Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company has a stable investment outlook with ample land reserves, maintaining its annual sales target. The mid-term dividend payout ratio remains stable. The company reported a revenue growth of 10.1% year-on-year for the first half of 2024, despite a decline in net profit by 15.9% [2][3] - The company’s gross margin is under pressure, decreasing by 4.1 percentage points year-on-year to 13.7%. The operating cash flow for the first half of 2024 was 61.3 billion, with cash at the end of the period amounting to 481.4 billion, an increase of 4.4% from the beginning of the year [2][3] - The company achieved a contract sales amount of 554.0 billion, a decrease of 33.8% year-on-year, but improved its sales ranking to 9th place. The sales target for the year remains unchanged at 1,470 billion [2][3] - The company has diversified its land acquisition strategies, adding 12 plots of land with a total construction area of 1.72 million square meters, focusing on high-tier cities. The total land reserve is 25.03 million square meters, with significant portions in the Greater Bay Area and Guangzhou [2][3] - The company’s commercial properties generated rental income of 297 million, a year-on-year increase of 41.3%. The average financing cost decreased by 41 basis points to 3.57% [2][3] Financial Summary and Valuation Indicators - For the first half of 2024, the company reported revenue of 353.4 billion, net profit of 18.3 billion, and core net profit of 17.4 billion. The expected net profits for 2024-2026 are projected at 35.2 billion, 39.7 billion, and 44.3 billion respectively, with corresponding EPS of 0.88, 0.99, and 1.10 [3][4] - The company’s P/E ratios for 2024, 2025, and 2026 are projected at 4.0, 3.5, and 3.2 respectively, indicating a favorable valuation compared to earnings growth [3][4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [2][7]. Core Views - The company reported a revenue of 35.34 billion yuan for the first half of 2024, a year-on-year increase of 10.1%, but the net profit attributable to shareholders decreased by 15.9% to 1.83 billion yuan due to declining gross margins [1]. - The company has a resilient sales performance, with a contract sales amount of 55.4 billion yuan in the first half of 2024, a decrease of 34% year-on-year, which is better than the industry average decline of 42% [1]. - The company is focusing on high-energy cities and has added 12 new projects in 7 cities, with 88% located in first-tier and key second-tier cities [1]. - The financial situation remains stable, with a debt-to-asset ratio of 68.3% and a net debt ratio of 58.6% as of the first half of 2024 [1]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 35.34 billion yuan, up 10.1% year-on-year, while the net profit attributable to shareholders was 1.83 billion yuan, down 15.9% [1]. - The gross margin decreased to 13.7%, a decline of 4.1 percentage points year-on-year, leading to a gross profit drop of 15% [1]. - The company plans to adjust its net profit forecasts for 2024, 2025, and 2026 to 3.20 billion yuan, 3.49 billion yuan, and 3.81 billion yuan, respectively, reflecting a modest growth rate [2]. Sales and Market Position - The company maintained its leading position in the Guangzhou market, achieving sales of 23.05 billion yuan, which accounted for 41.6% of total sales [1]. - The company’s sales in the Greater Bay Area reached 26.1 billion yuan, representing 47.1% of total sales [1]. Land Acquisition and Development Strategy - The company has adopted a "6+1" diversified land acquisition model, adding 12 new projects with a total construction area of 1.72 million square meters, with 57% located in the Greater Bay Area [1]. - As of the first half of 2024, the total land reserve stood at 25.03 million square meters, with 94% located in first and second-tier cities [1]. Financial Health - The company’s financial indicators remain stable, with a debt-to-asset ratio of 68.3%, a net debt ratio of 58.6%, and a cash-to-short-term debt ratio of 1.53 times as of the first half of 2024 [1]. - The weighted average financing cost decreased by 41 basis points year-on-year to 3.57% [1].

公 司 报 告 越秀地产(0123.HK) 结算端增收不增利，投资结构持续优化 推荐（维持） 事项： 股价：3.82 港元 主要数据 | --- | --- | |------------------|-------------------------------------| | 行业 | 房地产 | | 公司网址 | www.y uexiuproperty.com;www.irasia. | | | com/listco/hk/yuexiuproperty | | 大股东/持股 | 越秀集团/40.8% | | 实际控制人 | 广州市人民政府 | | 总股本(百万股) | 4025.4 | | 流通 A 股(百万股 | 0 | | 流通 B/H 股( | 4025.4 | | 总市值（亿元） | 140.36 | | 流通 A 股市值( | 0 | | 每股净资产(元) | 14.14 | | 资产负债率(%) | 74.96 | 行情走势图 相关研究报告 【平安证券】越秀地产（0123.HK）*年报点评*销售逆 势双位数增长，紧抓分化机遇积极扩张*推荐20240327 【平安证券】越秀地产（0123.H ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 二○二四年中期業績公告 業績摘要 – 1 – ‧ 營業收入約為人民幣353.4億元，同比上升10.1%。 ‧ 毛利率約為13.7%，同比下降4.1個百分點。 ‧ 權益持有人應佔盈利約為人民幣18.3億元，同比下降15.9%。 ‧ 核心淨利潤*約為人民幣17.4億元，同比下降18.8%。 ‧ 期內累計合同銷售（連同合營企業及聯營公司項目的銷售）金額約為人民幣 554.0億元，同比下降33.8%。 ‧ 期內通過「6+1」多元化增儲模式於7個城市新增12幅土地，總建築面積約為 172萬平方米，88%位於一線和重點二線省會城市。截至六月三十日，總土地 儲備達到約2,503萬平方米。總土地儲備中94%位於一線城市和重點二線城 市。 – 2 – ‧ 期內向母公司收購廣州琶洲南TOD二期項目，總建築面積約58萬平方米。截 至六月三十日，本集團TOD項目總土地儲備 ...

交银国际研究 公司更新 内地房地产 2024 年 8 月 13 日 收盘价 目标价 潜在涨幅 港元 4.45 港元 6.60↓ +48.3% 越秀地产 (123 HK) 上半年业绩预览：料毛利率受压，下调目标价 2024 上半年料毛利率将降至 13 – 14%：我们认为房地产开发商的 2024 上 半年业绩毛利率和任何有关调整销售目标的指引都是最为关键的指标，因 为收入受具体项目交付进度的影响更大。我们预计越秀地产 2024 上半年 的毛利率将降至 13 – 14%，与我们全年预测之 13.5%相若。 可能下调销售目标：我们预计越秀地产 2024 上半年合同销售额为 554 亿 元（人民币，下同），同比降 33.8%，仅占全年销售目标 1,470 亿元的 37.7 %。同时，我们预计越秀地产可能会修改其全年销售目标。我们预期 越秀 2024 全年合同销售额为 1,160-1,200 亿元。 物管业务收入增长超过 20%：受惠于过去越秀地产销售增长以及交付稳 定，加上外托项目交付，我们预计物管服务渠道项目转化至在管项目可带 动物管收入同比增长维持 20 %以上。 下调收入及利润预测：我们下调了 2024 和 2 ...

Investment Rating - The report maintains a "Buy" rating for Yuexiu Property [4][12]. Core Views - Guangzhou Assets plans to increase its stake in Yuexiu Property by up to 2%, with a total investment not exceeding 556.5 million RMB, which is approximately 369 million RMB based on recent stock prices [2][3]. - The acquisition aims to strengthen shareholder relations and explore a "bad asset + real estate" business model, leveraging the strategic investment to enhance cooperation [2][3]. - Yuexiu Property has shown resilience, being the only company in the top 30 to maintain positive sales growth since the market downturn in 2021, supported by strong land reserves and favorable policies [2][3]. - Profit forecasts indicate a net profit of 3.5 billion RMB in 2024 and 4 billion RMB in 2025, reflecting year-on-year growth of 10% and 14% respectively, with a reasonable valuation target of 9.12 HKD per share [2][3]. Financial Summary - Revenue is projected to grow from 80.22 billion RMB in 2023 to 93.56 billion RMB in 2024, representing an 11% increase [3][9]. - The net profit for 2023 is estimated at 3.18 billion RMB, with a forecasted increase to 3.50 billion RMB in 2024, indicating a 10% growth [3][9]. - The earnings per share (EPS) is expected to rise from 0.79 RMB in 2023 to 0.87 RMB in 2024 [3][9]. - The price-to-earnings (P/E) ratio is projected to be 6.5x in 2024 and 5.7x in 2025, suggesting a favorable valuation [3][9].

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The major shareholder plans to increase their stake in the company, indicating strong confidence in its intrinsic value [4][5] - Despite a decline in sales, the company has improved its industry ranking, focusing investments on core first and second-tier cities [4][5] - The company is classified as a green enterprise, maintaining low financing costs while actively expanding [4][5] Financial Summary - The company reported a sales amount of 30.01 billion yuan from January to April 2024, a year-on-year decrease of 47.5%, with a sales area of 1.023 million square meters, down 38.7% [4] - The company achieved a total sales target completion of 20.4% for the year [4] - The company acquired five land parcels in Shanghai, Guangzhou, and Hefei, with a total investment of 7.42 billion yuan, a year-on-year decrease of 48% [4] - The company's land reserve at the end of 2023 was 25.67 million square meters, distributed across 29 cities [4] Profit Forecast - The report forecasts net profits for 2024-2026 to be 3.20 billion yuan, 3.54 billion yuan, and 3.91 billion yuan respectively [5][6] - The current price corresponds to a price-to-earnings ratio of 6.1 for 2024 and 5.5 for 2025 [5][6] Revenue and Profit Trends - The company's revenue is projected to grow from 80.22 billion yuan in 2023 to 91.85 billion yuan in 2024, reflecting a year-on-year growth rate of 14.5% [6][8] - The net profit is expected to slightly increase from 3.18 billion yuan in 2023 to 3.20 billion yuan in 2024, indicating a minimal growth rate of 0.6% [6][8]

越秀地產股份有限公司 YUEXIU PROPERTY COMPANY LIMITED 股份代號 : 00123 年報 2023 ● IIIm himmann Prister o 成 就 美好生活 /1 H 1000 000 10000 - - P 1:40 3 un In I 目錄 | --- | --- | |------------------|-------| | | | | 董事簡介 | 61 | | 企業管治報告 | 65 | | 董事會報告 | 77 | | 風險管理報告 | 98 | | 獨立核數師報告 | 109 | | 綜合損益表 | 115 | | 綜合全面收入表 | 116 | | 綜合財務狀況表 | 117 | | 綜合權益變動表 | 119 | | 綜合現金流量表 | 121 | | 綜合財務報表附註 | 124 | | 集團架構 | 223 | 公司架構 2 公司資料 3 財務摘要 4 企業可持續發展 6 二○二三年大事記 10 董事長報告 13 管理層討論及分析 24 物業發展 46 投資者關係報告 58 榮譽及獎項 60 43.39% 37.89% 66.92% 100% 廣州 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - Revenue growth is stable with consistent dividends, but profit margins and impairment losses have negatively impacted performance. In 2023, the company achieved operating revenue of 80.22 billion RMB, a year-on-year increase of 10.8%, while net profit attributable to shareholders was 3.19 billion RMB, down 19.4% year-on-year. The core net profit was 3.49 billion RMB, a decrease of 17.5% year-on-year. The company plans to distribute dividends of 1.4 billion RMB, maintaining a payout ratio of 40% of core net profit [11][12]. - Sales have shown positive growth for two consecutive years, with a strong investment focus on core cities. The total sales amount reached 142 billion RMB, a year-on-year increase of 14%, achieving 108% of the sales target. The company improved its national ranking to 12th, with sales in first-tier cities accounting for 62%, an increase of 10 percentage points from 2022 [19][21]. - The company has seen a significant increase in interest-bearing debt, with a total of 104.4 billion RMB at the end of 2023, up 18% year-on-year. The weighted average financing cost improved to 3.82%, falling below 4% for the first time [11][12]. - Profit forecasts indicate steady growth in sales and revenue, with net profit projected at 3.5 billion RMB and 4 billion RMB for 2024 and 2025, respectively, reflecting year-on-year increases of 10% and 14%. The report assigns a reasonable valuation of 0.6 times the net asset value at the end of 2023, translating to a target price of 9.14 HKD per share [11][12]. Summary by Sections Revenue Growth and Dividend Stability - In 2023, the company reported operating revenue of 80.22 billion RMB, a 10.8% increase year-on-year. However, net profit attributable to shareholders fell to 3.19 billion RMB, a 19.4% decline, with core net profit at 3.49 billion RMB, down 17.5% [11][12]. Sales Performance and Investment Focus - The company achieved total sales of 142 billion RMB, marking a 14% increase and surpassing its target by 8%. The sales in first-tier cities rose to 62%, reflecting a strategic focus on high-potential urban areas [19][21]. Debt and Financing Cost - Interest-bearing debt reached 104.4 billion RMB, an 18% increase from the previous year. The financing cost improved to 3.82%, indicating better financial management [11][12]. Profit Forecast and Valuation - Future profit estimates suggest a net profit of 3.5 billion RMB in 2024 and 4 billion RMB in 2025, with corresponding price-to-earnings ratios of 4.6x and 4.0x. The target price is set at 9.14 HKD per share based on a valuation of 0.6 times the net asset value [11][12].

Group 1: Company Performance - Yuexiu Property ranked 9th in the "2024 Comprehensive Strength Evaluation of Real Estate Development Enterprises," marking a rise of 5 places from the previous year and entering the top ten for the first time [1] - In 2023, Yuexiu Property achieved a contract sales amount of RMB 142 billion, a year-on-year increase of 14%, the highest growth rate among the top 20 real estate companies [1] - As of the end of 2023, Yuexiu Property's land reserves in first and second-tier cities accounted for 95%, enhancing its ability to navigate market cycles [1] Group 2: Strategic Focus - The company maintains a dual development strategy of commercial and residential properties, with a national presence in over 30 core cities [1] - Yuexiu Property emphasizes high-quality product development, integrating modern concepts such as green, low-carbon, and smart living into its projects [2][3] - The company has launched a series of high-end residential products targeting high-end consumers, showcasing its commitment to quality and innovation [3] Group 3: Financial Health - As of December 31, 2023, Yuexiu Property reported cash and cash equivalents totaling approximately RMB 46.1 billion, indicating strong liquidity [3] - The company's asset-liability ratio, net debt ratio, and cash short-term debt ratio were 67.4%, 57.0%, and 2.01 times, respectively, maintaining a "green" status under the "three red lines" policy [3] - Yuexiu Property's average borrowing cost decreased by 34 basis points year-on-year to 3.82%, positioning it favorably within the industry [3]