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年报点评|绿城中国:代建销售占比创新高,2025年利润指标仍存压力
克而瑞地产研究· 2025-04-05 01:44
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].
中国海外发展(00688):销售投拓逆势领先,核心优质货源有望助力业绩率先企稳
GOLDEN SUN SECURITIES· 2025-04-03 08:04
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 ...
【中国海外宏洋集团(0081.HK)】2025开年销售表现稳健,拿地力度有所提升——动态跟踪(何缅南/庄晓波)
光大证券研究· 2025-03-12 09:07
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].