Investment Rating - The report maintains a "Buy" recommendation for China Overseas Development (0688.HK) [2][4] Core Views - The company achieved a total revenue of 86.94 billion yuan in H1 2024, a year-on-year decline of 2.5%, and a net profit attributable to shareholders of 10.31 billion yuan, down 23.5% year-on-year, with an interim dividend of 0.3 HKD per share proposed [3][4] - The company ranked second in overall sales and first in equity sales in the industry, with a market share increase, focusing on key cities where sales from first-tier and key second-tier cities accounted for 83% of total sales [4] - The commercial segment saw a revenue growth of 20% in H1 2024, supported by effective cost control and financial advantages, with an average financing cost of only 3.5% [4] Summary by Sections Financial Performance - Revenue for 2024E is projected at 180.32 billion yuan, with a year-on-year growth of 12.3% [5] - Net profit for 2024E is estimated at 23.26 billion yuan, reflecting a year-on-year decline of 42.1% [5] - The gross margin is expected to stabilize around 20.0% for 2024E [5] Sales and Market Position - The company’s sales price per square meter increased by 21.7% to 27,279 yuan, with significant sales contributions from major cities [4] - The company has a strong cash position with 100.24 billion yuan in cash, representing 11% of total assets, enabling it to seize market opportunities [4] Future Outlook - The report forecasts EPS for 2024-2026 at 2.39, 2.43, and 2.47 yuan respectively, with corresponding P/E ratios of 4.4, 4.4, and 4.3 times [4][5] - The company is expected to maintain a robust operational performance despite industry challenges, leveraging its brand and operational advantages for potential growth [4]

股票研究 /[Table_Date] 2024.08.28 ——2024 年中期业绩点评 龙头风范，挖掘改善性需求的结构性机会 中国海外发展(0688) [Table_Industry] 房地产 [Table_Invest] 评级： 增持 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 谢皓宇(分析师) | 黄可意(研究助理) | 白淑媛(分析师) | | | 010-83939826 | 010-83939815 | 021-38675923 | | | xiehaoyu@gtjas.com | huangkeyi028691@gtjas.com | baishuyuan@gtjas.com | | 登记编号 | S0880518010002 | S0880123070129 | S0880518010004 | [当前价格 Table_CurPrice] (港元)： 12.20 [Table_Market] 交易数据 | -- ...

Financial Performance - The group's total revenue was RMB 86.94 billion, with a year-on-year increase in commercial property revenue of 19.8% to RMB 3.54 billion[2]. - The profit attributable to shareholders was RMB 10.31 billion, with a core profit of RMB 10.64 billion, resulting in a basic earnings per share of RMB 0.94[3]. - The group's net profit for the six months ended June 30, 2024, was RMB 11.53 billion, compared to RMB 14.21 billion in the same period last year[5]. - The company reported total revenue of RMB 88,979,659 thousand for the six months ended June 30, 2024, compared to RMB 92,764,537 thousand for the same period in 2023, indicating a decrease of about 4.23%[12][13]. - The profit from segments, including share of profits and losses from associates and joint ventures, was RMB 16,256,120 thousand for the first half of 2024, compared to RMB 21,035,863 thousand for the same period in 2023, reflecting a decline of approximately 22.7%[12][13][14]. - The company's profit before tax for the six months ended June 30, 2024, was RMB 16,183,761, a decrease of 18.3% compared to RMB 19,815,172 for the same period in 2023[15]. - The total financial expenses for the six months ended June 30, 2024, were RMB 4,870,350, down from RMB 5,241,304 in the previous year, reflecting a reduction of 7.1%[16]. - The income tax expense for the six months ended June 30, 2024, totaled RMB 4,656,955, compared to RMB 5,603,764 in the same period of 2023, indicating a decrease of 16.8%[17]. - Basic and diluted earnings per share attributable to shareholders for the six months ended June 30, 2024, were RMB 10,313,630, down 23.8% from RMB 13,489,777 in 2023[19]. Sales and Revenue - The group's property sales amounted to RMB 148.38 billion, with a corresponding sales area of 5.44 million square meters[2]. - In the first half of 2024, the company's contracted property sales amounted to RMB 148.38 billion, with a market share increase of 0.49 percentage points to 3.15%[25]. - The company focused on first-tier cities, generating RMB 74.4 billion in sales contracts from Beijing, Shanghai, Guangzhou, and Shenzhen, accounting for 62.7% of total sales[25]. - The commercial property revenue grew by 19.8% year-on-year, reaching RMB 3.54 billion in the first half of 2024[25]. - The company reported commercial property revenue of RMB 3.54 billion for the first half of 2024, a year-on-year increase of 19.8%[37]. - Office building revenue was RMB 1.76 billion, while shopping center revenue surged by 57.6% to RMB 1.11 billion[38]. Assets and Liabilities - The group's total assets less current liabilities amounted to RMB 645.47 billion as of June 30, 2024[6]. - The company's total liabilities and equity amounted to RMB 645,474,448 thousand as of June 30, 2024, compared to RMB 637,903,574 thousand at the end of 2023, showing an increase of approximately 1.78%[7]. - The company's reserves rose to RMB 304,504,500 thousand as of June 30, 2024, up from RMB 298,982,385 thousand at the end of 2023, representing an increase of approximately 1.74%[7]. - Non-current liabilities, including bank and other borrowings due after one year, increased to RMB 153,229,362 thousand from RMB 144,139,899 thousand, marking an increase of about 6.5%[7]. - The company's total land reserve area increased by 1.17 million square meters, bringing the total land reserve to 49.05 million square meters as of June 30, 2024[2]. - The company's total land reserve construction area, including subsidiaries, reached 49.05 million square meters as of June 30, 2024[36]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.30 per share[2]. - The interim dividend declared for the six months ended June 30, 2024, is approximately RMB 2,971,536,000, with a per share dividend of HKD 0.30[20]. - The interim dividend declared is HKD 0.30 per share, down from HKD 0.35 per share in 2023[45]. Financial Position and Ratios - The group's total borrowings stood at RMB 255.57 billion, with cash and bank balances of RMB 100.24 billion, resulting in a net gearing ratio of 38.7%[2]. - The company maintained a debt-to-asset ratio of 56.1% and a net gearing ratio of 38.7%, indicating a strong financial position[26]. - The company achieved a gross profit margin of 22.1% and a weighted average financing cost of 3.5%, maintaining one of the lowest financing costs in the industry[26][28]. - The company's weighted average financing cost was 3.5%, positioning it within the lowest range in the industry[40]. - The company achieved a net asset value of RMB 376.08 billion and a current ratio of 2.4 times as of June 30, 2024[40]. Debt Management - The company repaid debts totaling RMB 46.87 billion during the first half of 2024, resulting in a net debt repayment of RMB 3.04 billion[40]. - The group reported a bank balance and cash of RMB 100.24 billion, with available funds reaching RMB 144.21 billion[41]. - The proportion of RMB borrowings increased to 74.8%, up 4.5 percentage points from the end of 2023[41]. Sustainability and ESG - The group has committed to reducing carbon emissions intensity by over 30% by 2030, based on 2019 levels[43]. - The group has received the highest ESG ratings from major domestic rating agencies, including AAA from Zhiding and AA from Wind[43]. - The group has added 17 new projects meeting green building standards, totaling 2.22 million square meters, bringing the cumulative total to 653 projects with a total area of 10.9 million square meters[43]. Corporate Governance - The company has complied with the corporate governance code as of June 30, 2024[50]. - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance as of June 30, 2024[51]. - The audit and risk management committee reviewed the unaudited interim results for the six months ending June 30, 2024[52]. - The interim report will be published on the company's website and the Hong Kong Stock Exchange at an appropriate time[54].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 中国海外发展 恒生指数 -40% -32% -23% -15% -6% 2% 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/72024/8 [Table_Market] 交易数据 本报告导读： 投资要点： 52周内股价走势图 [Table_Report] 相关报告 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 谢皓宇(分析师) | 黄可意(研究助理) | 白淑媛(分析师) | | | 010-83939826 | 010-83939815 | 021-38675923 | | | xiehaoyu@gtjas.com | huangkeyi028691@gtja ...

[Table_Page] 公告点评|房地产Ⅱ 证券研究报告 [Table_Title] 【广发地产&海外】中国海外发展 (00688.HK) 6 月销售超预期,23 年核心拿地效果显现 [Table_Summary] 核心观点: ⚫ 6 月销售超预期。根据公司经营公告,中海地产(含宏洋)24 年 6 月 销售金额 466.8 亿元,同比+41%,其中中国海外发展贡献 426 亿元, 同比+49%,中国海外宏洋集团贡献 40.8 亿元,同比-12%。24 年上半 年,中海地产、中海发展、中海宏洋销售金额分别为 1484 亿元、1294 亿元、190 亿元,同比分别-18%、-16%、-27%。 ⚫ 6 月红盘集中入市,增加确定性。根据中指院,24 年上半年公司红盘 集中入市,24 年 3 月在上海推出顺昌玖里(高层)首开销售额 197 亿 元,占单月销售的 52%,6 月末集中推出上海领邸玖序、深圳深湾玖 序、北京京华玖序三个"玖"系高端住宅,首开销售额分别为 66、100、 62 亿元,合计销售 228 亿元,占 6 月销售的 54%。此外,公司 6 月末 推出低密产品(顺昌/恒昌玖里)首开 49 套 100 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - In June 2024, the company's sales area showed significant improvement, with luxury projects in first-tier cities driving sales revenue and average prices to historical highs. The company adopted a cautious approach to land acquisition, resulting in a land acquisition-to-sales ratio of only 0.09 [5][6]. Summary by Sections Sales Performance - In June 2024, the company achieved a cumulative sales revenue of 148.4 billion RMB, a year-on-year decline of 17.6%. However, June's sales revenue reached 46.7 billion RMB, marking a year-on-year increase of 40.6%. The improvement in June's sales is attributed to changes in the sales structure, similar to the logic observed in March [6]. - The average selling price in June increased by 32.1% year-on-year and 63.2% month-on-month, reaching 31,740 RMB per square meter, the second-highest since 2020. This increase was primarily driven by high-priced luxury properties, which accounted for over 60% of total sales [6]. Land Acquisition - The company has significantly slowed its land acquisition pace, with a land acquisition-to-sales ratio of 0.09 in the first half of 2024. A total of six new land reserves were added, corresponding to a total equity construction area of 1.15 million square meters and land transfer fees of 12 billion RMB [6]. - Compared to 2023, the land acquisition-to-sales ratio has dropped sharply from 0.50 to 0.09, indicating a more cautious investment strategy [6]. Financial Projections - The report maintains earnings per share (EPS) projections for 2024-2026 at 2.41 RMB, 2.62 RMB, and 2.89 RMB, respectively [6].

Investment Rating - The report maintains a "Buy" rating for China Overseas Development (0688) [4]. Core Views - The company reported a month-on-month decline in sales in April, but there is an expectation for gradual improvement in sales performance due to supportive policies [2][3]. - The investment intensity for land acquisition has been weak overall in 2024, with a cautious approach being maintained [2][3]. Summary by Relevant Sections - **Sales Performance**: In the first four months of 2024, the company's cumulative sales amounted to 82 billion yuan, a year-on-year decrease of 30.3%. The cumulative sales area was 2.96 million square meters, down 46.3% year-on-year. However, the company ranked first in the industry for equity sales during this period [3]. - **Price Trends**: The average selling price in April returned to 23,350 yuan per square meter, following a spike in March due to luxury home sales. The average price in March reached nearly 40,000 yuan per square meter [3]. - **Land Acquisition**: No new land reserves were added in April, and the land investment intensity for the first four months was only 2%. The total land acquisition amount was 1.6 billion yuan, ranking the company 45th in the industry [3]. - **Future Expectations**: The report anticipates that the supportive policies, including government purchases, removal of purchase restrictions, and reduced loan rates, will lead to improved sales performance in the coming months [3]. - **Earnings Forecast**: The report maintains the earnings per share (EPS) estimates for 2024-2026 at 2.41 yuan, 2.62 yuan, and 2.89 yuan respectively [3].

Company Operations and Structure - The company operates in 87 major cities in mainland China, including Beijing, Shanghai, and Guangzhou, as well as in Hong Kong and Macau[15]. - The company has a diversified business structure, including real estate development and commercial property operations across multiple regions[15]. - The company is listed on the Hong Kong Stock Exchange under the stock code 00688[13]. - The company has established a strong presence in international markets, including London, for its commercial property operations[15]. - The company has a dedicated investor relations team to facilitate communication with shareholders[11]. Financial Performance - Contracted property sales reached RMB 309.81 billion, an increase of 5.1% compared to RMB 294.76 billion in 2022[16]. - Revenue for the year was RMB 202.52 billion, reflecting a growth of 12.3% from RMB 180.32 billion in the previous year[16]. - The company's attributable profit to shareholders was RMB 25.61 billion, up 10.1% from RMB 23.26 billion in 2022[16]. - Core attributable profit to shareholders decreased by 3.2% to RMB 23.65 billion from RMB 24.42 billion[16]. - The net gearing ratio improved to 38.7%, down from 42.9% in the previous year[16]. - The company maintained a dividend of HKD 0.80 per share, with a mid-term dividend of HKD 0.35 and a final dividend of HKD 0.45, reflecting a 12.5% increase from the previous final dividend[16]. Land Acquisition and Development - New land reserves increased by 3.4% to 7.64 million square meters, while total land reserves decreased by 21.0% to 54.03 million square meters[16]. - The company acquired 43 land parcels in 23 cities in mainland China and Hong Kong, with a total land acquisition cost of RMB 134.21 billion, a 42.0% increase year-on-year[39]. - The company successfully expanded its investment scale in first-tier cities, acquiring 12 high-quality land parcels that accounted for approximately 60% of the annual new equity land price[56]. - The total building area of the company's land reserves reached 35.22 million square meters, with an equity building area of 30.39 million square meters as of December 31, 2023[60]. Project Development and Sales - The company achieved record sales of RMB 9.27 billion on the opening day of Beijing Zhonghai Duquetai, setting a new record for new home sales in Beijing[25]. - The total construction area completed in 34 cities in mainland China reached 16.43 million square meters[54]. - In 2023, the company delivered 94,000 high-quality housing units, showcasing its strong delivery capabilities[70]. - The company plans to launch the Guangzhou Haizhu project for sale in March 2024, with completion expected in 2026[74]. Commercial Property Performance - The company's commercial property revenue increased by 20.9% year-on-year to RMB 6.36 billion, supported by the opening of 12 new commercial properties[39]. - The shopping center business achieved a rental rate of 96.3%, with overall foot traffic and sales increasing by 56.8% and 65.5% respectively[102]. - The company opened five new shopping centers, adding a total of 590,000 square meters of operational space[102]. Corporate Governance and Leadership - The board of directors includes experienced executives, with Yan Jianguo serving as Chairman and Zhang Zhichao as CEO[6][7]. - The company has a strong governance structure with independent non-executive directors, including Mr. Li, who has extensive experience in banking and finance[148]. - The company emphasizes the importance of corporate governance and risk management, with dedicated committees led by experienced directors[149][150]. Sustainability and ESG Initiatives - The company aims to reduce carbon emissions intensity by over 30% by 2030, using 2019 as the baseline, and achieve carbon neutrality by 2060[164]. - The company has been included in the FTSE4Good Index for seven consecutive years and the Hang Seng ESG 50 Index for four consecutive years, reflecting strong recognition in ESG performance[162]. - The company has launched a "Carbon Neutrality White Paper" detailing its energy-saving and emission-reduction potential, focusing on 12 key initiatives[164]. Employee Engagement and Community Involvement - The employee satisfaction score reached 84 points, while employee engagement scored 92 points, maintaining a leading position in the industry[173]. - The group has been awarded the "Caring Company" logo for 16 consecutive years, reflecting its commitment to community care and employee welfare[178]. - The group conducted nearly 1,389 training sessions covering all employees, with a total of 53,067 participants, averaging 89 hours of training per employee[172].

[Table_Page] 公告点评|房地产Ⅱ 证券研究报告 [【Table_T广itle] 发地产&海外】中国海外发展 [公Tab司le_I评nves级t] 买入 当前价格 12.14港元 （00688.HK） 合理价值 18.80港元 前次评级 买入 结算规模创历史同期新高，经营利润率回升 报告日期 2024-04-25 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 一季度结算创规模历史同期新高，经营利润率回升。公司发布24年一 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -8% 季度业绩公告，一季度收入365亿元，同比+14.4%，结算规模创历史 -19% 同期新高，经营溢利66.5亿元，同比+0.2%，剔除汇兑损益后的经营 -29% 溢利同比+22.2%，业绩表现亮眼。23Q1港币汇率波动不大，假设23Q1 -40% -50% 没有汇兑损益影响，那么24Q1剔除汇兑损益的经营溢利为81.1亿元， 中国海外发展 恒生指数 经营净利率22.2%，同比提升1.4pct，也高于23年剔除汇兑损益的经 营利润率 ...

中国海外发展（688） 更新报告 买入 2024年4月25日 行业排名持续提升，高质量稳健发展 罗凡环  权益销售金额排名第二：2023 年公司实现合同销售额约 3098 亿元，同比增长 5.1%，行业排名第三，权益口径销售金额排名第二。合同销售面积约 1336 万方，同 852-25321962 比下降 3.7%，合同均价提升 9.1%至 23195 元/平方米。整体市占率提高 0.29 个 ppt 至 2.66%。公司依然聚焦主流城市主流地段布局，一二线城市合约销售金额占集团系 Simon.luo@firstshanghai.com.hk 列公司（不含中海宏洋）合约销售金额 74%，在 31 个城市市占率位居当地前三，其 中11个城市市占率位居当地市场第一。销售回款率99%，同比提升6个ppt。公司宣 行业 房地产 派末期股息每股45港仙，全年派息率30%。 股价 12.14港元  土地投资规模及质量行业领先：虽然市场波动下行，但公司保持投资定力，聚焦高 能级城市的优质资产精准投资，2023年新增总购地金额1440亿元，对应货值2640亿 目标价 18.80港元 元，其中北上广深占比均超过60%，一线 ...