Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][15] Core Views - The company has shown steady revenue and profit growth, with a maintained dividend payout ratio of 50%. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 1.74 billion, 1.89 billion, and 2.05 billion yuan respectively, with corresponding EPS of 0.35, 0.38, and 0.41 yuan. The current stock price corresponds to a PE ratio of 26.5, 24.4, and 22.5 times for the respective years [5][6][9] Financial Performance - In 2024, the company achieved operating revenue of 14.65 billion yuan, a year-on-year increase of 33.1%. The net profit attributable to shareholders was 1.51 billion yuan, up 5.3% year-on-year. The gross profit margin and net profit margin decreased to 44.0% and 12.3% respectively [6][9][12] - For Q1 2025, the company reported revenue of 4.22 billion yuan, a year-on-year increase of 40.7%, and a net profit of 630 million yuan, up 1.6% year-on-year [6][9] Rental Income and Property Management - In 2024, rental income decreased by 6.5% to 4.17 billion yuan, with office property income down by 10%. However, the overall occupancy rate remained stable, with 80% for grade A office buildings and 87% for high-quality R&D buildings [7][8] Sales and Debt Management - The company reported a cash inflow from property sales of 9.55 billion yuan in 2024, with residential property sales down by 49% year-on-year. The total interest-bearing debt decreased by 2.74 billion yuan to 70.65 billion yuan, with an average financing cost of 3.06% [8][9][11] Valuation Metrics - The company's valuation metrics indicate a PE ratio of 26.5 for 2025, decreasing to 22.5 by 2027. The P/B ratio is projected to decline from 1.9 in 2024 to 1.6 in 2027 [9][12]

-20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 2025-04 陆家嘴 沪深300 | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 9.16 | | 一年最高最低(元) | 12.10/7.62 | | 总市值(亿元) | 461.22 | | 流通市值(亿元) | 289.06 | | 总股本(亿股) | 50.35 | | 流通股本(亿股) | 31.56 | | 近 3 个月换手率(%) | 15.33 | 股价走势图 房地产/房地产开发 陆家嘴（600663.SH） 2025 年 04 月 24 日 投资评级：买入（维持） | 齐东（分析师） 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | | qidong@kysec.cn huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 证书编号：S0790524070001 | 证书编号：S0790124070064 | | 营收利润稳健增长，派息比例维持  | 50%，维持"买入 ...

①美财长称贸易战不可持续 特朗普称无意解雇鲍威尔 美股周二大幅收高 美元回升 美国财政部长贝森特称贸易战不可持续，并预计局势即将缓和，其言论推动美股周二大幅收高，三大股 指均收回周一跌幅，纳斯达克中国金龙指数隔夜收涨近3.7%。明尼阿波利斯联储行长卡什卡利称美联 储有责任确保关税不会引发持续的通胀问题。之后，特朗普释放贸易缓和信号并表示无意解雇美联储主 席鲍威尔，美股科技股盘后继续上涨。美元指数隔夜收涨，今天亚洲早盘继续上扬，反弹至99.5上方。 另外，昨天拍卖的美国2年期国债中标收益率3.795%，为9月以来最低，招标结果公布后收益率小幅走 高，2年期美债收益率最终上涨6.3个基点报3.8211%。10年期国债收益率昨天下跌1.96个基点，报 4.3910%。 评论员简佳：特朗普第二任期的政策引发了全球对美国金融体系信心的动摇。他对美联储的攻击和关税 政策不仅削弱了美元和美国国债作为传统避险资产的吸引力，还加剧了市场对美国经济前景的担忧。尽 管美国经济体量庞大，不太可能迅速崩溃，但当前的动荡已对全球金融市场产生了深远影响。美元的主 导地位虽在短期内难以被取代，但长期来看，美国需重新审视其经济政策，以恢复市场 ...

Financial Performance - The company's operating revenue for the first quarter reached ¥4,217,292,183.25, representing a year-on-year increase of 40.69% compared to ¥2,790,379,422.84 in the same period last year[3] - Net profit attributable to shareholders was ¥630,643,555.69, a slight increase of 1.60% from ¥620,732,674.40 in the previous year[3] - The operating profit for Q1 2025 was ¥1,285,908,787.63, which is an increase of 38.1% from ¥931,448,600.98 in Q1 2024[19] - Net profit for Q1 2025 was ¥965,661,889.93, up 36.2% from ¥709,287,223.02 in Q1 2024[19] - The total comprehensive income for Q1 2025 was ¥933,696,424.87, compared to ¥338,819,248.22 in Q1 2024, reflecting a substantial increase[20] - The basic earnings per share for Q1 2025 was ¥0.1252, slightly down from ¥0.1290 in Q1 2024[20] Cash Flow and Liquidity - The net cash flow from operating activities was ¥1,118,417,116.33, showing a significant increase of 87.27% compared to ¥597,232,495.75 in the same period last year[3] - In Q1 2025, the net cash flow from operating activities was CNY 1,118,417,116.33, an increase of 87.5% compared to CNY 597,232,495.75 in Q1 2024[22] - Total cash inflow from operating activities reached CNY 6,651,970,389.33, up from CNY 4,568,923,495.90 in the previous year, reflecting a growth of 45.7%[22] - Cash outflow for purchasing goods and services decreased to CNY 1,213,897,500.20 from CNY 2,045,980,855.43, a reduction of 40.6%[22] - The company reported a net increase in cash and cash equivalents of CNY 632,584,086.48, contrasting with a decrease of CNY -4,835,835,868.44 in Q1 2024[23] - The ending balance of cash and cash equivalents was CNY 8,375,832,705.79, up from CNY 6,182,206,354.84 in the previous year[23] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥164,690,617,409.01, reflecting a 2.50% increase from ¥160,674,361,929.42 at the end of the previous year[4] - The company's total liabilities increased to ¥114,637,494,323.43, compared to ¥112,124,461,302.99 in the previous period, reflecting a growth of 2.2%[18] - The total assets of the company amounted to ¥164,690,617,409.01, up from ¥160,674,361,929.42, indicating a growth of 2.0%[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 95,953[9] - The largest shareholder, Shanghai Lujiazui (Group) Co., Ltd., holds 62.20% of the shares, totaling 3,131,636,695 shares[10] Investment and Market Strategy - The company plans to continue expanding its market presence and enhancing its investment strategies in the upcoming quarters[2] - The company reported non-recurring gains and losses totaling ¥10,317,779.54, primarily from government subsidies and other income[8] - The company has completed soil remediation work on contaminated land held by its subsidiary, with further progress being monitored[14] - The long-term equity investments stood at RMB 11.05 billion, slightly up from RMB 11.01 billion, indicating a stable investment strategy[17] Cost Management - The company reported a decrease in financial expenses to ¥321,218,262.59 from ¥332,895,304.78 in the previous year, indicating improved cost management[19] Risk Management and Transparency - The company is committed to maintaining transparency regarding risk management and will continue to disclose relevant information to protect shareholder interests[15]

Financial Performance - The company achieved an operating revenue of 14.651 billion yuan and a net profit attributable to shareholders of 1.508 billion yuan in 2024[3]. - The company’s operating revenue for 2024 reached ¥14.65 billion, an increase of 33.12% compared to ¥11.01 billion in 2023[46]. - Net profit attributable to shareholders was ¥1.51 billion, reflecting a 5.31% increase from ¥1.43 billion in the previous year[46]. - The net profit after deducting non-recurring gains and losses was ¥1.48 billion, up 10.35% from ¥1.34 billion in 2023[46]. - The net cash flow from operating activities significantly decreased by 88.44% to ¥1.32 billion, down from ¥11.38 billion in 2023[46]. - The total cash dividend for the 2024 fiscal year is projected to be RMB 754,467,427.27[28]. - Basic earnings per share for 2024 is reported at RMB 0.3063, reflecting a 2.92% increase compared to the previous year[45]. - The weighted average return on equity for 2024 is 6.36%, an increase of 0.89 percentage points from the previous year[45]. - Tax expenses for 2024 totaled 3.925 billion CNY, accounting for 26.79% of the operating revenue of 14.651 billion CNY[79]. Real Estate Operations - The total building area of the company's main commercial properties was approximately 720,000 square meters, with Shanghai L+MALL achieving a rental rate of 95% and an average rent of 8.49 yuan/square meter/day[12]. - The company has a total of 30 Grade A office buildings in operation, with a total building area of approximately 2.36 million square meters[8]. - The average occupancy rate of mature Grade A office buildings in Shanghai was 80%, with an average rent of 7.75 yuan/square meter/day[8]. - The average occupancy rate of mature Grade A office buildings in Tianjin was 59%, with an average rent of 3.45 yuan/square meter/day[8]. - The average occupancy rate for mature hotel properties in 2024 was 68.88% for Dongyi Hotel and 78.12% for Tianjin Lujiazui Courtyard Hotel[15]. - The company holds approximately 3.81 million square meters of operational properties, significantly up from 150,000 square meters since its transformation in 2005, enhancing its competitive advantage in the market[63]. - The company is focused on urban development in key areas such as Lujiazui Financial City and the Pudong New Area, aiming to improve project development and operational efficiency[61]. Project Development - The company has several ongoing projects, including the Zhangjiang Central District 74-01 plot, which has a planned completion area of 39,725 square meters[14]. - The company plans to complete the Zhangjiang Central District 56-01 commercial section by 2024, with an equity ratio of 60%[13]. - The company is preparing to open the Zhangjiang Yongcui 75 rental residential property in August 2024[20]. - The company has ongoing projects in the Qiantan International Business District, with a total planned construction area of 394,881 square meters and an actual investment of 66.838 million yuan[118]. - The company plans to expand its real estate portfolio with new projects, including the Meiyuan Community site, which has a total area of 9,635 square meters and a plot ratio of 13[114]. Financial Services - The financial services segment is focused on optimizing resource allocation to improve profitability and market competitiveness[4]. - Financial services revenue for 2024 was 1.339 billion yuan, representing 9.1% of total operating revenue[75]. - The financial sector will continue to deepen reforms to promote high-quality development, aligning with national strategies and contributing to the construction of Shanghai as an international financial center[163]. Corporate Governance - The company has completed the revision and formulation of 17 governance systems in 2024, enhancing its corporate governance structure[68]. - The company has established a comprehensive set of internal regulations, including governance documents and management rules, ensuring compliance with legal and regulatory requirements[172]. - The company maintains complete independence from the controlling shareholder in terms of business, personnel, assets, and finances, with independent operations of the board and supervisory committee[172]. - The company has a structured decision-making process for remuneration, involving the board and shareholder meetings[185]. Market Trends - The Shanghai real estate market is experiencing a gradual release of housing demand due to supportive policies, with high-end residential sales remaining active, while the outer ring residential products face extended sales cycles[58]. - The investment market sentiment is recovering, with a notable "price for volume" characteristic in the bulk market, indicating a willingness from both buyers and sellers to transact[59]. - The commercial property market in Shanghai may see an additional supply of over 1.17 million square meters in 2025, amid ongoing competition between new and existing properties[158]. Employee Information - The total employee count for 2024 is 6,250, with total salary expenses amounting to 1.29752 billion CNY, averaging 207,600 CNY per employee[80]. - Among the total employees, there are 2,841 production personnel, 642 sales personnel, 1,662 technical personnel, 166 financial personnel, and 939 administrative personnel[200]. - The educational background of the employees includes 573 with a master's degree or above, 1,997 with a bachelor's degree, and 3,680 with an associate degree or below[200]. Strategic Initiatives - The company aims for sustainable growth to provide returns to society and shareholders while contributing to the economic development of the Pudong New Area[5]. - The company plans to leverage "scene creation" to reconstruct spatial value and utilize "digital intelligence construction" to reshape operational models[5]. - The company is actively pursuing market expansion and innovation in business models to enhance the regional consumption and business environment[4]. - The company aims to maximize shareholder value by optimizing its commercial real estate leasing business and promoting the sale of residential products and certain office buildings[62].

陆家嘴（600663）公告，2024年营业收入146.51亿元，同比增长33.12%。归属于上市公司股东的净利润 15.08亿元，同比增长5.31%。公司2024年度现金分红合计金额为7.54亿元。 ...

Core Viewpoint - Shanghai Lujiazui Financial Trade Zone Development Co., Ltd. has disclosed that its subsidiary, Lujiazui International Trust Co., Ltd., is involved in six major lawsuits with a total amount of 3.243 billion yuan, implicating well-known real estate companies such as Sunac and Shimao [1] Group 1: Legal Issues - Lujiazui Trust is pursuing 1.831 billion yuan in debt from Nanjing Shierong Real Estate and three other companies, with the case now in the execution phase [2] - Shimao Real Estate has been ordered to bear joint compensation liability of 55.3 million yuan due to a mortgage contract breach involving ten properties [2] - The court has auctioned 93 properties mortgaged by Shimao, concluding a 348 million yuan guarantee rights dispute [2] - A second-instance ruling has supported Lujiazui Trust's claims in a 579 million yuan financial loan case against Pingyang Longheng Real Estate and Sunac Group, covering all claims including principal and penalty interest [2] - A typical case involves a 430 million yuan financial loan contract dispute with four Shimao-related companies, where the court ordered repayment of 319.8 million yuan in principal and 110.2 million yuan in overdue interest [2] Group 2: Operational Challenges - Lujiazui International Trust, established in 2003, has faced significant operational and compliance crises, with a registered capital of 10.4 billion yuan [3] - The company has been penalized multiple times for regulatory violations, including a 4.2 million yuan fine for misusing trust funds for land transfer payments [3] - The 2023 annual report shows a dramatic decline in performance, with revenue dropping by 49.77% to 842 million yuan and net profit falling by 71.50% to 237 million yuan [3] - Investment income plummeted from 259 million yuan to a loss of 52.215 million yuan, a decline of 120.19% [3] - The total assets decreased by 7.22%, and the non-performing asset ratio surged from 0% to 7.65% [3] - The scale of managed assets shrank by 34.74% to 83.762 billion yuan, with trust project income and net profit declining by 41.57% and 28.05%, respectively [3] Group 3: Industry Impact - The lawsuits reflect the liquidity crisis in the real estate sector and its impact on financial institutions, indicating that Lujiazui Trust is aggressively pursuing debt recovery through legal means [4] - The progress of these cases and their repercussions on the real estate and financial sectors warrant ongoing market attention [5]

智通财经4月22日电，外高桥、天保基建双双涨停，渝开发、黑牡丹涨超5%，浦东金桥、特发服务、陆 家嘴、卧龙地产等跟涨。消息面上，广东省政府4月21日召开全省一季度经济形势分析会。会议强调， 要持续用力推动房地产市场止跌回稳，加强"好房子"规划设计建设，大力推进城市更新和城中村改造。 地产股震荡拉升 外高桥、天保基建双双涨停 ...

房地产板块异动拉升，外高桥（600648）涨停，渝开发（000514）涨超7%，黑牡丹（600510）、陆家 嘴（600663）、卧龙地产（600173）、华夏幸福（600340）跟涨。 ...

6起诉讼，涉诉金额达32亿 在本次披露的6起诉讼中，陆家嘴信托公司的诉讼角色均为原告，涉及的案由包括债券交易纠纷、申请实现担保物权、金融借款合同纠纷、抵押合同违约纠 纷等。 21世纪经济报道记者 郭聪聪 北京报道 近日，上海陆家嘴金融贸易区开发股份有限公司发布了"关于公司及控股子公司涉及诉讼的进展公告"，披露了8起公司已发生的诉讼、仲裁事项的最新进 展。其中，子公司陆家嘴国际信托有限公司（下称"陆家嘴信托"）占有6起，涉案金额约32.43亿元，且被诉方均为房地产企业。 2024年，陆家嘴信托就因违法违规行为收到3张罚单，且均与房地产业务相关。 其中金额最大的一张罚单由国家金融监督管理总局开出，该罚单于2024年4月22日作出，罚款金额高达420万元。处罚缘由包括"向不满足'四三二'要求的房 地产项目融资"，此外，还涉及"向监管部门报送的报告报表不真实、关联方和关联交易数据造假、未按约定用途使用信托贷款"等共计6项违法违规事实。 另外，2024年陆家嘴信托也收到了来自青岛监管局及福州市住房和城乡建设局的处罚通知。其中，2024年4月，青岛监管局因其信息披露问题，对其处以30 万元罚款；2024年10月，福州市住 ...