房地产 公 2024年03月29日 司 报 万科A(000002.SZ) 告 坚定去杠杆，经营服务实现闭环 推荐 ( 维持 ) 事项： 公司公布2023年年报，全年实现营收4,657.4亿元，较上年调整后下滑7.6%； 股价:9.24元 归母净利润121.6亿，较上年调整后下滑46.4%；扣非归母净利润97.9亿元， 公 主要数据 较上年调整后下滑50.6%；公司拟不派发股息，不送红股，也不进行资本公积 行业 房地产 司 金转增股本。 ...

股 票 研 究 [Table_industryInfo] 房地产/金融 [ Table_Main[万ITnaf 科bol]e _AT(it0le0]0 002) [评Tab级le_：Inv est] 增持 上次评级： 增持 积极应对困难 目标价格： 11.53 上次预测： 25.40 公 ——万科 2023年年报点评 当前价格： 9.24 司 谢皓宇(分析师) 白淑媛(分析师) 黄可意(研究助理) 2024.03.29 更 010-83939826 021-38675923 010-83939815 [交Ta易bl数e_M据a rket] 新 xiehaoyu@gtjas.com baishuyuan@gtjas.com huangkeyi028691@gtjas.com 证书编号 S0880518010002 S0880518010004 S0880123070129 52周内股价区间（元） 9.05-16.05 报 总市值（百万元） 110,240 告 本报告导读： 总股本/流通A股（百万股） 11,931/9,717 流通 B股/H股（百万股） 0/2,207 2023 年公司结算开始放缓，资产减值计提 ...

[Table_Header] 公司点评●房地产开发 2024年 03 月29 日 [Table_Title] [Table_StockCode] 万科A(000002) 资产减值影响业绩，运营业务齐头并进 [Table_InvestRank] 推荐 (维持) --2023 年报点评 核心观点： 分析师 [Table⚫_ Sum事m件ar：y] 公司发布 2023年年报。2023年公司实现营业收入 4657.39亿元， [胡Ta孝b宇le_ Authors] 同比下降 7.56%；归母净利润 121.63亿元，同比下降 46.39%；基本每股 ：huxiaoyu_yj@chinastock.com.cn 收益 1.03元/股，同比下降 47.25%。2023年度不派发股息。 分析师登记编码：S0130523070001 ⚫ 计提减值拖累业绩：公司 2023 年实现营业收入 4657.39 亿元，同比下 降 7.56%，收入下滑主要受开发业务结算金额同比下滑 9.6%的影响。公 司 2023 年实现归母净利润 121.63 亿元，同比下降 46.39%。归母净利润 [市Ta场ble数_M据ark et] 202 ...

【万科回应下一步偿债安排 剩下的两笔境外债务会通过3种方式兑付】财联社3月11日电，面对近期资 本市场传出的各种债务展期消息，万科企业股份有限公司用提前还债表明态度。3月11日，该公司一笔 发行规模6.3亿美元的中期票据到期，相关偿债资金在3月8日便已到位。万科A相关人士介绍，截至目 前，该公司今年境外公开市场的债务已经偿付了将近一半，剩下的两笔境外债务将在5月及6月到期，会 通过3种方式兑付，包括境外自有资金，境外子公司所获得的境内项目分红或股权转让资金，以及境外 银团贷款。境内方面，今年93亿元的到期债务已经偿付了20亿元，“境内的融资渠道很畅通，这个不用 太担心”。 (中国房地产报) ...

[Table_Page] 跟踪研究|房地产 证券研究报告 [万Table_Tit科le] A(000002.SZ)/ 万 科 企 业 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 9.18元/5.52港元 (02202.HK) 合理价值 18.31元/16.97港元 前次评级 买入/买入 经营稳定持续投资，到期负债有序偿还 报告日期 2024-03-10 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 成交表现居行业中上，规模保持一梯队水平。根据经营公告及克而瑞， 3% 2024年2月公司实现销售金额140亿元，同比下降54%， 24年前2 -6%03/23 05/23 07/23 09/23 11/23 01/24 03/24 月销售金额335亿元，同比下降43%，维持全国前二的位置。23年4 -14% 季度以来公司实现累计销售金额1290亿，期间销售规模全国第一，扣 -23% 除土地投资后月均可支配资金246亿元，对刚性支出覆盖充足。 -32% ⚫ 持续拿地保持经营健康，拓展物流项目立足长期经营。根据经营公告 -41% 及中指院 ...

【万科A：合计6.47亿美元存入于代理行指定银行账户 以全数偿付到期票据本息】财联社3月8日电，万 科A公告，2018年12月11日，本公司之全资子公司万科地产（香港）有限公司在香港联合交易所披露了 关于发行于2024年到期6.3亿美元的5.35%中期票据(ISIN:XS1917548247)的公告。此票据将于2024年3月 11日到期。2024年3月8日，本公司已按票据尚未偿还本金金额连同累计至到期日的利息资金合计6.47亿 美元存入于代理行指定银行账户，以全数偿付到期票据本息。 ...

公司研究 | 动态跟踪 万科 A 000002.SZ 买入 （维持） 大体量经营性资产提供融资空间 股价（2024年03月06日） 9.33元 目标价格 10.94元 52周最高价/最低价 15.54/8.93元 总股本/流通A股（万股） 1,193,071/1,192,318 A股市值（百万元） 111,314 国家/地区 中国 核心观点 行业 房地产 事件：3月5日，万科针对其3月11日到期的一笔美元债偿付作出回应，表示所有 报告发布日期 2024年03月07日 资金已经到位，偿债工作在有序铺排中。 ⚫ 行业销售规模整体收缩，万科销售保持韧性。23年全年以及24年初始，房地产整 1周 1月 3月 12月 体销售规模收缩明显，从 2023 年克尔瑞百强房企销售金额来看，百强同比下跌 绝对表现% -6.04 -1.89 -14.01 -40.37 17.7%、前五房企下跌 11.8%，而万科的合同销售额同比下滑 9.8%。24年 1-2月 相对表现% -8.96 -9.12 -18.46 -26.79 万科合同销售额同比下降 41.7%，而百强销售额跌幅过半。在行业下行期万科销售 沪深300% 2.92 7. ...

商业地产竞争愈演愈烈的2023年，企业的变革也在持续深化，架构大调整、区域合并、精简人员、降本增效……一系列举措带来规模的人事变动，叠加老 臣退休、职业经理人更替等多重因素，共同掀起了商业地产高管变动的大浪潮。 据赢商网不完全统计，2023年度商业地产领域至少发生160起高管人事变动，涉及158位高管（不含监事、董事、非执行董事职务变动）。 2023年度商业地产人事变动盘点清单 从涉及企业看，近40家商业地产企业的高层发生变动，万科商业板块、印力调整，宝龙商业增设六大城市招商中心，爱琴海区域升级，金地商置“缩编”等 均触及系列管理层职务变动。 从涉及职务看，超40起董事长、董事会主席、总裁职务的重磅级高层变动，李欣在吴秉琪调任中建之后再次兼任华润置地总裁、肖广瑞接棒齐界担纲万达 商管“一把手”、包伟空降龙湖掌管商业航道、袁嘉骅擢升招商商管董事长……这些人事换防背后，是开发商们战略及管理方针的优化调整。 从变动性质看，内部调任绝对是重头戏，期内发生81起变动，占比超50%，不管是集团总部架构调整乃至区域公司扩缩编，还是组织文化与薪酬体制的激 励，都推动了企业内部的人才流通；其次，跳槽41起，占比为26%，韩石、 ...

Financial Performance - Revenue for Q3 2023 decreased by 31.62% year-over-year to RMB 89.42 billion[4] - Net profit attributable to shareholders decreased by 22.53% year-over-year to RMB 3.75 billion[4] - Basic earnings per share (EPS) for Q3 2023 decreased by 24.52% year-over-year to RMB 0.3163[4] - Q3 revenue: RMB 89.42 billion, down 31.6% YoY; net profit attributable to shareholders: RMB 3.75 billion, down 22.5% YoY[14] - Jan-Sep revenue: RMB 290.31 billion, down 14.0% YoY; net profit attributable to shareholders: RMB 13.62 billion, down 20.3% YoY[14] - Total revenue for the period was 290.31 billion yuan, a decrease from 337.67 billion yuan in the same period last year[24] - Net profit attributable to the parent company's owners was 13.62 billion yuan, down from 17.09 billion yuan in the previous year[24] - Basic earnings per share were 1.1585 yuan, compared to 1.4734 yuan in the same period last year[25] - Total comprehensive income was 23.38 billion yuan, down from 26.17 billion yuan in the previous year[25] Profitability Metrics - Weighted average return on equity (ROE) for Q3 2023 decreased by 0.55 percentage points year-over-year to 1.49%[4] - Pre-tax gross margin for real estate development business: 18.5%; post-tax gross margin: 14.6%[14] Asset and Liability Management - Total assets as of the end of Q3 2023 decreased by 6.32% year-over-year to RMB 1.65 trillion[4] - Total assets as of September 30, 2023, were RMB 1.647 trillion, a decrease from RMB 1.758 trillion at the end of 2022[22] - Total liabilities decreased to 1.24 trillion yuan from 1.35 trillion yuan at the end of the previous year[23] - Contract liabilities stood at 407.54 billion yuan, down from 465.58 billion yuan at the end of the previous year[23] - Total equity increased to 407.13 billion yuan from 405.64 billion yuan at the end of the previous year[23] - Long-term borrowings increased to 215.06 billion yuan from 180.77 billion yuan at the end of the previous year[23] - Net debt ratio as of September: 53.9%; cash and cash equivalents: RMB 103.68 billion[14] - Proportion of interest-bearing debt due within one year: 14.8%, down 5.7 percentage points from the beginning of the year[15] Cash Flow and Financing - Net cash flow from operating activities increased by 105.64% year-over-year to RMB 235.32 million[9] - Net cash flow from financing activities decreased by 199.45% year-over-year to RMB -3.13 billion[9] - Cash flow from operating activities was 235.32 million yuan, an improvement from a negative 4.18 billion yuan in the previous year[26] - Disposal of subsidiaries and other business units received a net cash amount of 674,910,482.96, a decrease of 58.9% compared to the previous period's 1,640,170,396.74[27] - Investment activities generated a net cash outflow of 2,213,182,784.53, a significant improvement from the previous period's net outflow of 11,153,809,141.65[27] - Cash inflows from financing activities totaled 89,224,185,478.92, a decrease of 21.1% compared to the previous period's 113,019,267,529.06[27] - Net cash used in financing activities was 31,334,050,924.03, a substantial increase from the previous period's 10,463,739,068.95[27] - The net increase in cash and cash equivalents was -33,180,264,499.62, compared to -24,903,349,312.11 in the previous period[27] Expenses and Income - Management expenses decreased by 30.21% year-over-year to RMB 504.49 million[9] - Financial expenses increased by 130.46% year-over-year to RMB 276.56 million[9] - Investment income increased by 199.42% year-over-year to RMB 252.10 million[9] - Research and development expenses were 444.23 million yuan, slightly up from 442.40 million yuan in the previous year[24] Real Estate Development - Real estate development business contributed RMB 733.6 billion in Q3 revenue, down 37.3% YoY[14] - Contract sales area in Q3 was 5.214 million square meters, a decrease of 19.3% YoY, and contract sales amount was RMB 76.67 billion, a decrease of 22.9% YoY[16] - Cumulative contract sales area from January to September was 18.184 million square meters, a decrease of 6.1% YoY, and contract sales amount was RMB 280.61 billion, a decrease of 10.8% YoY[16] - Unsold resources at the end of September totaled 29.552 million square meters, with a contract value of approximately RMB 461.73 billion[16] Logistics and Warehousing - Logistics and warehousing business revenue from January to September was RMB 2.98 billion, an increase of 14.8% YoY, with high-standard warehouse revenue at RMB 1.7 billion, up 6.8% YoY, and cold chain revenue at RMB 1.28 billion, up 27.6% YoY[18] - Leasable area for logistics and warehousing business at the end of September was 9.899 million square meters, with high-standard warehouse occupancy rate at 85.3% and cold chain utilization rate at 76.5%[18] Rental Housing - Rental housing business revenue from January to September was RMB 2.53 billion, an increase of 9.4% YoY, with 229,000 rental housing units under management and an occupancy rate of 94.4%[19] Commercial Development and Operation - Commercial development and operation revenue from January to September was RMB 6.58 billion, an increase of 5.2% YoY, with Yinli Group's managed commercial projects achieving a revenue of RMB 4.18 billion, up 3.4% YoY, and an overall occupancy rate of 95.0%[20] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period: 556,919 (A shares: 556,846, H shares: 73)[10] - Shenzhen Metro Group holds 27.18% of the shares, totaling 3,242,810,791 shares[10] - HKSCC NOMINEES LIMITED holds 18.49% of the shares, totaling 2,206,355,586 shares[10] Accounting and Financial Reporting - The company implemented new accounting standards effective January 1, 2023, with no significant impact on financial position or operating results[28] - The new accounting standards resulted in an adjustment of 42,253,962.87 to the 2022 January-September net profit, increasing it to 27,286,850,129.28[29] - Shareholders' equity at the end of 2022 was adjusted by 645,323,557.34 due to the new accounting standards, resulting in a total of 405,636,829,963.55[29] - The 2023 third quarter financial statements were unaudited[30] Financing Costs - Average financing cost for domestic new financing in the first three quarters: 3.64%[15]

万科企业股份有限公司 CHINA VANKE CO., LTD. 2023 年半年度报告 A股证券代码：000002、299903 A股证券简称：万科 A、万科 H代 公告编号：〈万〉2023-109 二〇二三年八月 万科企业股份有限公司2023年半年度报告 第一节 重要提示、目录和释义 ...