Huafa Properties(SH:600325) Haitong Securities·2024-05-19 01:32Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company achieved an operating revenue of 72.14 billion yuan in 2023, representing a year-on-year increase of 19.35%. However, the net profit attributable to shareholders decreased by 29.58% to 1.838 billion yuan. The company plans to distribute a cash dividend of 3.70 yuan per 10 shares (including tax) [6]. - The company has maintained a strong cash flow, with a net cash flow from operating activities of 50.54 billion yuan, an increase of 31.1% year-on-year. The weighted average return on equity for 2023 was 9.66%, down by 4.49 percentage points year-on-year [6]. - The company has consistently achieved over 100 billion yuan in sales for four consecutive years, with total sales reaching 125.99 billion yuan in 2023, a growth of 4.8% year-on-year. The cash collection amount was 84.689 billion yuan, up 17.2% year-on-year, indicating a stable cash recovery [6]. - The company focused on first-tier and strong second-tier cities for project acquisition, securing 23 quality projects through public bidding, strategic mergers, and equity cooperation [6]. - The company ensured compliance with the "three red lines" policy, maintaining a solid foundation for stable development. It successfully completed a stock issuance to specific investors, raising over 5.1 billion yuan, marking it as the second successful case in the industry following the release of the "third arrow" policy [6]. Financial Data Summary - As of the end of 2023, the company had a total market value of 22.21 billion yuan and a circulating market value of 20.75 billion yuan. The total share capital is 2.752 billion shares, with 2.571 billion shares in circulation [1]. - The company’s projected earnings per share (EPS) for 2024 is 0.74 yuan, with a book value per share (BPS) of 8.57 yuan. The reasonable value range is estimated to be between 6.86 yuan and 8.57 yuan, corresponding to a dynamic price-to-book (PB) ratio of 0.8-1.0 and a dynamic price-to-earnings (PE) ratio of 9.27-11.58 for 2024 [6].