丨证券研究报告丨 报告要点 [Table_Summary] 公司偿债高峰期已过，资金链安全性持续提升，市场风险偏好有望逐渐修复。较充裕在手土储 仍对销售规模形成一定保障，楼市热度边际回暖后续大幅减值压力逐渐下降。自持业务稳健增 长，当前已贡献公司近半毛利，成为公司重要的现金流、盈利与融资来源，为公司后续估值修 复与突破奠定基石。 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 %% %% 公司研究丨点评报告丨新城控股（601155.SH） [Table_Title] 高盈利自持毛利贡献近半，公司估值修复可期 ——新城控股 2024 年报点评 %% %% research.95579.com 1 新城控股（601155.SH） cjzqdt11111 [Table_Title 高盈利自持毛利贡献近半，公司估值修复可期 2] ——新城控股 2024 年报点评 [Table_Summary2] 事件描述 公司 2024 年实现营收 890.0 亿元（-25.3%），归母净利润 ...

证券研究报告·公司点评报告·房地产开发 新城控股（601155） 2024 年报点评：减值下降促利润企稳，商管 稳增助穿越周期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 119174 | 88999 | 72178 | 65141 | 59734 | | 同比（%） | 3.22 | (25.32) | (18.90) | (9.75) | (8.30) | | 归母净利润（百万元） | 737.10 | 752.39 | 773.90 | 812.60 | 869.40 | | 同比（%） | (47.12) | 2.07 | 2.86 | 5.00 | 6.99 | | EPS-最新摊薄（元/股） | 0.33 | 0.33 | 0.34 | 0.36 | 0.39 | | P/E（现价&最新摊薄） | 39.97 | 39.15 | 38.06 | 36.25 | 33.88 | [Table_Tag ...

公司点评报告 ·房地产行业 归母净利润正增长,商业运营持续领先 2024 年报点评 2025年3月30日 新城控股(股票代码:601155) 推荐 维持评级 分析师 胡孝宇 2: huxiaoyu_yj @chinastock.com.cn 分析师登记编码： S0130523070001 | 市场数据 | 2025-3-28 | | --- | --- | | 股票代码 | 601155 | | A 股收盘价(元) | 13.06 | | 上证指数 | 3,351.31 | | 总股本(万股) | 225562 | | 实际流通 A 股(万股) | 225562 | | 流通 A 股市值(亿元) | 295 | 请务必阅读正文最后的中国银河证券股份有限公司免责声明 相对沪深 300 表现图 2025-3-28 100% 新城控股 沪深300 50% 0% -50% 相关研究 1. 【银河地产】公司点评_坚持双轮驱动经营,商业 收入稳定增长_新城控股 2024年半年报点评 2. 【银河地产】_公司 2024 一季报点评_新城控股_ 减值影响业绩,商业收入稳步抬升 3. 【银河地产】双轮驱动优势凸显, 商业运营稳 ...

证券研究报告·公司点评报告·房地产开发 新城控股（601155） 2024 年报点评：减值下降促利润企稳，商管 稳增助穿越周期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 119174 | 88999 | 72178 | 65141 | 59734 | | 同比（%） | 3.22 | (25.32) | (18.90) | (9.75) | (8.30) | | 归母净利润（百万元） | 737.10 | 752.39 | 773.90 | 812.60 | 869.40 | | 同比（%） | (47.12) | 2.07 | 2.86 | 5.00 | 6.99 | | EPS-最新摊薄（元/股） | 0.33 | 0.33 | 0.34 | 0.36 | 0.39 | | P/E（现价&最新摊薄） | 39.97 | 39.15 | 38.06 | 36.25 | 33.88 | [Table_Tag ...

智通财经记者 | 王婷婷 2024年，民营房企新城控股（601155.SH）在房地产行业深度调整的背景下，交出了一份营收承压但利 润增长的业绩答卷。 过去一年，不少房企增收不增利，但新城控股与之相反。这一业绩表现背后，是商业运营板块的强劲增 长。 数据显示，2024年，新城控股实现不含税物业出租及管理收入120.29亿元，占其营业收入的13.52%；物 业出租及管理业务毛利84.4亿元，物业出租及管理毛利率达70.17%。 在其"轻重并举"策略下，新城控股商业在管规模稳步扩大。过去一年，新城控股新增开业15座吾悦广 场，截至2024年年末，新城控股实现173个综合体项目的布局，吾悦广场开业商业面积达1601.07万平方 米，出租率提升至97.97%。 值得一提的是，2024年，新城控股的经营性物业持续发力，实现商业运营总收入128.08亿元，同比增长 13.1%，超额完成125亿元的年度目标，持续提升对公司的业绩贡献。 据新城控股介绍，2020-2024年，公司在"双轮驱动"的基础上，商业运营的收入、毛利占整体比重持续 提升，2024年营收占比14%、毛利占比达48%，毛利率70.17%。 截至2024年末， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has experienced a decline in transfer scale, but rental income has shown double-digit growth. The report maintains a "Buy" rating due to the positive outlook on the company's business structure adjustment and recovery in profitability [5][6] - The company reported a decrease in contract sales area and amount, indicating cash flow pressure, but the rental property business remains strong with significant revenue growth [7][8] Financial Performance Summary - In 2024, the company achieved operating revenue of 889.99 billion yuan, a year-on-year decrease of 25.32%. The net profit attributable to the parent company was 7.52 billion yuan, a year-on-year increase of 2.07% [6] - The company’s gross margin and net margin were 19.80% and 0.81%, respectively, with year-on-year increases of 0.75 percentage points and 0.34 percentage points [6] - The company’s cash flow from operating activities decreased by 85.11% year-on-year, primarily due to a decline in signed amounts leading to reduced revenue from sales of goods and services [6] Sales and Rental Performance - The company’s contract sales area in 2024 was 5.3882 million square meters, down 44.38% year-on-year, with a total contract sales amount of 401.71 billion yuan, down 47.13% year-on-year [7] - The rental property business performed well, generating operating revenue of 120.29 billion yuan in 2024, a year-on-year increase of 13.15%. The occupancy rate of the company's properties reached 97.97% [8] Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 10.5 billion yuan, 15.1 billion yuan, and 17.6 billion yuan, respectively, with corresponding EPS of 0.5 yuan, 0.7 yuan, and 0.8 yuan [5][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has experienced a decline in transfer scale, but rental income has shown double-digit growth. The report anticipates a recovery in profitability following adjustments in the business structure [5][6] - The forecast for net profit for 2025-2027 is adjusted to 1.05 billion, 1.51 billion, and 1.76 billion yuan respectively, with corresponding EPS of 0.5, 0.7, and 0.8 yuan [5][6] Financial Performance Summary - In 2024, the company achieved operating revenue of 889.99 billion yuan, a year-on-year decrease of 25.32%. The net profit attributable to shareholders was 7.52 billion yuan, a year-on-year increase of 2.07% [6][9] - The company reported a significant increase in non-recurring gains due to the disposal of industrial land, which contributed to the rise in net profit [6] - The operating cash flow decreased by 85.11% year-on-year, primarily due to a decline in signed amounts leading to reduced revenue from sales of goods and services [6][7] Sales and Rental Performance - The company recorded a contract sales area of 5.39 million square meters in 2024, down 44.38% year-on-year, with a total contract sales amount of 40.17 billion yuan, a decrease of 47.13% [7] - The rental property business performed well, generating operating income of 12.03 billion yuan in 2024, reflecting a year-on-year growth of 13.15% [8] - The company operates 200 Wuyue Plazas nationwide, with 173 currently open and a total area of 16.01 million square meters, achieving a rental rate of 97.97% [8] Financial Projections - The projected operating revenues for 2025, 2026, and 2027 are 74.21 billion, 65.56 billion, and 60.94 billion yuan respectively, with corresponding net profits of 1.05 billion, 1.51 billion, and 1.76 billion yuan [9][11] - The gross margin is expected to improve from 19.8% in 2024 to 21.8% in 2025, and the net margin is projected to increase from 0.8% to 1.4% over the same period [12]

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 17 yuan for 2025 [2][8]. Core Insights - In 2024, the company achieved total revenue of 88.999 billion yuan, a year-on-year decrease of 25.32%, while the net profit attributable to the parent company was 752 million yuan, an increase of 2.07% year-on-year [2][4]. - The commercial management profit contribution is gradually increasing, while the development segment continues to face pressure [2][8]. - The company’s residential development revenue is projected to be 76 billion yuan in 2024, accounting for 85% of total revenue, while commercial management revenue is expected to be 12 billion yuan, contributing approximately 14% [8]. Financial Summary - The company’s financial indicators for 2024A include: - Total revenue: 88,999 million yuan - Year-on-year growth rate: -25.3% - Net profit attributable to the parent: 752 million yuan - Year-on-year growth rate: 2.1% - Earnings per share: 0.33 yuan - Price-to-earnings ratio: 39 times [4][5]. - The company’s total assets are projected to be 307.193 billion yuan in 2024, with a debt-to-equity ratio of 83.7% [9]. Market Performance - The company’s commercial operations are expected to see a total revenue growth of 13% in 2024, with a rental rate of 97.97% for its properties [8]. - The company has established a significant presence with 200 "Wuyue Plaza" locations across 136 cities, with 173 currently operational [8]. Future Outlook - The report suggests that the company is likely to achieve a "dual-wheel drive" model of residential and commercial operations as it adjusts its residential development strategy [8]. - The estimated earnings per share for 2025-2027 are projected to be 0.25, 0.32, and 0.36 yuan respectively, reflecting a downward adjustment in profit forecasts due to reduced sales scale [8].

随着春风的轻抚，新城控股集团西宁城北吾悦广场西北区域迎来了一场别开生面的"春纷新聚场"活动。 在这里，每一处角落都弥漫着春天的气息，每一场活动都充满了惊喜与温馨。新城控股集团西宁城北吾 悦广场不仅为市民朋友们带来了丰富多彩的活动体验，更通过深度运营，为场内商户和顾客搭建了一个 共融共生的平台。 艺术之旅 邀您共赴春日之约 与地球共呼吸 保护蓝色星球 除了美轮美奂的《呼吸花境》，新城控股集团西宁城北吾悦广场还精心策划了一系列与春天息息相关的 活动。地球一小时绿色公益活动，呼吁人们关注环境保护，珍惜地球资源。在这一小时里，广场上的灯 光渐渐暗下，但人们心中的环保之火却愈发燃烧。不插电音乐节更是将环保与音乐完美结合，让人们在 享受音乐的同时，也能深刻感受到保护地球的重要性。而保护地球公益画展，则用画笔诠释了环保的理 念，每一幅画都充满了对地球的热爱与敬意。 品质生活空间 唤醒城市消费活力 当然，西北区域西宁城北吾悦广场吾悦广场的春季专属活动福利也是不容错过的。餐饮美食推出了49.9 元团100的优惠活动，让食客们在品尝美味的同时，也能感受到实惠的喜悦。时尚运动则推出了满499立 减80的促销活动，为喜爱运动的朋友们 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a revenue of 889.99 billion yuan in 2024, a decrease of 25.32% year-on-year, while the net profit attributable to shareholders was 7.52 billion yuan, an increase of 2.07% year-on-year [1] - The core operating indicators are improving, with a gross profit margin of 19.8%, up 0.75 percentage points from the same period in 2023 [1] - The company is expected to benefit from the "industry turnaround" logic, maintaining a positive outlook for future profitability [5] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 889.99 billion yuan, down 25.32% year-on-year, and a net profit of 7.52 billion yuan, up 2.07% year-on-year [1] - The gross profit margin for the year was 19.8%, with development and property gross margins at 11.72% and 70.17%, respectively [1] - The company’s net profit margin improved to 0.81%, an increase of 0.34 percentage points from the previous year [1] Sales and Cash Flow - The company signed a sales area of 5.336 million square meters in 2024, a decrease of 44.3% year-on-year, with a sales amount of 40.12 billion yuan, down 47.1% year-on-year [2] - The sales collection amount reached 41.129 billion yuan, with a collection rate of 102.38% [2] - The company achieved a revenue recognition amount of 133.666 billion yuan, with a total of 1,388.85 million square meters recognized [2] Commercial Operations - The total revenue from commercial operations in 2024 was 12.8 billion yuan, an increase of 13.1% year-on-year, demonstrating the company's resilience in the commercial sector [3] - The company operates 200 Wuyue Plazas across 136 cities, with an occupancy rate of 97.97% [3] - The total foot traffic for Wuyue Plazas reached 1.766 billion visits, with total sales of 90.5 billion yuan, reflecting a 19% increase year-on-year [3] Debt and Financing - As of the end of 2024, the company had interest-bearing liabilities of 53.65 billion yuan, a decrease of 6.01% year-on-year, with a net debt ratio of 52.44% [4] - The company successfully repaid 5.262 billion yuan in bonds and issued 2 notes totaling 2.92 billion yuan [4] - The average financing cost for the year was 5.92%, down 0.28 percentage points from the previous year, indicating effective cost control [4]