证券研究报告 | 年报点评报告 2024年04月01日 华润置地（01109.HK） 夯实资管业务竞争力，受益差异化优势 事件：3月26日，公司发布2023年度业绩公告。 买入（维持） 业绩稳中有升，盈利水平行业领先。2023年公司实现营收2511.4亿元， 股票信息 同比增长 21.3%；其中开发销售型业务（一线城市收益占比显著提升 行业 地产发展商 11pct，结算均价上升25.4%至17913元/平）、经常性业务分别实现收入 前次评级 买入 2120.8、390.6亿元，同比增长20.4%、26.4%。同期实现核心归母净利 3月28日收盘价(港元) 24.75 润277.7亿元，同比增长2.9%。公司综合毛利率微降至25.2%，但仍保 总市值(百万港元) 176,490.75 持行业第一梯队；其中，基本盘业务毛利率受产品结构及计提存货减值影 总股本(百万股) 7,130.94 响降至20.7%，经营性不动产业务毛利率则同比提升4pct至69.6%。 其中自由流通股(%) 100.00 以高质量产品及有效投资突围行业规模收缩趋势。2023 年公司实现签约 30日日均成交量(百万股) 13.56 额 307 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][21]. Core Views - The company demonstrated solid performance with a revenue of 251.14 billion yuan in 2023, reflecting a year-on-year growth of 21.3%. The core net profit attributable to shareholders was 27.77 billion yuan, up 2.9% year-on-year. The total dividend per share for the year was 1.441 yuan, also a 2.9% increase, with a payout ratio of 37% of core net profit, resulting in a dividend yield exceeding 6% [5][19]. - The company is focusing on core cities, maintaining sales scale with contract sales of 307.03 billion yuan in 2023, a 1.9% increase year-on-year. The company added 13.25 million square meters of land reserves in 2023, with 93% of investments in first- and second-tier cities. By the end of 2023, total land reserves reached 62.5 million square meters, with sufficient saleable value of 530.8 billion yuan for 2024, 88% of which is located in high-tier cities [12][19]. - The company accelerated the opening of shopping centers, achieving rental income of 17.9 billion yuan in 2023, a 29.7% increase year-on-year, with a compound annual growth rate of 17.5% from 2019 to 2023. The company opened 10 new shopping centers in 2023, bringing the total to 76, with 16 more expected to open in 2024 [15][19]. - The establishment of a large asset management platform is expected to enhance asset value release. The successful issuance of public REITs in March is seen as an effective attempt to release asset value. The company has a wealth of quality assets and an experienced management team, which supports the integration of quality industry assets [15][19]. Financial Summary - As of the end of 2023, the company's net debt ratio decreased by 6.2 percentage points to 32.6%, and the average financing cost fell by 19 basis points to a new low of 3.56% [19][21]. - The projected revenues for 2024 and 2025 are 263.3 billion yuan and 276.5 billion yuan, respectively, with expected year-on-year growth of 4.8% and 5.0%. The core net profit is projected to be 27.8 billion yuan and 29.4 billion yuan for the same years, with growth rates of 0.1% and 6.0% [3][21].

Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109.HK) [1] Core Views - The company achieved a revenue of 251.14 billion yuan in 2023, representing a year-on-year growth of 21.3%. The core net profit reached 27.77 billion yuan, with a growth of 2.9% [2][3] - The company focuses on high-quality land reserves in major cities, with a total land reserve of 62.5 million square meters, of which 52.45 million square meters are for property development [2] - The operational resilience of the company's commercial projects is strong, with a significant increase in revenue from investment properties [3] Summary by Sections Financial Performance - In 2023, the company reported operating income of 251.14 billion yuan, with development business income of 212.08 billion yuan (up 20.4%), operational real estate income of 22.23 billion yuan (up 30.6%), and light asset management income of 10.64 billion yuan (up 27.7%) [2] - The company’s core net profit contribution from various segments is as follows: development business (65.6%), operational real estate (28.3%), light asset management (3.5%), and ecosystem factor business (2.6%) [2] Sales and Land Acquisition - The company signed sales of 307.03 billion yuan in 2023, a year-on-year increase of 1.9%, with a signed area of 13.07 million square meters, down 8.3% [2] - The company acquired 68 new projects, adding 13.25 million square meters of land, with 92.8% of investments in first- and second-tier cities [2] Operational Resilience - The operational real estate business generated revenue of 22.23 billion yuan, up 30.6% year-on-year, with shopping center revenue of 17.85 billion yuan (up 29.7%) and an occupancy rate of 96.5% [3] - The company has a robust pipeline of commercial projects, with 50 shopping centers under construction or planned [3] Profit Forecast and Investment Advice - The forecast for the company's net profit growth from 2024 to 2026 is a compound annual growth rate of 4%, supported by rapid expansion of commercial projects and steady growth in residential development [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company achieved a revenue of 251.1 billion yuan in 2023, representing a year-on-year increase of 21%. The core net profit was 27.8 billion yuan, up 2.9% year-on-year [3][6] - The company emphasizes shareholder returns, with a dividend of 1.441 yuan per share in 2023, maintaining a payout ratio of 37% and a dividend yield of 4.8% based on the average stock price for the year [3][6] - The company's recurring business effectively smooths out fluctuations in development sales, with recurring revenue accounting for 15.6% of total revenue, up 0.7 percentage points year-on-year [11][6] - The company maintains a healthy financial position with a cash-to-short-term debt ratio of 1.49 and a net interest-bearing debt ratio of 32.6%, down 6.2 percentage points year-on-year [33][6] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 251.1 billion yuan, with development sales contributing 212.1 billion yuan and recurring business revenue at 39.1 billion yuan [3][6] - The gross profit margin for the year was 25.2%, slightly down by 1 percentage point, but still among the industry's top tier [11][6] Sales and Development - The company signed sales contracts totaling 307 billion yuan in 2023, a 2% increase year-on-year, maintaining its 4th position in the industry [17][6] - The company added 13.25 million square meters of land reserves in 2023, a 21% increase year-on-year, with a total land reserve of 62.5 million square meters at the end of 2023 [17][6] Investment Property Performance - Investment property revenue reached 22.2 billion yuan in 2023, a 31% increase, with shopping center rental income contributing 17.6 billion yuan [26][6] - The overall occupancy rate of shopping centers remained high at 96.5% [26][6] Financial Health - The company’s weighted average financing cost was 3.56% in 2023, down 19 basis points year-on-year [33][6] - The recurring business revenue covers dividends and interest payments with a ratio of 1.9, while rental income covers these costs with a ratio of 1.08 [33][6] Investment Recommendations - The company is expected to achieve core net profits of 30.4 billion yuan and 31.9 billion yuan in 2024 and 2025, respectively, with corresponding earnings per share of 4.26 yuan and 4.47 yuan [38][6]

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 房地产 | 公司研究 逆境业绩稳增，优质发展典范 2024年03月26日 华润置地 (01109.HK) 买入 23 年核心净利润同比+3%、归母净利润同比+12%、符合预期，经常性业务贡献核心利润占比 34%。23年公司营业收入2,511亿元，同比+21.3%；归母净利润314亿元，同比+11.7%；核心 净利润278亿元，同比+2.9%，其中经常性业务贡献34.4%、同比+10.4pct；每股基本收益4.40 维持 元，同比+11.7%。地产结算收入2,121亿元，同比+20.4%；地产结算面积1,184万平，同比-4.0%。 毛利率、归母净利率和核心净利率分别为25.2%、12.5%和11.1%，同比分别-1.1pct、-1.1pct和 -2.0pct；地产结算毛利率20.7%，同比-2.3pct；三费费率为7.6%，同比+1.3pct，其中销售、管 市场数据：2024年03月26日 理、财务费率分别+0.7pct、+0.6pct、+0.0pct；投资收益23.6亿元，同 ...

Financial Performance - For the fiscal year ending December 31, 2023, the total revenue was RMB 251.14 billion, representing a year-on-year growth of 21.3%[2] - The net profit attributable to shareholders was RMB 31.37 billion, reflecting an 11.7% increase compared to the previous year[3] - The core net profit, excluding investment property valuation gains, was RMB 27.77 billion, a year-on-year increase of 2.9%[2] - The total comprehensive income for the year was CNY 37,596,247, up 14.0% from CNY 32,680,151 in the previous year[7] - The company's equity attributable to shareholders was CNY 31,604,881, reflecting a growth from CNY 28,161,565 year-over-year[7] - The total revenue for the year ended December 31, 2023, was CNY 266,121,752,000, with a significant contribution from external customers amounting to CNY 251,137,103,000[15] - The operating profit before tax was CNY 66,437,894,000, indicating strong profitability for the company[15] - The company achieved a total operating revenue of CNY 223,297,526,000, with significant contributions from various business segments[16] Dividends - The company proposed a final dividend of RMB 1.243 per share, leading to a total annual dividend of RMB 1.441 per share, a 2.9% increase year-on-year[4] - The interim dividend for 2023 was proposed at RMB 0.198 per share, compared to RMB 0.182 per share in 2022, marking an increase of 8.8%[25] - The proposed final dividend for 2023 is RMB 1.243 per share, totaling approximately RMB 8,863,758,000, based on the latest issued share count of 7,130,939,579 shares[25] Revenue Breakdown - The revenue from the development and sales business was RMB 212.08 billion, showing a year-on-year growth of 20.4%[2] - The recurring revenue from core operations was RMB 39.06 billion, representing a year-on-year growth of 26.4% and accounting for 15.6% of total revenue[2] - The revenue from rental income was CNY 16,033,159,000, contributing to the overall revenue stream[15] - The total revenue from external customers in the real estate segment was CNY 207,061,119,000, demonstrating strong market demand[16] - The operating revenue from shopping centers reached RMB 17.85 billion, marking a year-on-year increase of 29.7%[35] - The operating revenue from the agency operation business reached RMB 600 million, reflecting a year-on-year growth of 95.7%[38] Assets and Liabilities - The total assets as of December 31, 2023, amounted to CNY 784,360,847, compared to CNY 713,284,627 at the end of 2022, indicating a growth of 9.9%[8] - The total liabilities were CNY 584,205,857, an increase from CNY 527,256,053, marking a rise of 10.8%[9] - The company's cash and cash equivalents reached CNY 112,675,092, up from CNY 95,544,576, showing a growth of 18.0%[8] - The company's total equity increased to CNY 384,149,054 from CNY 341,707,050, representing a growth of 12.4%[9] - The company's long-term borrowings decreased to CNY 42,576,778 from CNY 52,336,890, a reduction of 18.0%[9] Debt and Financing - As of the end of 2023, the net debt-to-equity ratio decreased by 6.2 percentage points to 32.6%, with the weighted average cost of debt financing dropping by 19 basis points to 3.56%[4] - The group's total consolidated borrowings amounted to RMB 239.53 billion, with cash and bank deposits of RMB 114.34 billion, resulting in a net debt to equity ratio of 32.6%, down 6.2 percentage points from the end of 2022[68] - The group successfully raised nearly RMB 7 billion through the listing of its first consumer infrastructure REIT project, establishing a commercial REIT platform[36] Operational Highlights - The total contracted sales for the year amounted to RMB 307.03 billion, a year-on-year increase of 1.9%, with a contracted area of 13.07 million square meters[4] - The company added land reserves with a construction area of 13.25 million square meters, bringing total land reserves to approximately 62.5 million square meters by the end of 2023[4] - The company opened 10 new shopping centers in 2023, bringing the total number of operational shopping centers to 76 by year-end[55] - The company acquired 68 new projects during the year, with 92.8% of investments in first and second-tier cities[35] Taxation - The corporate income tax expense for the year ended December 31, 2023, was RMB 17,638,219,000, compared to RMB 10,688,929,000 for the year ended December 31, 2022, representing a 65.5% increase[18] - The total income tax expense, including deferred tax, for the year ended December 31, 2023, was RMB 29,134,131,000, compared to RMB 23,139,594,000 for the year ended December 31, 2022, reflecting a 25.8% increase[18] Corporate Governance - The company has adhered to corporate governance codes and maintained compliance with the relevant rules during the reporting period, with a noted exception regarding the separation of roles between the Chairman and CEO[77] - The audit committee, consisting of five independent non-executive directors and one non-executive director, has reviewed the annual performance for the year ending December 31, 2023[80] - The company's auditor, PwC, confirmed that the financial data disclosed in the preliminary announcement is consistent with the audited consolidated financial statements for the year ending December 31, 2023[81]

智通财经APP讯，华润置地(01109)发布公告，于2024年3月22日，Dragon Rider Development Limited(一家公司持有其全部发行股份45%的实益权益的公司)作为借款人(借款人)、本公司和与华润(集团)有限公司(华润集团)作为担保人，与特定金融机构作为贷款人、招商永隆银行(CMB Wing Lung Bank Limited)作为代理行，招商永隆银行(CMB Wing Lung Bank Limited)作为担保代理行，就上限为64.63576亿元整港币的定期贷款融资。该贷款融资自该融资协议签订之日起计为期十二个月。 ...

Core Viewpoint - China Resources Land has undergone a significant organizational restructuring, consolidating its regional divisions to enhance operational efficiency and resource allocation [1][3]. Group 1: Organizational Restructuring - The company has reduced its regional divisions from 7 to 5 and its regional companies from 28 to 20, merging the North China and Northeast regions into a new Northern region and eliminating the Central China region [1][3]. - The restructuring aims to streamline operations and empower regional companies by decentralizing resources and authority [3]. Group 2: Sales Performance - In the first half of 2023, the East China region had the highest contracted sales at 461 billion RMB, accounting for 27.1% of total sales, while the Northeast region had the lowest at 78 billion RMB, representing only 4.6% [1][2]. - For the entire year of 2022, the company reported a total contracted sales amount of 3,013 billion RMB, with the Northeast region again ranking last among the six mainland regions with 176 billion RMB, or 5.9% of total sales [2]. Group 3: Future Outlook - The company plans to select and promote a group of young talents into management and key positions, providing new development opportunities for employees [3]. - The restructuring is expected to enhance the company's competitiveness and market position, adapting better to the changing market environment [3].

Financial Performance - In the first half of 2023, the Group achieved a revenue of RMB72.97 billion, representing a 0.1% year-over-year growth, and a core net profit of RMB11.27 billion, showing a 10.9% year-over-year increase[19]. - The gross profit for the first half of 2023 was RMB18.72 billion, with a comprehensive gross profit margin of 25.7%, down by 1.2 percentage points YoY[43]. - The core net profit reached RMB11.27 billion, representing a YoY increase of 10.9%, driven by the rapid growth of investment property and asset-light management businesses[37]. - Profit for the period increased to RMB 16,059,227 thousand, compared to RMB 12,684,013 thousand in 2022, representing a growth of about 26.5%[165]. - Total comprehensive income for the period was RMB 16,431,302 thousand, compared to RMB 12,924,032 thousand in 2022, reflecting an increase of around 27.5%[167]. - The company reported finance costs of RMB (892,364) thousand, slightly improved from RMB (904,542) thousand in the previous year[165]. - The Group recognized a gain of RMB 3,732,355,000 on changes in the fair value of investment properties[198]. - Profit before taxation was reported at RMB 19,805,124,000, reflecting robust financial health[200]. Revenue Sources - The revenue from the investment property business reached RMB10.72 billion in the first half of 2023, representing a 41.0% YoY increase[52]. - Revenue from shopping malls was RMB8.64 billion, up 39.5% YoY, with an occupancy rate of 96.2%, slightly down by 0.2 percentage points YoY[52]. - The Development property business generated revenue of RMB 54,677,576,000, while the Investment property business contributed RMB 11,135,240,000[198]. - Revenue from contracts with customers recognized at a point in time amounted to RMB 43,659,379,000[200]. - Revenue recognized over time totaled RMB 15,706,054,000, contributing to a consolidated revenue of RMB 79,752,377,000[200]. Dividends and Shareholder Returns - The interim dividend is RMB0.198 per share, up 8.8% compared to the previous year[19]. - The board has declared an interim dividend of HKD0.216 per share for the six months ended 30 June 2023, an increase from HKD0.208 per share in 2022[145]. - Shareholders can elect to receive the interim dividend in RMB at an exchange rate of HKD1.0 to RMB0.9173, resulting in a payment of RMB0.198 per share if chosen[146]. - The dividend payment will be made on 27 October 2023, with the register of members closed from 14 September to 15 September 2023[145]. Operational Highlights - The Group's contracted sales value reached RMB170.24 billion, reflecting a 40.6% year-over-year growth, maintaining a top four industry ranking[21]. - The Group acquired 35 new projects, with 93% of investments in tier-one and tier-two cities, adding a total value of RMB227.0 billion in salable resources[21]. - The average occupancy rate for newly opened shopping centers was 95.7%, and the office rental rate increased by 2.6 percentage points to 81.8%, the highest level historically[20]. - The Group's hotel performance rebounded significantly, with room rates and occupancy rates returning to pre-pandemic levels[20]. - Approximately 5.9 million new members were added during the period, bringing the total number of premium members to nearly 40 million[26]. Debt and Financial Management - The Group's total interest-bearing debt ratio and net gearing ratio decreased to industry-low levels of 39.3% and 28.5%, respectively[30]. - As of June 30, 2023, the Group's total outstanding borrowings amounted to approximately RMB 231.0 billion, with cash and bank balances totaling approximately RMB 129.3 billion[63]. - The net interest-bearing debt-to-equity ratio was 28.5%, reduced by 10.3 percentage points from 38.8% at the end of 2022, among the lowest in the industry[63]. - The Group's weighted average financing cost was approximately 3.56% as of June 30, 2023, a decrease of 19 basis points from 3.75% at the end of 2022[64]. Corporate Governance and Compliance - The company has complied with all corporate governance code provisions during the six months ended June 30, 2023[138]. - The audit committee has reviewed the 2023 Interim Report, and the unaudited financial information has been reviewed by KPMG[143]. - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period, indicating stability in accounting practices[191]. Strategic Initiatives - The Group has initiated the construction of an asset management platform and is accelerating its transformation towards asset management business, supported by policies for public REITs[20]. - The company continues to pursue strategic expansions through joint ventures in key Chinese cities[95]. - The Group has been providing construction and decoration services and selling furniture and construction materials to members of the CRH Group[107].

Financial Performance - In the first half of 2023, the total revenue was RMB 72.97 billion, a slight increase of 0.1% year-on-year[3] - The operating revenue from property management business reached RMB 10.72 billion, growing by 41.0% year-on-year, while light asset management business revenue was RMB 5.01 billion, up by 37.6% year-on-year[3] - The net profit attributable to shareholders was RMB 13.74 billion, representing a year-on-year increase of 29.6%[3] - The core net profit, excluding investment property valuation gains, was RMB 11.27 billion, up by 10.9% year-on-year[3] - The earnings per share attributable to shareholders was RMB 1.93, reflecting a year-on-year growth of 29.6%[6] - Total revenue for the six months ended June 30, 2023, was RMB 79,962,454 thousand, compared to RMB 79,752,377 thousand for the same period in 2022, representing a slight increase of 0.26%[14] - The profit attributable to joint ventures and associates was RMB 1,950,256 thousand, contributing to a total categorized profit of RMB 15,969,782 thousand[14] - The company reported a pre-tax profit of RMB 23,052,800 thousand for the six months ended June 30, 2023[14] Dividends and Shareholder Returns - The company declared an interim dividend of RMB 0.198 per share, an increase of 8.8% compared to RMB 0.182 per share in the same period last year[4] - The interim dividend for the six months ending June 30, 2023, is set at HKD 0.216 per share, an increase from HKD 0.208 per share in 2022[68] - Shareholders can opt to receive the interim dividend in RMB at a rate of RMB 0.198 per share, based on the exchange rate of HKD 1.0 to RMB 0.9173[69] - The deadline for submitting the dividend currency choice form is October 9, 2023, at 4:30 PM[69] - The interim dividend will be paid on October 27, 2023, with no significant post-balance sheet events reported after June 30, 2023[70] Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 821,028,144 thousand, an increase from RMB 713,284,627 thousand as of December 31, 2022, representing a growth of approximately 15.1%[8] - Non-current assets include investment properties valued at RMB 253,546,947 thousand, up from RMB 237,885,277 thousand, indicating an increase of about 6.7%[8] - Current liabilities rose to RMB 622,906,943 thousand from RMB 527,256,053 thousand, reflecting an increase of approximately 18.1%[9] - The company reported a total contracted sales amount of RMB 170.24 billion, which is a year-on-year growth of 40.6%[31] - The company’s total liabilities, including accounts payable and other payables, were RMB 167.12 billion as of June 30, 2023, compared to RMB 162.83 billion at the end of the previous year[28] Cash Flow and Financing - The company’s cash and cash equivalents reached RMB 127,915,198 thousand, significantly higher than RMB 95,544,576 thousand reported at the end of 2022, marking an increase of around 33.7%[9] - The company raised a total of RMB 10 billion through short-term financing bonds and medium-term notes in the first half of 2023, with interest rates ranging from 2.16% to 3.39%[58][59] - The company has obtained a financing quota of RMB 56.4 billion through asset pledges, with a loan balance of RMB 34.4 billion[61] - The net interest-bearing debt to equity ratio is 28.5%, a decrease of 10.3 percentage points from 38.8% at the end of 2022, indicating a low leverage level in the industry[56] - The weighted average financing cost as of June 30, 2023, is approximately 3.56%, down 19 basis points from 3.75% at the end of 2022[57] Business Operations and Strategy - The company has reclassified its business segments into four main categories for better resource allocation and performance evaluation[13] - The company plans to continue investing in new product development and technology to enhance market competitiveness[14] - The company is exploring potential mergers and acquisitions to further expand its market presence[14] - The company added land reserves of 7.97 million square meters in the first half of 2023, bringing total land reserves to approximately 65.48 million square meters[4] - The company’s light asset management business generated revenue of RMB 5.01 billion, with property management covering 189 cities and a managed area of 380 million square meters, a 9.0% increase from the end of 2022[50] Market Performance - As of June 30, 2023, the company's market capitalization stood at HKD 236.75 billion, maintaining its position as the top player in the domestic real estate sector[31] - The group achieved a retail sales revenue of RMB 75.13 billion from its 67 operating shopping centers, reflecting a year-on-year growth of 38.9%[32] - The average occupancy rate for newly opened shopping centers in Beijing and Chongqing was 95.7%[32] - The rental housing occupancy rate was 96.4%, exceeding market expectations by 6 percentage points[33] Compliance and Governance - The financial report adheres to the Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[11] - The company has adhered to all corporate governance codes as outlined in the listing rules during the six months ending June 30, 2023[65] - The company maintains credit ratings of BBB+ (stable outlook) from S&P, Baa1 (stable outlook) from Moody's, and BBB+ (stable outlook) from Fitch[60]