华夏大悦城购物中心封闭式基础设施证券投资基金

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年报点评|大悦城控股:投资力度回升,归母净利连续3年亏损
克而瑞地产研究· 2025-04-23 09:27
投资力度回升,拿地销售比回升至0.23;归母净利连续三年亏损。 ◎ 作者 / 沈晓玲、陈家凤 核 心 观 点 【 杭州、西安销售额贡献超4成,京沪降幅靠前】 2024年大悦城控股实现销售额369亿,同比下滑20%; 销售权益比例44.5%,较去年同期减少5.5pct , 需警惕合作方风险。据年报披露的销售明细显示, 全年86%销售额由一二线贡献 ,杭州、西安销售额贡献超4成,北京、上海和天津等地合计销售贡献约 14亿元,单城销售降幅均超70%,表现相对疲软。 【 投资力度回升,拿地销售比升至0.23】 2024年大悦城控股投资力度回升,新增5宗地块,拿地建面56万平,基于2023年低基数的影响, 同比大幅增加 232%, 土地总价款84亿, 同比增幅约33% ,按金额计 拿地销售比从去年的0.14回升至0.23 。年内投资的杭州萧山区世纪城钱塘湾总部住宅地块,全年 单盘贡献约91亿,成为大悦城全国销冠,然而该项目楼面价占到售价的65%,盈利空间被压缩。未来需做好地块流量和盈利之间的平衡,才能修复长期盈 利水平。2024年末大悦城剩余可开发计容建面 1 822万方,较年初下滑16%,足够支撑未来3-4年左右的开 ...
年报点评|大悦城控股:投资力度回升,归母净利连续3年亏损
克而瑞地产研究· 2025-04-23 09:27
Core Viewpoints - In 2024, Dayuecheng Holdings achieved a sales revenue of 36.9 billion, a year-on-year decline of 20%, with a sales rights ratio of 44.5%, down 5.5 percentage points from the previous year, indicating potential risks from partners [2][6] - The investment intensity has rebounded, with a land acquisition-to-sales ratio rising to 0.23, driven by a significant increase in land purchases, totaling 8.4 billion, up approximately 33% year-on-year [2][16] - The company has faced continuous net losses for three consecutive years, with a net loss of 2.98 billion in 2024, exacerbated by expanded losses from joint ventures [3][26] Sales Performance - Sales in Hangzhou and Xi'an contributed over 40% of total sales, with significant declines in Beijing, Shanghai, and Tianjin, where single-city sales dropped over 70% [2][10][13] - The Yangtze River Delta region became the largest contributor, accounting for 43% of total sales, an increase of 18.6 percentage points year-on-year [8][10] Investment and Land Acquisition - Dayuecheng Holdings increased its investment efforts, acquiring five new land parcels with a total area of 560,000 square meters, representing a year-on-year increase of 232% [2][19] - The average floor price of the newly acquired residential land in Hangzhou was 32,250 yuan per square meter, which accounted for 65% of the selling price, compressing profit margins [20] Financial Performance - The total revenue for 2024 was 35.79 billion, a slight decline of 2.7%, with property development revenue at 28.39 billion, down 2.3% [26][33] - The gross profit decreased by 20% to 7.79 billion, with a gross margin of 21.8%, down 4.7 percentage points year-on-year [26][33] Operational Efficiency - The average financing cost improved to 4.06%, with a non-restricted cash-to-short-term debt ratio dropping to 0.98, indicating liquidity risks [28] - The company successfully opened three shopping centers, with an average occupancy rate of 95.1% across 44 commercial projects [4][31]
大悦城:公司信息更新报告:营收规模有所收缩,持有型物业表现强劲-20250421
KAIYUAN SECURITIES· 2025-04-21 06:23
Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][19] Core Views - The company has experienced a contraction in revenue, with a total operating income of 357.9 billion yuan in 2024, a year-on-year decrease of 2.70%. The net profit attributable to shareholders was -29.8 billion yuan, compared to -14.7 billion yuan in 2023 [7][9] - Despite the revenue shrinkage, the company's property investment and operation remain stable, and the performance of held properties is strong. The forecast for net profit attributable to shareholders for 2025-2027 is -8.3 billion yuan, 8.7 billion yuan, and 15.2 billion yuan respectively [6][9] - The company is expected to gradually stabilize its real estate business, leading to a continuous release of performance [6][9] Financial Summary - In 2024, the company achieved a gross profit margin of 21.76% and a net profit margin of -7.15%, with a significant decline in operating cash flow, which decreased by 37.82% year-on-year to 66.17 billion yuan [7][9] - The company's asset-liability ratio stood at 76.73% at the end of 2024, indicating a high level of leverage [7][9] - The company’s shopping centers reported sales of 401.3 billion yuan in 2024, a year-on-year increase of 16%, with a foot traffic of 366 million visitors, up 22% [8][9] Valuation Metrics - The earnings per share (EPS) for 2025 is projected at -0.19 yuan, with price-to-earnings (P/E) ratios for 2026 and 2027 estimated at 13.5 and 7.7 respectively [6][9] - The company’s price-to-book (P/B) ratio is expected to be 1.2 in 2025, indicating a potential undervaluation compared to its book value [9][9]