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建发国际集团(1908.HK):业绩稳健增长 经营表现强劲
Ge Long Hui· 2025-08-26 20:09
机构:长江证券 业绩稳健增长,经营表现强劲。公司2025 年上半年营收和归母净利润实现稳健增长,归母净利润同比 表现好于营收,主要由于毛利率同比提升;销售拿地表现强劲,资产质量和周转效率继续保持领先,综 合竞争力持续巩固。预计2025-2027 年公司实现归母净利润49.1/53.1/58.8 亿元,同比分别 +2.1%/+8.2%/+10.8%,对应PE 分别为7.7/7.1/6.4 倍,当前估值并未充分反映其短期经营改善和中长期竞 争优势,且公司近年来现金分红比例维持在40%以上,按45%比例测算,对应2025 年股息率约5.8%,综 合配置价值突出。 风险提示 1、行业量价修复进度低于预期; 2、部分货值仍有一定减值压力。 事件评论 中期业绩稳健增长,全年展望相对平稳。公司2025 年上半年营收和归母净利润实现稳健增长,归母净 利润同比表现好于营收,主要由于毛利率同比提升1.0pct 至12.9%。目前影响房企业绩的两大核心因素 为毛利率和存货减值,公司全年毛利率预计处于底部区间、减值压力减小,业绩展望平稳:1)从公司 历史项目利润兑现情况来看,2023 年新增项目去化表现相对一般、利润率可能存在一定压 ...
招商蛇口(001979):业绩实现稳健增长 拿地表现明显改善
Xin Lang Cai Jing· 2025-05-08 10:35
Core Viewpoint - The company reported a decline in revenue but achieved robust growth in net profit, indicating a resilient performance despite market challenges [2][6]. Financial Performance - In Q1 2025, the company achieved operating revenue of 20.4 billion yuan, a decrease of 13.9% year-on-year, while net profit attributable to shareholders was 450 million yuan, an increase of 34.0% [1]. - The gross margin decreased by 2.7 percentage points to 11.8%, and the expense ratio (excluding R&D expenses) increased by 1.2 percentage points to 7.1% [2]. - The net profit growth was primarily driven by an increase in the proportion of project equity transferred [2][6]. Sales and Land Acquisition - The company recorded sales of 35.1 billion yuan in Q1 2025, down 12.8% year-on-year, but the decline was less severe compared to the previous year [3]. - The total land acquisition amount reached 20 billion yuan, a significant increase of 102.0%, with a land acquisition intensity of 57% [3]. - The company focused on core first- and second-tier cities, with 93% of land acquisition in these areas, ensuring a solid foundation for future sales performance [3]. Financial Stability - As of the end of Q1 2025, the company had a debt-to-asset ratio of 60.5% (excluding advance receipts) and a net debt ratio of 51.1%, indicating a relatively low leverage level [4]. - The average financing cost was 2.99% at the end of 2024, maintaining the lowest level in the industry [4]. - The operational efficiency has been declining but the rate of decline has slowed, suggesting a potential stabilization [4]. Business Development - The asset operation business generated a total income of 7.46 billion yuan in 2024, with a stable EBITDA return rate of 6.42% [5]. - The urban service business achieved revenue of 4.46 billion yuan in Q1 2025, reflecting a growth of 19.9% [5]. - The company has established three domestic and international REITs platforms, enhancing the value of its existing assets and maintaining a leading position in exploring new business models [5]. Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 4.2 billion, 4.5 billion, and 4.9 billion yuan respectively, with corresponding P/E ratios of 19.9X, 18.6X, and 16.9X [6]. - Despite a high apparent P/E ratio, the actual P/B ratio is relatively low, indicating significant long-term value that is not yet reflected in the current valuation [6].