%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨新城控股（ ） 601155.SH [自Ta持b业le_务T增itle长] 稳健，关注销售与资金情况 ——新城控股 年一季报点评 2024 报告要点 [自Ta持bl业e_务Su稳m健m增ar长y]，成为公司重要的现金流、盈利与融资来源；销售与结算端的压力已在当前 估值充分体现，毛利率再次下行与大幅减值压力有所下降，后续业绩表现或优于收入表现。自 持业务收入与利润占比提升为公司打开估值修复空间，但后续反弹节奏与力度或仍需观测公司 资金面与需求端表现，政策端的持续优化也有望为公司估值修复提供一定催化。 ...

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 4 月份销售情况 4月份公司实现合同销售金额约37.04亿元，比上年同期减少48.28%；销售面积 约50.94万平方米，比上年同期减少36.44%。 证券代码：601155 证券简称：新城控股 编号：2024-026 新城控股集团股份有限公司 2024 年 4 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。 1-4月累计合同销售金额约156.52亿元，比上年同期减少45.40%，累计销售面 积约216.12万平方米，比上年同期减少34.89%。 | 省份 4 | 月份销售金额（万元） 4 | 月销售面积（平方米） | | --- | --- | --- | | 江苏 | 104,580 | 119,229 | | 天津 | 37,731 | 34,393 | | 浙江 | 27,605 | 37,426 | | 山东 | 27,490 | 44,297 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance is impacted by a decline in revenue recognition, while its investment properties show resilience [6] - The company reported a revenue of 14.36 billion yuan in Q1 2024, a year-on-year decrease of 11.66%, and a net profit attributable to shareholders of 230 million yuan, down 65.50% year-on-year [6] - The decline in net profit is primarily due to reduced gross profit from real estate deliveries and a provision for impairment of intangible assets amounting to 210 million yuan, affecting current profits by 160 million yuan [6] - The company expects a gradual recovery in performance due to the synergy of its diversified business operations, maintaining profit forecasts for 2024-2026 with net profits of 1.18 billion, 1.67 billion, and 2.16 billion yuan respectively [6] - The current stock price corresponds to P/E ratios of 18.9, 13.3, and 10.3 for the years 2024, 2025, and 2026 respectively [6] Sales and Construction - In March 2024, the company achieved sales of 4.236 billion yuan and a sales area of 569,400 square meters, representing year-on-year declines of 46.52% and 37.93% respectively [7] - For Q1 2024, cumulative sales amounted to 11.947 billion yuan and a sales area of 1.6517 million square meters, with year-on-year declines of 44.44% and 34.40% respectively [7] - The company ranked 17th in sales amount for Q1 2024, improving by one position from the end of 2023 [7] - The completed area in Q1 2024 was 1.369 million square meters, down 49.3% year-on-year [7] Investment Properties Performance - Investment properties continue to be a stabilizing factor for the company's performance, with 161 leased properties as of March 2024, an increase of 20 properties compared to the same period in 2023 [8] - The total leasable area reached 9.042 million square meters, a year-on-year increase of 13.6% [8] - The overall occupancy rate improved to 96.86%, up 0.41 percentage points from the end of 2023 [8] - The total revenue from commercial operations in Q1 2024 was 3.04 billion yuan, a year-on-year increase of 20.3%, with rental income also growing by 20.3% to 2.84 billion yuan [8] Financial Summary and Valuation Indicators - The company reported a total revenue of 119.174 billion yuan in 2023, with a year-on-year growth of 3.2% [9] - The net profit attributable to shareholders for 2023 was 737 million yuan, down 47.1% year-on-year [9] - The gross margin for 2023 was 19.1%, while the net margin was 0.6% [9] - The company’s P/E ratio for 2023 was 30.1, with a P/B ratio of 0.4 [9]

Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Views - The company's Q1 2024 revenue was 14.357 billion yuan, down 11.66% YoY, with net profit attributable to shareholders of 227 million yuan, down 65.50% YoY [1] - The decline in net profit was mainly due to reduced gross profit from real estate delivery and impairment of intangible assets, with an impairment provision of 215 million yuan reducing net profit by 158 million yuan [1] - Sales volume and price were under pressure, with sales area down 34.40% YoY to 1.6517 million square meters and sales amount down 44.44% YoY to 11.947 billion yuan [1] - Commercial operations revenue increased by 20.31% YoY to 3.039 billion yuan, with rental income up 20.25% YoY to 2.835 billion yuan [1] - The company's interest-bearing liabilities from joint ventures and associates decreased by 475 million yuan to 4.733 billion yuan by the end of Q1 2024 [1] Financial Performance - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 754 million yuan, 768 million yuan, and 832 million yuan, respectively, with EPS of 0.33 yuan/share, 0.34 yuan/share, and 0.37 yuan/share [1] - The PE ratio for 2024-2026 is projected at 29.97X, 29.42X, and 27.16X, respectively [1] - The company's 2024E revenue is expected to be 104.242 billion yuan, down 12.53% YoY, with a gross margin of 19.58% [2] - The company's 2024E net profit attributable to shareholders is forecasted to be 754 million yuan, up 2.32% YoY [2] Operational Highlights - The company's completed area in Q1 2024 was 1.3693 million square meters, down 49.26% YoY, with Jiangsu and Zhejiang provinces seeing increases of 12.48% and 21.35%, respectively [1] - As of March 31, 2024, the company had 161 rental properties with a leasable area of 9.0422 million square meters and an average occupancy rate of 96.86%, up 0.41 percentage points from the end of 2023 [1] - The occupancy rate reached 100% in Hainan, Qinghai, and Gansu provinces, with 18 provinces exceeding 95% occupancy and 2 provinces below 90% [1]

房地产 公 2024年04月29日 司 报 新城控股(601155.SH) 告 毛利率同比改善，商业地产平稳运行 推荐 ( 维持 ) 事项： 公司公布2024年一季报，一季度实现营业收入143.6亿元，同比下降11.7%， 股价:10.02元 归母净利润2.3亿元，同比下降65.5%。 公 主要数据 平安观点： 行业 房地产 司 公司网址 www.seazen.com.cn ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 14,356,904,271, representing a decrease of 11.66% compared to the same period last year[4] - The net profit attributable to shareholders was CNY 227,174,545, down 65.50% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 289,349,008, a decrease of 46.28% compared to the previous year[4] - The net cash flow from operating activities was CNY 1,033,125,501, reflecting a decline of 50.70% year-on-year[4] - The basic and diluted earnings per share were both CNY 0.10, down 65.52% year-on-year[4] - The weighted average return on equity was 0.38%, a decrease of 0.72 percentage points compared to the previous year[4] - Total operating revenue for Q1 2024 was CNY 14,356,904,271, a decrease of 11.6% from CNY 16,252,116,407 in Q1 2023[19] - Net profit for Q1 2024 was CNY 278,279,016, a decline of 60.2% compared to CNY 698,579,978 in Q1 2023[20] - The net profit attributable to shareholders of the parent company for Q1 2024 is ¥227,174,545, a decrease of 65.5% compared to ¥658,455,089 in Q1 2023[21] - The total comprehensive income for Q1 2024 is ¥278,372,540, down from ¥1,026,116,778 in Q1 2023, reflecting a decline of 72.9%[21] - The basic earnings per share for Q1 2024 is ¥0.10, compared to ¥0.29 in Q1 2023, representing a decrease of 65.5%[21] - The net profit for Q1 2024 was a loss of ¥75,835,794, compared to a profit of ¥247,454,096 in Q1 2023, indicating a significant decline in profitability[28] Assets and Liabilities - The total assets at the end of the reporting period were CNY 368,082,565,784, a decrease of 1.61% from the end of the previous year[5] - The company's total assets decreased to CNY 368,082,565,784 from CNY 374,108,790,001, reflecting a reduction of 1.1%[18] - Total liabilities decreased to CNY 281,664,565,102 from CNY 287,705,381,258, a decline of 2.1%[18] - The total liabilities increased to ¥84,441,585,075 in Q1 2024, compared to ¥83,966,537,563 in Q1 2023, indicating a growth of about 0.57%[25] - The company's equity decreased to ¥11,687,304,888 in Q1 2024 from ¥11,763,140,682 in Q1 2023, a decline of approximately 0.65%[25] Cash Flow - Cash inflows from operating activities for Q1 2024 amount to ¥11,748,468,000, a decline of 31.5% from ¥17,234,802,049 in Q1 2023[22] - Cash outflows from operating activities for Q1 2024 total ¥10,715,342,499, down from ¥15,139,105,733 in Q1 2023, indicating a decrease of 29.5%[22] - The net cash flow from operating activities for Q1 2024 is ¥1,033,125,501, a decrease of 50.7% compared to ¥2,095,696,316 in Q1 2023[22] - Cash inflow from operating activities totaled ¥2,679,754 in Q1 2024, down from ¥41,563,007 in Q1 2023, reflecting a decrease of approximately 93.6%[29] - The net cash flow from operating activities was -¥185,461,227 in Q1 2024, compared to -¥167,435,458 in Q1 2023, showing a worsening cash flow situation[29] - The cash and cash equivalents at the end of Q1 2024 were ¥2,117,466, compared to ¥242,095,705 at the end of Q1 2023, reflecting a decrease of approximately 99.1%[29] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 73,672[11] - The company reported a total of 49,262,855 shares held by Hong Kong Central Clearing Limited, making it one of the top shareholders[12] - The company has not identified any other related party relationships among shareholders, except for specific funds managed by related entities[12] Strategic Initiatives - The company plans to extend the validity period of the resolution for issuing A-shares to March 28, 2025, to ensure continuity in the issuance process[14] - The company is undergoing a strategic adjustment regarding the issuance of A-shares, which requires approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission[14] - The company plans to focus on cost management and operational efficiency to improve financial performance in the upcoming quarters[27] - The company is focused on improving its financial performance and cash flow management in the upcoming quarters[30] Research and Development - Research and development expenses for Q1 2024 were CNY 3,051,445, a decrease of 24.7% from CNY 4,049,821 in Q1 2023[20] Management - The company’s management team includes Wang Xiaosong as the responsible person and Guan Youdong as the head of the accounting department[29]

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 编号：2024-019 2024 年 3 月份及第一季度经营简报 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 3 月份经营情况 3月份公司实现合同销售金额约42.36亿元，比上年同期下降46.52%；合同销售 面积约56.94万平方米，比上年同期下降37.93%。 1-3月累计合同销售金额约119.47亿元，比上年同期下降44.44%，累计合同销 售面积约165.17万平方米，比上年同期下降34.40%。 | 省份 3 | 月份销售金额（万元） 3 | 月份销售面积（平方米） | | --- | --- | --- | | 江苏 | 129,511 | 133,308 | | 天津 | 44,245 | 38,356 | | 山东 | 37,120 | 56,385 | | 广东 | 28,922 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][14]. Core Views - The company's revenue for 2023 reached 1191.74 billion yuan, a year-on-year increase of 3.22%, while the net profit attributable to the parent company was 7.37 billion yuan, a decrease of 47.12% compared to the previous year [6][9]. - The decline in profit margins is attributed to changes in the overall market environment and the structure of project transfers, leading to a reduction in gross profit from real estate projects compared to the same period in 2022 [6][9]. - The company maintained competitive sales, focusing on cash collection and delivery, achieving a total contract sales area of 968.78 million square meters, down 18.69% year-on-year, and a contract sales amount of 759.83 billion yuan, down 34.52% year-on-year [6][10]. - The commercial segment showed growth, with total commercial operating revenue of 113.24 billion yuan, an increase of 13.17% year-on-year, and a rental rate of 96.48% across 161 operational shopping centers [11][12]. Summary by Sections Financial Performance - The company reported total revenue of 1191.74 billion yuan in 2023, with a gross profit margin of 19.05%, down 0.98 percentage points from the previous year [9][12]. - The net profit margin was 0.62%, a decrease of 0.59 percentage points year-on-year [9][12]. - The company’s total assets were valued at 3741.09 billion yuan, with net assets attributable to shareholders at 600.78 billion yuan [9][12]. Sales and Market Position - The company ranked 10th in contract sales area and 18th in contract sales amount among real estate companies in China for 2023 [6][10]. - The company achieved a cash collection rate of 107%, delivering over 14,000 properties with a total area of 2,210 million square meters [10][11]. Commercial Operations - As of December 31, 2023, the company operated 198 shopping centers across 135 cities, with 161 centers actively managed and an opening area of 1499.11 million square meters [11][12]. - The user base for the shopping centers reached 1.48 billion visits, with over 30 million members, including 20 million active members [11][12]. Financing and Cost Management - The company successfully issued 11 billion yuan in domestic corporate bonds and maintained an average financing cost of 6.20%, down from 6.52% in 2022 [7][12]. - The total credit line from major banks amounted to 109 billion yuan, with 28.1 billion yuan already utilized [7][12]. Future Outlook - The company is projected to have an EPS of 0.38 yuan for 2024, with a price-to-book (PB) ratio estimated between 0.4 and 0.5, suggesting a reasonable value range of 10.81 to 13.51 yuan per share [14][16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The company reported a revenue of 119.17 billion yuan and a net profit attributable to shareholders of 7.37 billion yuan for 2023, reflecting a year-on-year increase of 3.2% in revenue but a significant decline of 47.1% in net profit [6]. - The decline in profit is attributed to lower gross margins on project handovers, a provision for asset impairment totaling 6.35 billion yuan, and an increase in income tax expenses by 162.2% year-on-year [6]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.18 billion yuan, 1.67 billion yuan, and 2.16 billion yuan respectively, with corresponding EPS of 0.5 yuan, 0.7 yuan, and 1.0 yuan [6]. - The current stock price corresponds to P/E ratios of 18.2, 12.8, and 9.9 for the years 2024, 2025, and 2026 respectively [6]. Financial Performance - The company experienced a decline in sales, with total sales amounting to 75.98 billion yuan and a sales area of 9.688 million square meters, representing year-on-year decreases of 34.5% and 18.7% respectively [7]. - Despite the sales decline, the company maintained a strong cash collection capability, achieving a total cash inflow of 81.21 billion yuan in 2023, with a cash collection rate of 107% [7]. - The investment property revenue grew by 13.2% year-on-year to 11.32 billion yuan, with an average occupancy rate of 96.5% for the opened shopping centers [8]. Debt and Financial Structure - As of the end of 2023, the company's total liabilities were 287.7 billion yuan, a decrease of 21.9% year-on-year, with interest-bearing debt reduced to 57.1 billion yuan [8]. - The average financing cost for the company was 6.2%, down by 32 basis points year-on-year, and the debt-to-asset ratio improved to 76.9%, a reduction of 4.4 percentage points [8]. - The company has maintained a healthy liquidity position with cash and cash equivalents of 18.97 billion yuan and a short-term debt of 21.24 billion yuan, resulting in a cash-to-short-term debt ratio of 0.9 [8].

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company reported a revenue of 119.17 billion yuan in 2023, a year-on-year increase of 3.22%, while the net profit attributable to shareholders was 737 million yuan, a decline of 47.12% [1]. - The decrease in net profit is attributed to a drop in gross margins for both development and property leasing businesses, as well as a significant increase in income tax expenses [1]. - The company has sufficient unsold inventory to secure future performance, with a total sales area of 9.69 million square meters in 2023, down 18.69% year-on-year, and a sales amount of 75.98 billion yuan, down 34.52% [1]. - The commercial operation revenue reached 11.32 billion yuan, a year-on-year increase of 13.17%, indicating strong operational capabilities [1]. - The company has effectively managed its financing costs, with a net debt ratio of 44.1% and an average financing cost of 6.2% as of the end of 2023 [1]. Financial Summary - The company forecasts net profits of 74.54 million yuan, 76.40 million yuan, and 83.94 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.33 yuan, 0.34 yuan, and 0.37 yuan [2][3]. - The projected PE ratios for the same years are 28.72X, 28.02X, and 25.50X [2][3]. - The gross margin is expected to stabilize around 19.05% to 19.14% over the forecast period [3][4].