付规模排行榜》,公司位列第七名。 点评:公司销售有待提升,商业规模稳步提升,积极保障交付,短债压力可控。 销售表现有待修复,销售格局保持稳定:2024 年 6 月,公司实现销售额 38.0 亿 元,同比-43.3%,环比-7.3%,边际修复相对缓慢。2024 年 1-6 月,公司累计 实现销售额 235.5 亿元,同比减少 44.5%,销售同比略低于百强房企同期表现 (-41.8%);销售均价 7221 元/平米,同比-12.0%,价格端受供货结构与市场 需求影响表现较弱;其中,公司销售额内部排名前三的省份为江苏(74 亿元, 同比-49%)、天津(23 亿元,同比-26%)、山东(20 亿元,同比-46%),销 售额占比分别为 31.3%、9.6%、8.3%,江苏省作为公司销售大本营贡献稳定。 开发规模逐步降低,积极保障交付进度:截至 23 年末,公司共有 220 个子项目 ...

房地产/房地产开发 销售规模收缩,商业运营发展强劲 新城控股(601155.SH) 2024 年 07 月 08 日 投资评级:买入(维持) | | | |--------------------|------------| | 日期 | 2024/7/8 | | 当前股价(元) | 8.65 | | 一年最高最低(元) | 17.59/7.95 | | 总市值(亿元) | 195.11 | | 流通市值(亿元) | 195.11 | | 总股本(亿股) | 22.56 | | 流通股本(亿股) | 22.56 | | 近 3 个月换手率(%) | 83.85 | 股价走势图 新城控股 沪深300 -60% -40% -20% 0% 20% 40% 2023-07 2023-11 2024-03 数据来源:聚源 相关研究报告 《结转规模下降影响业绩,投资物业 表 现 坚 韧 — 公 司 信 息 更 新 报 告 》 -2024.5.2 《商管收入稳健增长,有息负债持续 压降—公司信息更新报告》-2024.3.31 《投资收益同比高增,定增方案修订 完成—公司信息更新报告》-2023.11.14 新城控股发布 2 ...

证券代码：601155 证券简称：新城控股 编号：2024-032 新城控股集团股份有限公司 2024 年 5 月份经营简报 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法律责任。 本公司董事会提醒，披露信息所有经营数据未经审计，月度经营数据与定期报 告数据可能存在差异，仅供投资者了解公司现时经营状况作参考。 一、公司 2024 年 5 月份销售情况 5月份公司实现合同销售金额约41.02亿元，比上年同期减少41.67%；销售面积 约57.57万平方米，比上年同期减少36.29%。 1-5月累计合同销售金额约197.54亿元，比上年同期减少44.67%，累计销售面 积约273.69万平方米，比上年同期减少35.19%。 | 省份 5 | 月份销售金额（万元） 5 | 月销售面积（平方米） | | --- | --- | --- | | 江苏 | 134,569 | 142,826 | | 天津 | 37,124 | 34,013 | | 山东 | 35,086 | 53,051 | | 广东 | 27,915 | 28,500 | | ...