证券研究报告 受推盘节奏影响，FY1H26 公司香港权益销售金额同比-30%至 174 亿港币， 但紧随业绩期后，SIERRA SEA 二期热销贡献了 90 亿港币销售。随着元朗、 古洞、荃湾、启德等重点项目开启推售，我们预计 FY26 公司权益销售金额 有望达到 350 亿港币，继续领跑港资房企。此外，公司在压降净负债率后 抓住香港市场复苏的契机，通过招拍挂、地契修订、换地的多元方式，在屯 门、古洞、长沙湾新增约 187 万平方呎楼面面积，积极补充可售弹药。 新鸿基地产 (16 HK) 港股通 业绩增速亮眼，租金彰显韧性 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 2 月 | 27 日│中国香港 | 房地产开发 | 目标价(港币): | 164.37 | 公司发布 FY26 上半财年业绩，FY1H26 实现营收 527 亿港币，同比+32%； 核心归母净利润 122 亿港币，同比+17%，而彭博一致预期 FY26 全年增速 为 5%；中期 DPS 为 0.98 港币，同比+3%。在 ...

Financial Data and Key Metrics Changes - The group's underlying profit for the six months ended December 2025 was HKD 12.2 billion, a year-on-year increase of 16.7% driven by higher profits from trading and investment properties and lower finance costs [2][3] - Reported profit increased to HKD 10.2 billion, reflecting a 36.2% year-on-year growth [3] - The underlying earnings per share was HKD 4.21, while reported earnings per share was HKD 3.54 [3] - An interim dividend of HKD 0.98 per share was declared, marking a 3.2% increase from HKD 0.95 last year [3] - Net debt stood at HKD 83.6 billion with an improved gearing ratio of 13.5% compared to 15.1% in June 2025 [4][5] Business Segment Data and Key Metrics Changes - In property development, profit reached approximately HKD 4.9 billion, a substantial increase of 94.9% primarily due to higher profit recognition from Mainland projects [3] - The hotel business recorded an operating profit of HKD 428 million, up from HKD 377 million in the same period last year [4] - Profit from other business segments decreased by 11.7% year-on-year to about HKD 2.3 billion [4] - The group's total operating profit for the first half of fiscal year 2026 was HKD 16.5 billion, representing a 14.3% increase year-on-year [4] Market Data and Key Metrics Changes - The Hong Kong primary residential market saw higher transaction volumes and a modest price recovery, with contracted sales of about HKD 17.4 billion during the period [8][9] - The group's gross rental income in Hong Kong remained stable at around HKD 8.8 billion, with an overall average occupancy of approximately 92% [10] - The Mainland rental portfolio's gross rental income held steady at about RMB 3.1 billion, with a slight decrease of 0.8% in RMB terms [13] Company Strategy and Development Direction - The company aims to maintain a strong financial position to seize land opportunities in Hong Kong while focusing on prudent financial management [5][17] - The strategy includes leveraging a reputable brand to drive premium sales and ongoing portfolio reviews to enhance returns [5][17] - The company plans to continue launching new residential projects and unsold units while enhancing the competitiveness of its property investment portfolio [17][18] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the Hong Kong market's recovery, supported by robust IPO activities and favorable mortgage conditions [16][17] - The company anticipates continued strong demand for residential properties, driven by low mortgage rates and improving supply-demand dynamics [35][36] - The management highlighted the importance of adapting to new circumstances and leveraging technology to enhance property quality and services [18] Other Important Information - The group has a total land bank in Hong Kong of about 57.3 million sq ft and in Mainland China of 64.6 million sq ft [6][12] - The International Gateway Centre (IGC) is positioned as a key commercial landmark with high connectivity and sustainability credentials [23][24] - The company is committed to sustainability initiatives and enhancing the quality of living through its developments [16] Q&A Session All Questions and Answers Question: What is your view and outlook for the Hong Kong property home price? - Management noted that the Hong Kong residential market is entering a new phase of recovery, with positive rental carry attracting investors and end users [34] Question: Can we have an update on the leasing progress for the IGC and Artist Square Towers? - Management indicated strong interest in IGC, with leasing progressing well, particularly from the financial services sector [41][42] Question: What is your latest pricing strategy for residential projects in Hong Kong? - The company adheres to current market conditions, with moderate price increases to achieve sales targets while balancing volume and margin [54] Question: Any plans for asset disposal or changes in dividend policy? - Management stated there are no current plans for further asset disposals beyond Dynasty Court, and the dividend policy remains at 40%-50% of profits [57][93]