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]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 11.05 [2][3]. Core Insights - The company reported a revenue of RMB 33.9 billion for H1 2024, a year-over-year decrease of 18.8%, and a net profit attributable to shareholders of RMB 1.32 billion, down 42.2% year-over-year [3]. - The company is expected to achieve an EPS of RMB 0.33, RMB 0.34, and RMB 0.36 for the years 2024, 2025, and 2026 respectively, with a projected BVPS of RMB 26.96 for 2024 [3]. - The report highlights a significant decline in real estate sales, with a sales area of 3.262 million square meters and sales revenue of RMB 23.55 billion, representing year-over-year decreases of 36.9% and 44.5% respectively [4][5]. Financial Performance - The company's financial performance was impacted by a decrease in settlement income and an increase in financial expenses, leading to a net profit decline [4]. - The commercial operations segment showed positive performance, with revenue and gross margin increasing by 19.3% and 2.7 percentage points year-over-year, respectively [5]. - The company successfully issued medium-term notes of RMB 1.36 billion at an interest rate of 3.2%-3.4%, contributing to improved cash flow and reduced debt pressure [6]. Operational Highlights - The company opened six new shopping centers in H1 2024, with an average occupancy rate of 97.24%, contributing to a total commercial revenue of RMB 6.195 billion, up 19.6% year-over-year [5]. - The company has maintained a stable delivery pace, with a completion rate of 51% for the planned construction area [4]. Valuation Metrics - The report provides a comparison of the company's valuation metrics, with a projected PB of 0.41 for 2024, aligning with the industry average [3][7]. - The company's market capitalization is approximately RMB 23.143 billion, with a closing price of RMB 10.26 as of August 30 [9].

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][6] Core Views - The company achieved a revenue of 33.9 billion yuan in the first half of 2024, a year-on-year decrease of 18.8%, and a net profit attributable to shareholders of 1.32 billion yuan, down 42.2% year-on-year [4] - The decline in net profit growth was primarily due to a 2.4 percentage point increase in financial expense ratio to 5.2% and a 350 million yuan decrease in asset disposal income [4] - The gross profit margin improved by 2.6 percentage points year-on-year to 21.6% [4] - The company focused on sales cash recovery, achieving a total cash recovery of 24.7 billion yuan with a cash recovery rate of 105% [4] - The commercial operation of the company is stable, with a total revenue from commercial operations of 6.2 billion yuan, a year-on-year increase of 19.6% [4] Financial Summary - The company’s total assets are projected to be 377.1 billion yuan in 2024, with a debt ratio of 76.9% [7] - The expected earnings per share (EPS) for 2024-2026 are 0.33 yuan, 0.34 yuan, and 0.35 yuan respectively, corresponding to price-to-earnings (P/E) ratios of 31.0, 30.5, and 29.7 [6][8] - The company’s gross margin is expected to be around 18.9% in 2024, with a net margin of 0.7% [8] Operational Highlights - The company opened six new Wuyue Plazas during the first half of 2024, contributing positively to its commercial management performance [4] - The company has a layout in 137 major cities with 201 comprehensive projects, and the occupancy rate of Wuyue Plaza reached 97.2% [4] - The company repaid 1.97 billion yuan of bonds in the domestic and foreign public markets, improving its asset structure and reducing interest-bearing liabilities [4]

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 ...

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].

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has experienced a contraction in sales scale, but strong development in commercial operations may support steady performance recovery. The company is actively expanding financing channels and has orderly repaid public market debts. The profit forecast remains unchanged, with expected net profits for 2024-2026 at 1.18 billion, 1.67 billion, and 2.16 billion yuan respectively, corresponding to EPS of 0.5, 0.7, and 1.0 yuan, with current stock prices reflecting P/E ratios of 16.6, 11.7, and 9.0 times [2][3] Sales Performance - In June 2024, the company achieved sales of 3.801 billion yuan, with a sales area of 525,300 square meters, representing year-on-year declines of 43.28% and 44.32% respectively. For the first half of 2024, cumulative sales amounted to 23.554 billion yuan and a sales area of 3.2622 million square meters, down 44.45% and 36.86% year-on-year. Despite the decline, the company maintained its position within the top 20 in the industry based on sales amount [2][3] Completion and Construction - The company reported a completion area of 6.903 million square meters in the first half of 2024, reflecting a year-on-year increase of 3.7% [2] Commercial Operations - The company's investment properties performed well, with a total of 166 leased properties by the end of June 2024, an increase of 19 properties year-on-year. The available leasing area reached 9.246 million square meters, up 11.2% year-on-year, with an overall occupancy rate of 97.35%, an increase of 2.16 percentage points year-on-year. The total revenue from commercial operations for the first half of 2024 was 6.212 billion yuan, a year-on-year increase of 19.4%, with rental income also growing by 19.4% [2][3] Debt Management - In the first half of 2024, the company repaid 1.97 billion yuan of public market bonds. As of the end of June, the total interest-bearing liabilities of the company's joint ventures amounted to 3.952 billion yuan. The company actively sought financing channels, successfully issuing its first medium-term note of the year on May 17, 2024, with a total issuance of 1.36 billion yuan and a subscription multiple exceeding 2.7 times [2][3]