证券代码：601155 证券简称：新城控股 编号：2024-040 新城控股集团股份有限公司 投资者可于 2024 年 10 月 24 日（星期四）至 10 月 30 日（星期三）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 10 月 31 日发布公司 2024 年三季度报告，为便于广大投资者更全面深入地了解公司 2024 年三季度经营成果、财务状况，公司计划于 2024 年 10 月 31 日上午 10:00-11:00 举行 2024 年三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年三季度的 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露 允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间：2024 年 10 月 31 日（星期四）10:00-11:00 会议召开地点： 上海证券交 ...

证券代码：601155 证券简称：新城控股 编号：2024-039 新城控股集团股份有限公司 2024 年 9 月份及第三季度经营简报 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，月度及季度经营数据与 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 9 月份经营情况 9月份公司实现合同销售金额约22.91亿元，比上年同期下降60.09%；合同销售 面积约28.43万平方米，比上年同期下降63.64%。 1-9月累计合同销售金额约318.33亿元，比上年同期下降47.11%，累计合同销 售面积约431.51万平方米，比上年同期下降42.72%。 | 省份 9 | 月份销售金额（万元） 9 | 月份销售面积（平方米） | | --- | --- | --- | | 江苏 | 72,307 | 68,956 | | 北京 | 32,841 | 10,503 | | 天津 | 13,908 | 16,404 | | 湖北 | 13,839 | ...

证券代码：601155 证券简称：新城控股 编号：2024-038 新城控股集团股份有限公司 关于向关联方借款的关联交易的公告 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： 公司向关联方申请借款额度是用于公司项目建设及补充流动资金，满足公司 运营要求，符合公司经营发展的需要，该关联交易不影响公司的独立性。 除本次关联交易外，过去12个月内，公司与同一关联人发生的关联交易（日 常关联交易除外）情况详见后文；公司未与不同关联人进行交易类别相关的其他关 联交易。 本事项已经公司第四届董事会第三次会议审议通过。本事项无需提交公司股 东大会审议。 一、关联交易概述 经公司第四届董事会第三次会议审议通过，为满足公司经营发展需求，公司可 在董事会审议通过本事项之日起18个月内向新城悦服务集团有限公司（以下简称 "新城悦服务"）及其子公司申请总额不超过等额人民币10亿元的借款额度，借款 年利率为以下两项中的较高者：1、中国人民银行公布的一年以上（含一年）五年 以下（如有）适用于提款日期的贷款市场报价利率（LPR）；2、截至2 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) as of September 9, 2024 [2] Core Views - The company is experiencing a contraction in sales scale, while rental income has shown strong year-on-year growth [2] - The company has maintained a stable industry ranking despite the decrease in contract sales [2] - The company is actively expanding financing channels and has orderly repaid public market debts, which is expected to support performance recovery [2] Sales Performance - In August 2024, the company achieved a contract sales amount of 25.01 billion yuan, a year-on-year decrease of 58.65%, with a cumulative contract sales amount of 295.42 billion yuan from January to August 2024, down 45.75% year-on-year [2][6] - The average sales price per square meter in August 2024 was 8,300.7 yuan, an increase of 9.86% year-on-year, while the cumulative average sales price from January to August 2024 was 7,329.1 yuan, a decrease of 9.13% year-on-year [2][6] Rental Income Performance - As of August 2024, the company had a total of 167 investment properties, an increase of 15 projects year-on-year, with a total building area of 15.39 million square meters, up 8.69% year-on-year [2][10] - The rental income for August 2024 was 1.023 billion yuan, a year-on-year increase of 9.99%, with cumulative rental income from January to August 2024 reaching 7.855 billion yuan, up 17.95% year-on-year [2][9] Financial Summary and Valuation Metrics - The company's projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.52 yuan, 0.74 yuan, and 0.96 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.3, 13.6, and 10.5 [3][12] - The company's total revenue for 2024 is estimated at 87.264 billion yuan, a year-on-year decrease of 26.8% [3][12] - The net profit attributable to the parent company for 2024 is projected to be 1.177 billion yuan, reflecting a year-on-year increase of 59.7% [3][12]

证券代码：601155 证券简称：新城控股 编号：2024-037 新城控股集团股份有限公司 2024 年 8 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 8 月份销售情况 8月份公司实现合同销售金额约25.01亿元，比上年同期减少58.65%；合同销售 面积约30.13万平方米，比上年同期减少62.35%。 1-8月公司累计实现合同销售金额约295.42亿元，比上年同期减少45.75%；累 计合同销售面积约403.08万平方米，比上年同期减少40.30%。 | 省份 8 | 月份销售金额（万元） 8 | 月销售面积（平方米） | | --- | --- | --- | | 北京 | 61,315 | 17,032 | | 江苏 | 58,851 | 64,811 | | 天津 | 40,774 | 34,230 | | 新疆 | 21,067 | 59,4 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company's gross profit margin has improved, while net profit has been negatively impacted by a decrease in development delivery revenue. For the first half of 2024, the company achieved operating revenue of 33.904 billion yuan, a year-on-year decrease of 18.83%, and a net profit attributable to shareholders of 1.318 billion yuan, down 42.16% year-on-year [4][5] - The company has experienced a significant decline in sales, with a contract sales amount of 23.554 billion yuan in the first half of 2024, down 44.45% year-on-year. However, it has managed to maintain a strong cash collection rate of 105% [4][5] - Rental income has shown stable growth, contributing to a steady cash flow. As of June 30, 2023, the company had established a presence in 137 major cities with a total operating area of 15.2798 million square meters and a rental rate of 97.24% [4][5] - The company has a positive operating cash flow, with a net operating cash flow of 2.088 billion yuan for the first half of 2024, and has successfully repaid 1.970 billion yuan in bonds [4][5] Financial Summary - For the first half of 2024, the company reported total assets of 355.649 billion yuan and net assets of 61.427 billion yuan. The cash on hand was 15.782 billion yuan, with a net debt ratio of 47.0% [4][5][12] - The report forecasts the company's earnings per share (EPS) for 2024 to be 0.38 yuan, with a price-to-book (PB) ratio of 0.4-0.5, suggesting a reasonable value range of 10.81-13.52 yuan per share [5][13] - Key financial metrics for 2024 include an expected operating revenue of 97.563 billion yuan and a net profit of 8.66 billion yuan, with a gross margin of 18.2% [6][15]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company reported a revenue of 33.904 billion yuan for the first half of 2024, a year-on-year decrease of 18.83%, with a net profit attributable to shareholders of 1.318 billion yuan, down 42.16% year-on-year [2]. - The decline in revenue and net profit is primarily attributed to a decrease in delivery income from development operations [2]. - The company achieved a gross margin of 21.60%, an increase of 2.57 percentage points year-on-year, despite a decline in the gross margin of development operations to 10.93% [2]. - The sales collection rate exceeded 100%, with a sales area of 3.2622 million square meters, down 36.86% year-on-year, and a sales amount of 23.554 billion yuan, down 44.45% year-on-year [2]. - The company has a strong operational capability, with a rental rate of 97.20% across its 166 rental properties as of the end of the first half of 2024 [2]. - The company maintains a healthy financial position with a net debt ratio of 47% and cash on hand of 15.782 billion yuan as of the end of the first half of 2024 [2][3]. Financial Summary - The company forecasts net profits for 2024-2026 to be 754.20 million yuan, 763.22 million yuan, and 827.54 million yuan, respectively, with corresponding EPS of 0.33 yuan, 0.34 yuan, and 0.37 yuan [3][4]. - The projected PE ratios for the same period are 30.57X, 30.20X, and 27.86X [3][4]. - The company’s total revenue is expected to decline to 104.241 billion yuan in 2024, with a revenue growth rate of -12.53% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][10] Core Views - The company's revenue for the first half of 2024 was CNY 33.904 billion, a year-on-year decrease of 18.8%, while the net profit attributable to shareholders was CNY 1.318 billion, down 42.2% year-on-year [5] - The company maintains its profit forecast, expecting net profits attributable to shareholders to be CNY 1.18 billion, CNY 1.67 billion, and CNY 2.16 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of CNY 0.5, CNY 0.7, and CNY 1.0 [5] - The current stock price corresponds to P/E ratios of 19.7, 13.9, and 10.7 for the years 2024, 2025, and 2026 respectively [5] Financial Performance - The company's gross profit margin for settlements stabilized at 21.6%, an increase of 2.6 percentage points year-on-year [5] - The commercial management gross profit margin rose to 72.2%, up 2.7 percentage points year-on-year, attributed to an overall occupancy rate of 97.4%, which is an increase of 2.16 percentage points year-on-year [5] - The real estate development gross profit margin remained stable at 10.9%, a decrease of 1.3 percentage points year-on-year [5] Sales and Cash Flow - The company achieved a total sales amount of CNY 23.554 billion in the first half of 2024, with a sales area of 3.2622 million square meters, representing declines of 44.45% and 36.86% year-on-year respectively [5] - The total cash inflow for the company was CNY 24.7 billion, with a cash recovery rate of 105%, down 9 percentage points year-on-year [5] - The net cash flow from operating activities was CNY 2.09 billion, a decrease of 71.9% year-on-year [5] Commercial Operations - The company reported strong performance in its investment properties, with 201 Wuyue Plazas established and 166 operational properties, an increase of 19 year-on-year [5] - The total commercial operating revenue for the first half of 2024 was CNY 6.212 billion, a year-on-year increase of 19.4%, with rental income also increasing by 19.4% to CNY 5.796 billion [5] - The overall occupancy rate reached 97.20%, with Wuyue Plaza's occupancy rate at 97.24%, both showing significant year-on-year improvements [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company focuses on cash recovery in development while maintaining steady growth in its shopping mall business. Despite a decline in real estate sales and overall performance, the shopping mall revenue shows stable growth, and the company's financing safety has improved [6][8] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 33.9 billion yuan, a year-on-year decrease of 18.8%. The net profit attributable to shareholders was 1.32 billion yuan, down 42.2% year-on-year. The basic earnings per share were 0.58 yuan, a decline of 42.6% [6][9] - The gross margin for the first half of 2024 was 21.6%, with net profit margin and deductive net profit margin both at 3.9% [6] - The company’s pre-sales amounted to 95 billion yuan, a decrease of 40% year-on-year, which is 80% of the total revenue for the year 2023 [6] Sales and Operational Metrics - The company achieved sales of 23.55 billion yuan in the first half of 2024, down 44.5% year-on-year, with a sales area of 3.26 million square meters, a decrease of 36.9% [6] - The average selling price was 7,220 yuan per square meter, down 12% year-on-year. The company ranked 20th in sales amount and 9th in sales area nationwide [6] - The company’s shopping mall business generated a rental income of 6.21 billion yuan, an increase of 19.6% year-on-year, with an occupancy rate of 97.24% [6] Debt and Financing - The company is classified under the yellow category of the "three red lines" policy, with a net debt ratio of 49% and a cash-to-short-term debt ratio of 0.97 times [6] - As of the end of the first half of 2024, the company had total interest-bearing debt of 55.8 billion yuan, a decrease of 16.1% year-on-year [6] Future Earnings Forecast - The earnings forecast for 2024 and 2025 has been adjusted downwards to 1.54 billion yuan and 1.60 billion yuan respectively, with a new estimate for 2026 at 1.68 billion yuan. The corresponding price-to-earnings ratio for 2024 is projected to be 15 times [6][8]