Revenue and Profit - Revenue for the third quarter was RMB 17.66 billion, a decrease of 40.16% year-over-year[2] - Net profit attributable to shareholders for the third quarter was RMB 136.43 million, down 31.57% year-over-year[2] - Basic earnings per share for the third quarter were RMB 0.06, a decrease of 33.33% year-over-year[3] - The decrease in revenue was primarily due to reduced income from real estate project deliveries compared to the same period last year[8] - The decrease in net profit was mainly due to reduced gross profit from real estate deliveries[8] - Operating income for the first three quarters of 2024 was 51.56 billion yuan, down from 71.28 billion yuan in the same period of 2023[19] - Net profit for the first three quarters of 2024 was 1.52 billion yuan, down from 2.65 billion yuan in the same period of 2023[21] - Net profit attributable to parent company shareholders decreased to RMB 1.45 billion from RMB 2.48 billion year-over-year[22] - Revenue for the first nine months of 2024 was 1.004 billion yuan, up from 777.441 million yuan in 2023[27] - Net profit for the first nine months of 2024 was 33.617 million yuan, down from 447.170 million yuan in 2023[27] - Comprehensive income totaled 33.617 million yuan, compared to 447.170 million yuan in the same period last year[28] Cash Flow - Net cash flow from operating activities for the year-to-date was RMB 1.78 billion, a decrease of 79.59% year-over-year[2] - Cash flow from operating activities declined to RMB 1.78 billion from RMB 8.73 billion year-over-year[23] - Cash received from sales of goods and services fell to RMB 33.23 billion from RMB 50.61 billion compared to the previous year[23] - Cash flow from investing activities improved to a positive RMB 471.93 million from a negative RMB 615.64 million year-over-year[24] - Cash flow from financing activities showed a net outflow of RMB 4.85 billion, improving from a net outflow of RMB 13.15 billion in the same period last year[24] - Total cash and cash equivalents at the end of the period stood at RMB 10.23 billion, down from RMB 16.53 billion at the end of the previous year[24] - Sales of goods and services received cash of 134,666,239 yuan in the first three quarters of 2024, a decrease of 69.7% compared to 444,823,325 yuan in the same period of 2023[29] - Total cash inflows from operating activities were 156,014,019 yuan in the first three quarters of 2024, down 70.3% from 525,645,341 yuan in the same period of 2023[29] - Net cash flow from operating activities was -364,332,633 yuan in the first three quarters of 2024, compared to -99,708,904 yuan in the same period of 2023[29] - Total cash inflows from investment activities were 10,097,986,649 yuan in the first three quarters of 2024, a decrease of 33.3% from 15,135,285,483 yuan in the same period of 2023[30] - Net cash flow from investment activities was 1,724,393,029 yuan in the first three quarters of 2024, an increase of 13.5% from 1,519,911,007 yuan in the same period of 2023[30] - Total cash inflows from financing activities were 1,860,000,000 yuan in the first three quarters of 2024, a decrease of 4.6% from 1,950,000,000 yuan in the same period of 2023[30] - Net cash flow from financing activities was -1,360,396,238 yuan in the first three quarters of 2024, compared to -1,653,861,281 yuan in the same period of 2023[30] - The ending balance of cash and cash equivalents was 2,200,989 yuan as of September 2024, a decrease of 86.1% from 15,869,510 yuan in the same period of 2023[30] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 342.66 billion, a decrease of 8.41% compared to the end of the previous year[3] - Equity attributable to shareholders as of the end of the third quarter was RMB 61.53 billion, an increase of 2.42% compared to the end of the previous year[3] - The company's monetary funds as of September 30, 2024, are 13,316,771,990, a decrease from 18,971,301,140 at the end of 2023[16] - The company's inventory as of September 30, 2024, is 124,328,670,314, a decrease from 142,506,571,410 at the end of 2023[16] - The company's total current assets as of September 30, 2024, are 185,613,121,441, a decrease from 217,456,544,827 at the end of 2023[16] - The company's long-term equity investments as of September 30, 2024, are 23,687,222,344, a slight decrease from 24,137,884,854 at the end of 2023[16] - The company's investment properties as of September 30, 2024, are 120,595,555,274, an increase from 119,516,000,000 at the end of 2023[16] - Total assets decreased to 342.66 billion yuan from 374.11 billion yuan[17] - Total liabilities decreased to 258.54 billion yuan from 287.71 billion yuan[18] - Short-term borrowings decreased to 681.16 million yuan from 1.26 billion yuan[17] - Contract liabilities decreased to 82.96 billion yuan from 106.09 billion yuan[17] - Long-term borrowings increased to 31.70 billion yuan from 23.49 billion yuan[17] - Equity attributable to owners of the parent company decreased to 61.53 billion yuan from 60.08 billion yuan[18] - Minority interests decreased to 22.59 billion yuan from 26.33 billion yuan[18] - Total assets increased to 97.266 billion yuan from 95.730 billion yuan[25] - Other receivables stood at 88.795 billion yuan, slightly up from 87.079 billion yuan[25] - Long-term equity investments decreased to 6.443 billion yuan from 6.878 billion yuan[25] - Total liabilities rose to 85.470 billion yuan from 83.967 billion yuan[26] - Owner's equity increased to 11.797 billion yuan from 11.763 billion yuan[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 69,552[9] - Fuyu Development Group holds 1,378,000,000 shares, accounting for 61.09% of the total shares[9] - Changzhou Derun Consulting Management holds 137,800,000 shares, accounting for 6.11% of the total shares[9] - Hong Kong Securities Clearing holds 50,330,867 shares, accounting for 2.23% of the total shares[11] - China Securities Finance holds 27,816,200 shares, accounting for 1.23% of the total shares[11] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were 41.15 billion yuan, down from 58.27 billion yuan in the same period of 2023[21] - Operating costs decreased to 447.312 million yuan from 551.980 million yuan[27] - Financial expenses increased to 631.515 million yuan from 517.479 million yuan[27] Return on Equity - Weighted average return on equity for the third quarter was 0.22%, a decrease of 0.11 percentage points year-over-year[3] Non-Recurring Items - Non-recurring gains and losses for the third quarter amounted to a net loss of RMB 25.12 million[5] Earnings Per Share - Basic earnings per share dropped to RMB 0.64 from RMB 1.10 compared to the same period last year[22]

公司报告 | 半年报点评 财务数据和估值 2022 2023 2024E 2025E 2026E 商业运营支撑业绩，债务疏解预期渐强 事件：公司发布 2024 年中报，公司 24H1 实现营业收入 339.0 亿元，同比-18.83%；归 母净利润 13.2 亿元，同比-42.16%；基本每股收益 0.58 元/股，同比-42.57%。 业绩下滑，持有型业务支撑下毛利率提升。收入端，公司 24H1 实现营业收入 339.0 亿元， 同比-18.83%；其中，房地产开发销售业务实现收入 275.5 亿元，同比-24.19%，物业出 租及管理业务实现收入 58.0 亿元，同比+19.29%，开发业务受行业波动影响，持有型业务 运营稳健。利润端，24H1 公司实现归母净利润 13.2 亿元，同比-42.16%，主要因公司房 地产交付收入减少所致。24H1 公司毛利率为 21.6%，较 23 年同期提升 2.56pct；其中房 地产开发销售、物业出租及管理毛利率分别为 10.9%、72.2%，较 23 年同期分别-1.3、 +2.7pct；公司净利率为 4.01%，较 23 年同期下降 1.77pct。24H1 公司 ...

F熄证券 房地产/房地产开发 公 司 研 究 新城控股（601155.SH） 2024 年 09 月 10 日 销售规模收缩，租金收入同比强势增长 ——公司信息更新报告 | --- | --- | --- | --- | |-------------------------------|------------|--------------------------------------------------------------|-----------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/9/9 | 齐东（分析师） qidong@kysec.cn \n证书编号： S0790522010002 | 杜致远（联系人） duzhiyuan@kysec.cn \n证书编号： S0790124070064 | | 当前股价 ( 元 ) | 10.06 | | 销售规模收缩，租金收入同比强势增长，维持"买入"评级 | | 一年最高最低 ( 元 ) | 14.50/7.95 | 新城控股发布 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 新城控股（601155）公司半年报 2024 年 09 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------|-------------| | 股票数据 | | | 0 [ 9 Table_StockInfo 月 04 日收盘价（元） ] | 10.43 | | 52 周股价波动（元） | 7.95-15.63 | | 总股本 / 流通 A 股（百万股） | 2261/2261 | | 总市值 / 流通市值（百万元） | 23193/23193 | | 相关研究 | | | [Table_ReportInfo] 《减值计提影响利润，租金收入再提升》 | | | 2024.05.29 | | | 《结转毛利下行拖累业绩，商业保持核心竞争 | | | 力》 2024.04.08 | | | 《商业体系优势明显，静待行业销售回暖》 | | | 2023.09.24 市场表 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨新城控股（601155.SH） [Table_Title] 自持业务稳健增长推升毛利率，后续估值仍存修 复空间——新城控股 2024 年中报点评 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 刘义 袁佳楠 SAC：S0490520040001 SAC：S0490520070001 SFC：BUV416 请阅读最后评级说明和重要声明 新城控股（601155.SH） cjzqdt11111 2024-09-04 公司研究丨点评报告 [Table_Rank]投资评级 增持丨维持 资料来源：Wind 相关研究 [Table_Title 自持业务稳健增长 2] 推升毛利率，后续估值仍存 修复空间——新城控股 2024 年中报点评 [Table_Summary2] 事件描述 公司 2024H1 年实现营收 339.0 亿元（-18.8%），归母净利润 13.2 亿元（-42.2%），扣非归母 净利 13.2 亿元（-32.0%）。 事件评论 ⚫ 表内交付量价齐跌拖累营收 ...

公司点评报告 · 房地产行业 坚持双轮驱动经营,商业收入稳定增长 2024 年半年报点评 2024年9月2日 ● ● 事件:公司发布2024年半年报,2024年上半年实现营业收入339.04亿元, 同比下降 18.83%;归母净利润 13.18亿元,同比下滑 42.16%;每股收益 0.58 元,同比下降42.57%。 收入和归母净利润下滑:公司 2024年上半年实现收入339.04亿元,同比下 沿 18.83%,主要受到开发业务的交付收入同比减少所致。公司 2024年 H1 实 现归母净利润13.18亿元,同比下滑42.16%,下滑幅度大于收入,主要由于: 1)开发业务的毛利率为10.93%,较去年同期下滑 1.30pct,但公司整体毛利 率 21.60%,较去年同期提升 2.57pct; 2) 2024年 H1 资产减值损失 2.11 亿 元,较去年同期 1.13亿元增加较多。费用管控上,公司 2024年 H1 的销售费 用率和管理费用率为 4.77%、3.91%,分别较去年同期增加 0.84pct.0.42pct。 ● 销售回款率超过 100%:2024年 H1 公司实现销售面积 326.22 万方,同 ...

房地产/房地产开发 公 司 研 究 新城控股（601155.SH） 2024 年 09 月 02 日 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/8/30 | | 当前股价 ( 元 ) | 10.26 | | 一年最高最低 ( 元 ) | 15.63/7.95 | | 总市值 ( 亿元 ) | 231.43 | | 流通市值 ( 亿元 ) | 231.43 | | 总股本 ( 亿股 ) | 22.56 | | 流通股本 ( 亿股 ) | 22.56 | | 近 3 个月换手率 (%) | 61.07 | 股价走势图 新城控股 沪深300 -64% -48% -32% -16% 0% 16% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《销售规模收缩，商业运营发展强劲 —公司信息更新报告》-2024.7.8 《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 ...

上 市 公 司 公 司 研 究/ 公 司 点 评 证 券 研 究 报 告 基础数据: 2024 年 06 月 30 日 每股净资产（元） 27.23 资产负债率% 76.06 总股本/流通 A 股（百万） 2,256/2,256 流通 B 股/H 股（百万） -/- 市场数据： 2024 年 08 月 30 日 收盘价（元） 10.26 一年内最高/最低（元） 15.63/7.95 市净率 0.4 息率（分红/股价） - 流通 A 股市值（百万元） 23,143 上证指数/深证成指 2,842.21/8,348.48 注："息率"以最近一年已公布分红计算 一年内股价与大盘对比走势： 08-3009-3010-3111-3012-3101-3102-2903-3104-3005-3106-3007-31 -40% -30% -20% -10% 0% 10% 新城控股 沪深300指数 (收益率) 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 袁豪 (8621)232978 ...

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 ...