越秀地产(00123) - 2023 - 年度业绩

Financial Performance - Revenue for the year was approximately RMB 80.22 billion, an increase of 10.8% year-on-year[4] - Gross margin was approximately 15.3%, a decrease of 5.1 percentage points year-on-year[4] - Profit attributable to equity holders was approximately RMB 3.19 billion, a decrease of 19.4% year-on-year[4] - Core net profit was approximately RMB 3.49 billion, a decrease of 17.5% year-on-year[4] - The company reported a pre-tax profit of RMB 7,720,643 thousand for the year ended December 31, 2023, down from RMB 10,829,634 thousand in 2022, a decrease of approximately 28.5%[32] - The company recorded a net loss of RMB 1,366,252,000 from the revaluation of investment properties in the Luogang and Chentougang projects for 2023, compared to no loss in 2022[36] - The company recorded a net loss of approximately RMB 1.348 billion in other income, primarily due to a net decline in the revaluation of investment properties amounting to RMB 1.502 billion[123] - The total tax expenses for the year were RMB 4,070,016,000, down from RMB 5,202,161,000 in 2022, indicating a reduction of approximately 21.7%[46] Sales and Contracted Sales - Total contracted sales for the year amounted to approximately RMB 142.03 billion, an increase of 13.6% year-on-year[4] - The company recorded a total contracted sales amount of approximately RMB 1420.3 billion, a year-on-year increase of 13.6%, exceeding the annual target of RMB 1320 billion by 107.6%[97] - Contracted sales in the Greater Bay Area reached approximately RMB 71.6 billion, a year-on-year increase of 20.0%, accounting for 50.4% of total contracted sales[66] - The average selling price per square meter for contract sales was approximately RMB 31,900, an increase of 5.6% year-on-year[97] - In the Greater Bay Area, contract sales amounted to approximately RMB 71.60 billion, representing 50.4% of the company's total contract sales for the year, with a year-on-year increase of 20.0%[100] Assets and Liabilities - Non-current assets totaled RMB 63,014,367 thousand in 2023, a slight increase from RMB 62,377,910 thousand in 2022[12] - Current assets increased significantly to RMB 338,164,361 thousand in 2023, up from RMB 283,974,066 thousand in 2022, representing a growth of approximately 19.1%[12] - Total liabilities rose to RMB 298,970,948 thousand in 2023, compared to RMB 261,559,235 thousand in 2022, indicating an increase of about 14.3%[13] - The company's net assets reached RMB 102,208,780 thousand in 2023, up from RMB 84,792,741 thousand in 2022, reflecting a growth of approximately 20.5%[13] - The total equity attributable to the company's equity holders increased to RMB 55,628,905 thousand in 2023, compared to RMB 47,429,623 thousand in 2022, representing a growth of about 17.5%[13] Cash Flow and Financial Position - Cash and cash equivalents increased by 31.3% to RMB 46.1 billion[6] - The weighted average borrowing rate for the year was 3.82%, a decrease of 34 basis points year-on-year[5] - The company maintained a "green file" status under the "three red lines" policy, with a net debt ratio of 57.0%, down 5.7 percentage points[5] - The group achieved a contract collection rate of 83% this year, resulting in positive operating cash flow[79] - The average borrowing rate decreased to 3.82% in 2023 from 4.16% in 2022, reflecting a favorable financing environment[136] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.148 per share, totaling approximately 40% of core net profit[5] - The company proposed a final dividend of HKD 0.148 per share, totaling approximately RMB 539,403,000, pending approval at the annual general meeting[48] - Basic earnings per share attributable to equity holders were RMB 0.8542 in 2023, down from RMB 1.1932 in 2022, reflecting the impact of a rights issue that raised approximately HKD 83.1 billion[132] Land Acquisition and Development - The company expanded its land reserves by acquiring 28 plots in 11 cities, totaling approximately 4.91 million square meters[5] - The company acquired 28 new land parcels with a total construction area of approximately 4.91 million square meters, focusing on first-tier and key second-tier cities[67] - As of December 31, the company holds a total land reserve of approximately 25.67 million square meters, with 95% located in first-tier and second-tier cities[68] Operational Efficiency and Cost Management - The cost of sold properties increased to RMB 64,209,104,000 in 2023, up from RMB 53,931,462,000 in 2022, reflecting a growth of approximately 19%[40] - Sales and marketing expenses for 2023 totaled approximately RMB 2.451 billion, an increase of 20.1% year-on-year, accounting for 3.1% of total revenue, up 0.3 percentage points from the previous year[126] - Administrative expenses amounted to approximately RMB 1.799 billion in 2023, a 1.7% increase year-on-year, and accounted for 2.2% of total revenue, down 0.2 percentage points from the previous year[127] Market Outlook and Strategy - The outlook for 2024 anticipates a gradual recovery in the real estate market, supported by government policies aimed at stabilizing growth[82] - The group plans to focus on inventory reduction, investment optimization, and risk control to achieve its annual sales and operational targets for 2024[84] - The investment strategy will emphasize "precise investment" and "sales-driven investment," targeting core cities and high-quality second-tier cities[85] ESG and Corporate Governance - The company’s ESG rating improved, achieving a 4-star rating in the GRESB assessment for 2023[78] - The company has adhered to the Corporate Governance Code throughout the year ending December 31, 2023[153]