主要数据 2025 年 03 月 31 日 中国海外发展(0688.HK) 销售逆势争先，率先受益核心区域及好项目"止跌回稳" 推荐（维持） 股价：13.9 港元 房地产 【平安证券】中国海外发展（0688.HK）*年报点评*逆 势增长，韧性十足*推荐20240329 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.coli.com.hk | | 大股东/持股 | 中国海外集团 56.1% | | 实际控制人 | 国务院国有资产监督管理委会 | | 总股本(百万股) | 10944.9 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 10944.9 | | 总市值（亿港元） | 1521.3 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 34.8 | | 资产负债率(%) | 55.8 | 行情走势图 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 王懂扬 投资咨询资格编号 S1060522070003 WANGDONGYANG339@pi ...

中国海外发展有限公司(0688.HK)(以下简称中国海外发展)今日发布2024年度全年业绩。 信用评级逆势提升，债务结构持续优化。中国海外发展继续保持稳健的财务状况，年内逆势获标普全球 上调信用评级至A-／稳定，成为唯一双A国际信用评级的中国房企。与此同时，集团进一步压降有息负 债规模，净偿还债务175.5亿元，期末资产负债率为55.8%，净借贷比率为29.2%，处于行业最低区间， 继续保持在"绿档"。 2024年，在房地产市场持续下行的背景下，中国海外发展实现收入1851.5亿元(人民币，下同)，税前溢 利264.1亿元，核心股东应占溢利157.2亿元，继续保持行业领先水平。与此同时，该集团董事局宣布派 发末期股息每股港币30仙，连同中期股息每股港币30仙，全年合计派发股息每股港币60仙，派息率 38.2%。 现金充裕，成本管控优势增强。数据显示，中国海外发展去年经营现金净流入创新高达到464.5亿元， 在手现金1241.7亿元，现金占总资产升至13.7%，现金充裕，发展动能强劲。 数据显示，中国海外发展实现合约销售金额3107亿元，同比增长0.3%；国内市场占有率达到3.21%，较 2023年末提升0.5 ...

中国海外发展有限公司("中国海外发展"或"公司"，股份代号：0688.HK)于今日公布2024年度全年业 绩。 2024年，房地产市场持续下行，公司统筹发展与安全，以进促稳，持续为股东创造价值。公司实现收入 人民币1,851.5亿元，税前溢利为人民币264.1亿元，核心股东应占溢利为人民币157.2亿元，保持行业领 先水平。董事局宣布派发末期股息每股港币30仙，连同中期股息每股港币30仙，全年合计派发股息每股 港币60仙，派息率38.2%，持续为股东创造稳健回报。 权益销售行业第一，逆势领先 公司系列公司实现合约销售金额人民币3,107亿元，同比增长0.3%，是中国十强房企中唯一实现销售增 长的公司，权益销售额排名位居行业第一(中国指数研究院的统计数据)。国内市场占有率达到3.21%， 较2023年末提升0.55个百分点。 重点市场市占率领先，标杆项目逆势热销 好产品是"工科中海"口碑的来源，是公司的竞争优势之一。公司的主要产品就是房子，"好房子"建设写 入了2025年的政府工作报告。 新时代的"好房子"建设标准，就是要打造一部现代版的"营造法式"，从好设计、好建造、好材料、好运 维几个方面，全面提升建筑性能 ...

集团九个商业项目投入运营，商业物业运营总建筑面积增加30万平方米，商业物业收入继续保持较快增 长，实现收入71.3亿元，同比增长12.1%。市场调整下行，不确定性增强，集团保持投资定力，聚焦高 能级城市的优质资产，精準投资，全年在12个中国内地城市获取22宗地块，总购地金额806.1亿元，权 益购地金额696.3亿元，新增购地金额行业第一，四个一线城市权益购地金额占比约73.5%，货量结构优 势更加突出。 2024年，集团系列公司实现合约物业销售额3106.9亿元，同比增长0.3%，是中国十强房企中唯一实现销 售增长的公司，国内市场占有率较2023年末提升0.55个百分点达到3.21%。中国指数研究院数据显示， 2024年集团系列公司的权益销售额居行业第一。 集团继续保持稳健的财务状况与强劲的成本优势。于2024年12月31日，集团的资产负债率为55.8%，净 借贷比率为29.2%，继续保持在"绿档"。集团积极管理有息借贷规模，提早偿还2027年1月到期的俱乐部 贷款港币121.1亿元，净偿还债务175.5亿元，有效优化债务结构，债务占比提升至82.3%。集团持有银 行存款及现金为1241.7亿元，经营性现金 ...

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。 （於香港註冊成立之有限公司） （股份代號：688） 截至二零二四年十二月三十一日止年度 業績公告 財 務 摘 要 1 本集團連同其聯營公司及合營公司（統稱「本集團系列公司」） 1 1. 本集團系列公司 1 合約物業銷售額上升 0.3%至人民幣 3,106.9 億元，相 應銷售面積為 1,149 萬平方米，同比下降 14%。 2. 本集團收入為人民幣 1,851.5 億元。 3. 本集團商業物業收入為人民幣 71.3 億元，同比上升 12.1%。 4. 本公司股東應佔溢利為人民幣 156.4 億元，剔除稅後投資物業重估增值 及匯兌淨損益等影響後之核心股東應佔溢利為人民幣 157.2 億元。 5. 每股基本盈利為人民幣 1.43 元。 6. 本集團在中國內地 12 個城市新增 22 幅土地，新增土地儲備總建築面積 為 416 萬平方米，權益建築面積為 389 萬平方米，總地價為人民幣 806.1 億元，權益 ...

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a slight increase in contract sales amounting to 310.7 billion yuan in 2024, representing a year-on-year growth of 0.3%. The average contract sales price also increased by 16.6% to 27,048 yuan per square meter, primarily due to the launch of high-end improvement projects in core locations of first- and second-tier cities [4][5] - The company focuses on land acquisition in first- and second-tier cities, with a total land expenditure of 80.6 billion yuan in 2024, of which the equity land expenditure was 69.6 billion yuan, maintaining an equity ratio of 86%. The average floor price for land acquisition reached a five-year high of 19,049 yuan per square meter [4][8] - The land acquisition intensity for 2024 was 26%, showing a trend of being lower at the beginning of the year and higher towards the end. In January 2025, the company accelerated its replenishment pace by acquiring projects in Shenzhen and Beijing for 3.065 billion yuan and 4.008 billion yuan, respectively [10] Financial Summary - The total revenue for the company is projected to be 192.2 billion yuan in 2024, a decrease of 5.1% year-on-year, followed by a slight increase to 193.5 billion yuan in 2025. The core net profit is expected to drop to 16.8 billion yuan in 2024, a decline of 29.0%, before recovering to 18.8 billion yuan in 2025, reflecting a growth of 12.1% [4][15] - The gross profit margin is expected to decrease to 17.0% in 2024, with a gradual recovery to 18.0% by 2026. The return on equity (ROE) is projected to decline to 4.4% in 2024, stabilizing at 4.8% in the following years [4][15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's sales data has shown a significant year-on-year increase, indicating strong project capabilities and stable operations. The company maintains a leading position in the market with a focus on core urban areas and rapid expansion in commercial properties [6][7] - The overall business remains robust, with a notable advantage in market share in core cities. The company is expected to achieve a net profit of 27.88 billion yuan in 2024, with corresponding earnings per share (EPS) of 2.55 yuan, and a price-to-earnings (P/E) ratio of 4.5 times [6][9] Monthly Sales Data Summary - In December 2024, the company reported a sales amount of 40.23 billion yuan, a year-on-year increase of 76.6%, with a sales area of 1.301 million square meters, up 32.2%. The average sales price per square meter was 30,928.80 yuan, reflecting a 33.53% increase year-on-year [7] - For the entire year of 2024, the cumulative sales amount reached 310.69 billion yuan, a slight increase of 0.3% year-on-year, while the cumulative sales area was 11.487 million square meters, down 14.0% [7] Land Acquisition Summary - In December 2024, the company acquired six land parcels in major cities, with a total land acquisition cost of 28.026 billion yuan, a year-on-year increase of 66.76%. The average floor price significantly increased [8] - For the full year 2024, the total land acquisition area was 3.895 million square meters, down 45.01%, with total land acquisition costs of 69.635 billion yuan, a decrease of 43.31% [8] Financial Summary and Valuation Indicators - The company's revenue for 2022 was 180.32 billion yuan, with a projected revenue of 213.06 billion yuan for 2024, reflecting a year-on-year growth of 5.2%. The net profit for 2024 is expected to be 27.88 billion yuan, with a net profit margin of 13.8% [9] - The projected EPS for 2024 is 2.55 yuan, with a P/E ratio of 4.5 times, indicating a strong valuation relative to earnings [9]

Investment Rating - The report maintains a "Buy" rating for China Overseas Development (0688.HK) [3] Core Views - The company has shown a significant improvement in sales, with a total sales amount of 270.4 billion yuan for the period from January to November 2024, representing a year-on-year decline of 5.8%, which is an improvement compared to the previous months [1] - The company is focusing on acquiring core land reserves in first-tier cities, with a total land acquisition cost of 23.5 billion yuan from January to October 2024, a decrease of 78.5% year-on-year [1] - The average selling price of the company's properties increased by 14.1% year-on-year to 26,471 yuan per square meter, driven by the sales growth of high-end properties in core cities [1] Summary by Sections Sales Performance - The company achieved a total sales amount of 270.4 billion yuan from January to November 2024, with a notable recovery in sales in October and November, where sales increased by 66.0% and 30.7% year-on-year respectively [1] - The company ranked second in the "Top 100 Real Estate Companies" sales list by CRIC, outperforming the industry average decline of 32.9% [1] Land Acquisition Strategy - The company has increased its focus on acquiring land in first-tier cities, with 57.8% of the total land acquisition cost of 13.6 billion yuan allocated to first-tier cities [1] - Recent land acquisitions include a residential plot in Shanghai for 3.65 billion yuan and a group plot in Beijing for 15.33 billion yuan [1] Financial Performance - For the first three quarters of 2024, the company reported a revenue of 109.58 billion yuan, a decrease of 6.7% year-on-year, with a significant drop in the third quarter revenue by 19.8% [1] - The operating profit for the first three quarters was 18.18 billion yuan, down 19.6% year-on-year, with an operating profit margin of 16.6%, reflecting continued pressure on profit margins [1] Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to 2.24 yuan, 2.34 yuan, and 2.50 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 5.6, 5.3, and 5.0 times [2][3] - The report expresses optimism about the company's ability to increase market share and enhance competitiveness in high-end residential development, maintaining the "Buy" rating [1][3]