Core Viewpoint - DBS has released a report indicating that as of the end of 2024, Sino Land Company Limited (00083) will have approximately HKD 45.9 billion in net cash, suggesting strong financial health that supports ongoing dividend payments and land acquisitions [1] Financial Position - The current price of Sino Land is trading at a 51% discount to the bank's estimated net asset value per share, and the discount increases to 68% when net cash is excluded [1] - Based on the robust financial condition and several catalysts, DBS maintains a "Buy" rating for Sino Land, raising the target price from HKD 9.78 to HKD 10.56 [1] Land Acquisition and Development - Sino Land successfully acquired a residential land plot in Tuen Mun for HKD 1.09 billion, marking the first addition to its land bank since December 2023 [1] - The acquired land is strategically located near the future station of the Tuen Mun South Extension Line, providing a transportation advantage [1] - The company is accelerating the sale of new projects, including the 11th phase of Sun Hung Kai's "Kai Po Fung" and Yuen Long's "Bok Lung," with additional projects such as Yau Tong's ventilation building, Bok Lung Phase 3, and the streets of Wing Kwong and Chong On in To Kwa Wan expected to be launched soon [1]

Financial Performance Highlights - CSI made approximately HK$1,346 million in sales and had approximately HK$1,956 million of unrecognized contracted sales commitments for 1H FY2024[12] - Gross revenue from property business increased by 40% from HK$231 million in 1H FY2023 to HK$324 million in 1H FY2024[15] - Gross profit increased by 54% from HK$125 million in 1H FY2023 to HK$192 million in 1H FY2024[15] - Profit from property joint ventures/associates increased by 50% from HK$154 million in 1H FY2023 to HK$231 million in 1H FY2024[15] Balance Sheet and Credit Metrics - The company maintained a strong balance sheet with properties and related assets valued at HK$24,070 million as of September 30, 2023[16] - Cash and bank balances remained strong at HK$3,174 million as of September 30, 2023[16] - Net debt to total assets ratio was 269% as of 1H FY2024[18] - Net debt plus commitment to JVs /adjusted total assets plus JV assets was approximately 385% as of September 30, 2023[44] Strategies and Portfolio - The company focuses on managing a high-quality residential and commercial real estate portfolio[57] - The company aims to manage disposal pipeline to recycle capital & crystalize profit[57] - The company maintains prudent financing with strong asset coverage & liquidity[57] - Total bank borrowings amounted to HK$10,080 million, with 319% due within 1 year (HK$2,687 million) and 681% due between 1-5 years (HK$5,725 million)[40]

Core Viewpoint - The company demonstrates strong regional advantages, financial stability, and a focus on high-quality investment projects, as evidenced by its recent financial performance and strategic land acquisitions [2][3][4]. Group 1: Financial Performance - In 2024, the company achieved total revenue of 69.152 billion, a year-on-year decrease of 1.83%, with real estate sales also declining by 1.83% to 68.876 billion. However, the net profit attributable to shareholders increased by 0.66% to 2.546 billion [2]. - For Q1 2025, the company reported total revenue of 22.508 billion, reflecting a year-on-year growth of 64.27%, and a net profit of 0.976 billion, up 47.88% [2]. Group 2: Regional Advantages - The company ranked 9th in industry sales with a total sales amount of 111.63 billion in 2024 and has been the sales champion in the Hangzhou market for seven consecutive years [3]. - In 2024, the company acquired 23 plots of land, with 22 located in Hangzhou and 1 in Nanjing. By the end of 2024, 70% of its land reserves were in Hangzhou, while 20% were in other second and third-tier cities in Zhejiang, and 10% outside the province [3]. Group 3: Financial Stability - As of the end of 2024, the company's interest-bearing liabilities amounted to 30.5 billion, a decrease of 5.5 billion from the beginning of the year. The cash balance increased by 10.47% to 32.7 billion, marking the first time cash exceeded interest-bearing liabilities [3]. - The company's asset-liability ratio, excluding prepayments, was 57.88%, and the net debt ratio stood at 0.57%. Short-term debt accounted for 28% of total debt, with a cash-to-short-term debt ratio of 3.58 times [3]. - The average financing costs have decreased over the years, recorded at 4.6%, 4.2%, and 3.8% for 2022, 2023, and 2024 respectively. The total bank credit limit reached 121.6 billion, with 33.9 billion already utilized [3]. Group 4: Investment Focus - The company will continue to prioritize high-quality investments, focusing on premium cities, locations, projects, products, and partners to ensure high-quality and high-return investments. Investment amounts will be controlled at around 50% of equity sales receipts [4]. - In Q1 2025, the company’s land acquisition amounted to 19.58 billion, representing a year-on-year increase of 57% [4].

Core Viewpoint - The company has shown strong sales performance, acquired significant land in Beijing, maintained financial stability, but experienced a decline in core profitability [2][3][4]. Sales Performance - In 2024, the company achieved a total property sales amount of approximately 310.69 billion, a slight increase of 0.28% year-on-year. It ranked second among top real estate companies, trailing Poly Developments by over 12 billion [3][6]. - The sales area decreased by 14% to approximately 11.487 million square meters, while the average sales price increased by 17% to 27,047 per square meter [3][6]. - The company recorded contract sales of 1,640.4 billion in major cities, accounting for 53% of total sales, with Shanghai contributing 704.5 billion [3][6]. Land Acquisition - The company added 22 land parcels in 2024, with a total land reserve area of 4.16 million square meters, a decrease of 46% year-on-year. The total land acquisition cost was 80.6 billion, down 40% [3][8]. - The equity land price in Beijing reached 34.2 billion, representing 46% of the total equity land price across cities [9][12]. Financial Performance - The company's operating revenue for 2024 was 185.2 billion, a decline of 9% year-on-year. Gross profit decreased by 20% to 32.8 billion, with a gross margin of 17.7%, down 2.6 percentage points [4][13]. - Net profit fell by 34% to 17.8 billion, with a net margin of 9.61%, a decrease of 3.7 percentage points [4][15]. - The company’s share of profits from joint ventures dropped by 60% to 649 million due to significant provisions for inventory impairment by its main joint venture [16]. Cash Flow and Debt Management - The company reported a net operating cash inflow of 46.45 billion, with a cash-to-short-term debt ratio of 3.47 and a long-term to short-term debt ratio of 7.45 [5][20]. - The net debt ratio improved to 29.22%, a decrease of 9 percentage points year-on-year, and the average financing cost was 3.1%, among the lowest in the industry [5][22]. Diversification and Commercial Operations - The company expanded its commercial property operations, achieving an operating income of 7.13 billion, a 12% increase year-on-year, with nine new commercial properties added [25][26]. - The commercial property income included 3.57 billion from office rentals and 2.26 billion from shopping centers [25].

Core Viewpoint - The company reported a decline in both revenue and net profit for 2024, indicating challenges in its core business operations and profitability [3][4]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 185.15 billion, a year-on-year decrease of 8.6%, with net profit attributable to shareholders at 15.64 billion, down 38.9% [3][4]. - The revenue from real estate development decreased by 9.4% to 174.72 billion, while commercial property operations saw a 12.1% increase to 7.13 billion, marking two consecutive years of double-digit growth [4]. - The comprehensive gross margin was 17.7%, down 2.6 percentage points year-on-year, reflecting ongoing pressure on profitability [4]. Group 2: Sales and Land Acquisition - The company recorded sales of 310.69 billion, a slight increase of 0.3%, achieving growth for two consecutive years, with an average selling price rising by 16.6% to 27,047 per square meter [5]. - The company focused on core cities, acquiring 22 new land parcels with a total land price of 80.61 billion, maintaining a land acquisition ratio of 86.4% and a land-to-sales ratio of 29.8% [5]. Group 3: Commercial Operations - The company added 9 new commercial properties in 2024, with office rental income of 3.57 billion, up 4.1%, and shopping center rental income of 2.26 billion, up 34.5% [6]. - Long-term rental apartment income increased by 42.1% to 270 million, while hotel and other commercial property income decreased by 2.8% to 1.03 billion [6]. - The commercial operations currently contribute approximately 3.9% to the company's total revenue, indicating room for growth [6]. Group 4: Financial Stability - As of the end of 2024, the company had total interest-bearing debt of 241.56 billion, with a short-term debt ratio of 11.8% and an average financing cost of 3.1%, among the lowest in the industry [7]. - The asset-liability ratio, excluding advance receipts, was 48.2%, and the net debt ratio stood at 29.2%, with a cash-to-short-term debt ratio of 4.3 times [7].

Core Viewpoint - In 2024, Greentown's contract sales decreased, with a record high proportion of construction management sales, increased land acquisition equity, and a recovery in gross profit margin, indicating overall financial stability [2]. Group 1: Sales Performance - In 2024, Greentown achieved contract sales of 276.8 billion yuan, with a sales area of 14.09 million square meters, representing a year-on-year decrease of 8.1% and 8.9% respectively [3][7]. - The construction management business saw a smaller decline, with sales of 105 billion yuan, down 1.7%, contributing 37.9% to total sales, a historical high [3][7]. - The overall destocking rate improved from 60% to 62%, but still lags behind the disclosed 82% initial destocking rate, indicating ongoing pressure on inventory [3][7]. Group 2: Land Acquisition and Investment Strategy - In 2024, Greentown acquired 42 new land parcels, with a total area of 4.18 million square meters, down 25% year-on-year, and the new land value decreased by 23.6% to 108.8 billion yuan [4][12]. - The equity ratio of new projects increased by 5.4 percentage points to 80.5%, while the equity land sales ratio dropped from 0.47 to 0.4, reflecting a conservative investment strategy to maintain cash flow stability [4][12][15]. - The company focuses on high-quality projects, primarily in second-tier cities, and is exploring investment opportunities in strong third and fourth-tier cities [15]. Group 3: Financial Performance - Greentown's total revenue for 2024 was 158.55 billion yuan, a year-on-year increase of 20.7%, with recognized revenue of 147.02 billion yuan, up 21.9% [21]. - The comprehensive gross profit margin was 12.8%, a slight decrease of 0.2 percentage points, while the property sales gross profit margin increased by 0.4 percentage points to 11.7% [21]. - Net profit margin decreased by 2.5 percentage points to 2.6%, primarily due to losses from associated businesses and a provision for impairment losses of 4.9 billion yuan [21]. Group 4: Financial Stability - In 2024, Greentown issued 12.531 billion yuan in domestic bonds, with an average cost slightly rising to 3.88% [5][22]. - The bank loan scale reached 104.6 billion yuan, with interest-bearing liabilities increasing to 76.3%, indicating a shift towards lower-cost bank loans [5][22]. - The cash coverage ratio for short-term debt was 1.41 times, maintaining a relatively low short-term repayment pressure [24].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 03 年 月 日 中国海外发展（00688.HK） 销售投拓逆势领先，核心优质货源有望助力业绩率先企稳 2024 年公司营收同比-8.6%，归母净利润同比-38.9%，主要因投资物业公 允价值变动等科目影响。公司 2024 年实现主营业务收入 1851.5 亿元（同比- 8.6%，下同）；归母净利润 156.4 亿元（-38.9%）；核心归母净利润 157.2 亿元（-33.5%）。毛利率 17.7%（-2.6pct）；归母净利率 8.4%（-4.2pct）。 公司期内业绩下滑，主要是（1）受地产行业持续调整影响，期内公司结转收 入规模及毛利率水平较往年有所降低，整体毛利率为 17.7%（-2.6pct）；公 司投资收益同比减少 9.8 亿元至 6.5 亿元；（2）净其他收入及收益同比减少 10.77 亿元至 3.25 亿元；（3）投资物业公允价值变动同比减少 44.3 亿元至 4.17 亿元。我们认为，公司多年坚持在核心城市布局，销售表现领先、减值压 力相对较轻，且公司成本费用管控能力出众、利润率领先，预计公司业绩平稳 向好。 持续保 ...

Core Viewpoint - The company has shown stable sales performance at the beginning of 2025, despite a slight decline in sales for 2024, and has increased land acquisition efforts to support future sales [4][5]. Group 1: Sales Performance - In 2024, the company achieved a total sales revenue of 40.11 billion yuan, a year-on-year decrease of 6.3%, with an average monthly sales of 3.34 billion yuan [4]. - For January and February 2025, the company reported cumulative sales of 4.37 billion yuan, a year-on-year decline of 3.8%, with an average sales price of 12,000 yuan per square meter, reflecting a 5.6% increase year-on-year [4]. Group 2: Land Acquisition - Since September 2024, the company has increased its land acquisition efforts, adding a total of 1.189 million square meters of land in cities like Hefei and Yinchuan, with a total land cost of 5.23 billion yuan, a year-on-year decrease of 46.5% [5]. - In January and February 2025, the company acquired an additional 300,000 square meters of land in Nantong and Hohhot, with a total cost of 1.34 billion yuan, achieving a land acquisition sales ratio of 30.8% [5]. Group 3: Financial Performance - For the first three quarters of 2024, the company reported total revenue of 26.96 billion yuan, a year-on-year decrease of 31.0%, primarily due to reduced settlement resources from prior sales declines [6]. - The operating profit for the same period was 1.45 billion yuan, down 66.2% year-on-year, with an operating profit margin of approximately 5.4%, reflecting a decline of 5.6 percentage points [6]. Group 4: Financial Health - As of the end of the first half of 2024, the company had total interest-bearing liabilities of 42.13 billion yuan, with a non-restricted cash to short-term debt ratio of 1.5 times and a net debt ratio of 44.5% [7]. - The company is planning to issue bonds totaling 5 billion yuan, which has received feedback from the Shanghai Stock Exchange, indicating a strong domestic financing capability [7].