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华创证券:维持中国海外发展(00688)“推荐”评级 好房子体系树立市场标杆
Zhi Tong Cai Jing· 2025-09-15 06:18
智通财经APP获悉,华创证券发布研报称,维持中国海外发展(00688)"推荐"评级,预计公司2025-2027 年EPS分别为1.40、1.38、1.52元。参考可比优质头部公司市盈率均值,给予公司2025年13倍PE,测算 市值约2188亿港元,对应股价20港元。公司作为头部央企,融资成本低,可售货值充足。2025上半年实 现营业收入832亿元,同比下降4.3%;归属普通股东净利润86亿元,同比下降16.6%。上半年毛利率 17.4%,已售未结金额1750亿元,较2024年末减少19.8%。 华创证券主要观点如下: 好房子体系落地,土储积极补仓,上半年投资强度达33.4% 1)2025年上半年公司实现销售面积512万方,同比下滑5.9%;销售金额1202亿元,同比下滑19.0%,合约 销售均价为23467元/平米,同比下降14.0%。公司延续聚焦一线城市的策略,推动"中海好房子Living OS 系统"落地,北京萬吉玖序、上海云邸玖章等首批中海好房子陆续上市推售。期内集团系列公司(不含中 海宏洋)在北上广深及香港五个城市实现合约销售额556.4亿元,其中北京实现合约销售304.5亿元。2)公 司积极补仓土储 ...
华创证券:维持中国海外发展“推荐”评级 好房子体系树立市场标杆
Zhi Tong Cai Jing· 2025-09-15 06:12
1)公司上半年商业运营业务收入35.4亿元,同比去年持平,但一线城市项目收入提升至47%,资产质量 进一步提升;2)从结构上看,购物中心和写字楼收入占比分别为33%和48%,购物中心上半年出租率 96.2%,销售额、客流分别同比增长6.7%、11.0%,经营利润率达56.8%,写字楼期内新签约面积51万平 方米,续租率提升16个百分点至77%。 债务结构持续优化,成本优势持续塑强 2025年上半年,公司有息负债规模进一步压降至2275亿元,期内减少141亿元,资产负债率达53.7%, 期末在手现金1090亿元,占总资产12.1%,经营性现金流持续为正;2025年上半年公司平均融资成本为 2.9%,分销及行政费用合计占收入比例约3.8%,其中行政费用同比下降16.9%。 风险提示:行业继续单边缩表,市场超预期下行。 好房子体系落地,土储积极补仓,上半年投资强度达33.4% 1)2025年上半年公司实现销售面积512万方,同比下滑5.9%;销售金额1202亿元,同比下滑19.0%,合约 销售均价为23467元/平米,同比下降14.0%。公司延续聚焦一线城市的策略,推动"中海好房子Living OS 系统"落地,北 ...
中国海外发展(00688):好房子体系树立市场标杆,土储积极补仓
Huachuang Securities· 2025-09-14 13:16
Investment Rating - The report maintains a "Recommended" investment rating for China Overseas Development (00688.HK) with a target price of HKD 20 [1][8]. Core Views - The company achieved a revenue of HKD 832 billion in the first half of 2025, a year-on-year decrease of 4.3%, and a net profit attributable to ordinary shareholders of HKD 86 billion, down 16.6% year-on-year [1][7]. - The "Good House" system has established a market benchmark, and the company is actively replenishing its land reserves, with an investment intensity of 33.4% in the first half of 2025 [7][8]. - The company continues to focus on first-tier cities, with a sales area of 5.12 million square meters, a decline of 5.9% year-on-year, and a sales amount of HKD 120.2 billion, down 19.0% year-on-year [7][8]. Financial Performance Summary - The company's gross profit margin for the first half of 2025 was 17.4%, with a core net profit margin of 10.6% [7]. - The total land reserve area as of the end of June 2025 was 26.93 million square meters, with an equity area of 23.67 million square meters [7]. - The company reported a commercial operation income of HKD 3.54 billion, with shopping centers and office buildings contributing 81% of the revenue [7]. Debt and Cash Flow Summary - The company's interest-bearing debt decreased to HKD 227.5 billion, down HKD 14.1 billion, with a debt-to-asset ratio of 53.7% [7]. - The average financing cost for the first half of 2025 was 2.9%, and the operating cash flow remained positive [7][8]. - The report forecasts EPS for 2025-2027 to be HKD 1.40, HKD 1.38, and HKD 1.52 respectively, with a projected market capitalization of approximately HKD 218.8 billion [7][8].
中国海外发展上半年销售逾1200亿元 稳中求进巩固行业领先
Zhong Guo Jing Ji Wang· 2025-08-28 08:32
8月27日,中国海外发展有限公司(简称"中国海外发展",股份代号:00688.HK)公布2025年度中期业绩。上半年,中国海外发展销售额1,201.5亿元,位居全 行业第二;一线城市销售优势稳固,北京市场超300亿元,市占率第一。 稳健的财务结构和充裕的资金储备,是中国海外发展在行业调整期中最为突出的优势之一。2025年上半年,公司继续保持"三条红线"指标全线"绿档",期末 剔除预收款资产负债率45.7%,净借贷比率为28.4%,现金短债比4.9倍。 2025年上半年,中国海外发展统筹发展与安全,坚持稳中求进,攻守兼备,展现了强劲的经营韧性与战略定力。凭借优质的产品体系、稳健的财务状况以及 前瞻性的市场布局,中国海外发展向市场和股东交出一份亮眼的中期答卷。 业绩稳健领跑,高质量发展成效显著 2025年上半年,中国海外发展系列公司实现合约销售额人民币1,201.5亿元,全口径、权益销售金额均为行业第二;集团收入人民币832.2亿元,除税前溢利 人民币130.0亿元,核心股东应占溢利人民币87.8亿元。整体盈利能力在行业中保持前列,凸显了公司的经营韧性与价值创造能力。 中国海外发展在重点城市销售动能强劲,14个城 ...
香港及北上广深贡献53.7%销售额!中海半年报暗藏三大制胜点
Mei Ri Jing Ji Xin Wen· 2025-08-28 05:23
Core Viewpoint - China Overseas Development Company has demonstrated strong performance in the first half of 2025 amidst a challenging real estate market, achieving contract property sales of 120.15 billion yuan and maintaining a leading profit margin in the industry [1][2][4]. Sales Performance - The company achieved a total contract sales amount of 120.15 billion yuan, ranking second in the industry, with significant contributions from core cities such as Hong Kong and the five major cities of Beijing, Shanghai, Guangzhou, and Shenzhen, which accounted for 53.7% of total sales [2]. - Beijing alone surpassed 30.45 billion yuan in sales, while other cities also reported sales exceeding 5 billion yuan, with 14 cities leading their local markets [2]. Profitability - The core profit attributable to shareholders reached 8.78 billion yuan, showcasing a significant advantage over competitors in a period where many are experiencing declining profits [4][3]. Financial Health - The company holds cash reserves of 108.96 billion yuan, representing 12.1% of total assets, indicating strong liquidity to navigate market fluctuations [5]. - Key financial metrics include a debt-to-asset ratio of 45.7% (excluding advance receipts), a net debt ratio of 28.4%, and a cash-to-short-term debt ratio of 4.9 times, all meeting the "three red lines" green standard [5]. Competitive Advantage - China Overseas is the only domestic real estate company rated A- by two international rating agencies, Standard & Poor's and Fitch, which enhances its creditworthiness for future developments [6]. Land Acquisition Strategy - In the first seven months of 2025, the company acquired 22 land parcels for a total of 55.01 billion yuan, leading the industry in investment scale, with a focus on major cities and prime locations [7]. - Notable acquisitions include high-value plots in Shanghai and Beijing, which are expected to support future sales growth [8]. Product Innovation - The launch of the "China Overseas Good House Living OS system" aims to enhance product differentiation through innovative solutions addressing customer needs, contributing to strong sales performance even in a sluggish market [9]. - The company also reported significant revenue from commercial properties, with a notable opening in Beijing that attracted over 200,000 visitors on its first day [9]. ESG Leadership - China Overseas has achieved high scores in ESG ratings, including an 88 from the London Stock Exchange Group, positioning itself as a leader in sustainable development within the industry [10]. Overall Outlook - The company is expected to continue its strong performance in the second half of 2025, supported by policy backing, market confidence recovery, and a robust project pipeline [10].
中国海外发展有限公司公布2025年度中期业绩 稳中求进 领潮前行
Zhong Guo Jing Ji Wang· 2025-08-27 08:17
投资保持进取有为,持续发展动能充足。1-7月,中国海外发展共获取22幅地块,权益购地金额人民币 550.1亿元,投资规模行业第一。同时,投资继续坚持"主流城市、主流地段、主流产品",一线和强二 线城市投资占比86%。下半年,一线城市的多个重点项目,包括北京树村项目、北京西黄村项目、深圳 后海项目、深圳大运项目、上海普陀项目等项目将集中推售,为集团销售稳健提供坚实的基础。 商业运营业务韧性发展。上半年,中国海外发展商业物业运营收入人民币35.4亿元,其中一线城市项目 收入占比提升至47%,资产质量进一步提升。北京中海大吉巷于五月二十五日盛大开业,项目以"文化 赋能、城市更新"为核心,活化三千余平方米的文化保育区,开业出租率96%,开业首日客流超20万人 次,成为首都核心区域城市更新示范样本。 (香港,2025年8月27日)中国海外发展有限公司(简称"中国海外发展",股份代号:688.HK)于今日 公布二零二五年度中期业绩。 二零二五年上半年,中国海外发展统筹发展与安全,积极应对各种困难与挑战,持续为股东创造价值。 中国海外发展系列公司实现合约物业销售额人民币1,201.5亿元,位居全行业第二。期内中国海外发展收 ...