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 或任何部分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。 LONGFOR GROUP HOLDINGS LIMITED 龍湖集團控股有限公司 （於開曼群島註冊成立之有限責任公司） （股份代號：960） 截至二零二四年六月三十日止六個月之 未經審核中期業績公告 財務摘要 • 合同銷售額為人民幣511.2億元，對應銷售總建築面積為365.5萬平方米。 • 營業收入為人民幣468.6億元。其中，運營及服務業務收入為人民幣131.0億 元，同比增長7.6%。 • 股東應佔溢利為人民幣58.7億元，剔除公平值變動等影響後之股東應佔核 心溢利為人民幣47.5億元。其中，運營及服務業務貢獻超80%。毛利額為人 民幣96.4億元，毛利率為20.6%。核心稅後利潤率為11.7%，核心權益後利潤 率 為10.1%。 • 淨負債率（負債淨額除以權益總額）為56.7%，在手現金為人民幣500.6億元。 • 綜合借貸總額為人民幣1,874.2億元，平均融資成本為4.16%；平均合同借貸 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 52周内股价走势图 龙湖集团 恒生指数 -55% -44% -32% -21% -9% 2% 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/72024/8 本报告导读： 投资要点： [Table_Report] 相关报告 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 谢皓宇(分析师) | 黄可意(研究助理) | 白淑媛(分析师) | | | 010-83939826 | 010-83939815 | 021-38675923 | | | xiehaoyu@gtjas.com | huangkeyi028691@gtjas.com | baishuyuan@gtj ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [1]. Core Insights - The company has a diversified business model that supports growth across various segments, focusing on high-energy cities for its development activities [2][3]. - The company's operational and service segments contribute significantly to its profitability, helping it navigate through market cycles [2][3]. - The debt structure is well-managed, with a focus on maintaining low financing costs and a healthy balance sheet [2][3]. Summary by Sections 1. Company Overview - The company has been deeply involved in the real estate sector for over 31 years, establishing itself as a leading comprehensive real estate developer in China with a "1+2+2" business model [2][8]. - The ownership structure is stable, with significant control retained by the founding families [10][11]. 2. Development Business - The company has focused its development efforts on high-energy cities, with over 90% of sales coming from first and second-tier cities [2][3]. - Sales performance has been strong, with a compound annual growth rate of 15.1% from 2014 to 2023, and a sales completion rate in line with industry averages [2][3][15]. - The company has adopted a cautious approach to land acquisition, with a significant portion of its land reserves located in core cities [2][3][22]. 3. Operational and Service Segments - The operational business, including shopping malls and rental apartments, has shown stable growth, contributing over 60% to the company's profits [2][3][24]. - The rental income from the company's long-term rental apartments has been increasing, with a high occupancy rate and consistent profitability [2][3][28]. - The service segment, including property management, has also seen growth, with a focus on quality and customer satisfaction [2][3][29]. 4. Debt Structure and Financing - The company's debt levels have decreased, with a focus on maintaining a healthy financial position and low financing costs [2][3][32]. - The debt maturity profile is well-structured, with a significant portion of debt maturing in the longer term, reducing short-term repayment pressure [2][3][33].

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[ 龙 TIna 湖fbole] 集 _T 团itle （] 0960） [评Tab级le_：Inv est] 增持 当前价格（港元）： 13.52 积极布局高能级城市 2024.05.27 海 ——2024 年 4 月经营数据点评 [ 交Ta易bl数e_据M arket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 7.92-20.75 公 010-83939826 010-83939815 021-38675923 当前股本（百万股） 6,767 当前市值（百万港元） 91,494 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司发布4月经营数据，非开发业务稳中向好，而开发业务有待继续修复，预期在政 龙湖集 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 10 billion in 2023, representing a year-over-year growth of 15%[4] - The operating and service business generated sustainable revenue of RMB24.9 billion, representing a year-on-year growth of nearly 6%[55] - The property development business recorded contracted sales of RMB173.49 billion for the year, with a total sales area of 10.796 million square meters and an average selling price of RMB16,070 per square meter[74] - The Group achieved contract sales of RMB173.5 billion in the development business, ranking ninth in the industry[55] - The total contracted sales in 2023 decreased from RMB201.59 billion in 2022, indicating a year-over-year decline[78] Market Expansion and Strategy - The company is expanding its market presence, targeting 10 new cities in Southern China by the end of 2024[4] - The company is actively pursuing market expansion in Fuzhou with projects like Jiangchen Garden and Yangxia Street Plot, both set to complete in 2025[19] - The company is planning to expand its market presence with multiple projects in Qingdao, including the Lan'an Central and Fairy Castle projects, both with a 70% interest and significant GFA under development[22] - The company is expanding its presence in Changsha with multiple projects, including the Binhe Road Project and the Datang Longfor Qingyunque Project, both expected to complete in 2024[19] - The company is actively expanding its market presence with multiple projects in cities like Tianjin, Wuhan, and Lanzhou[25] Project Development - The company has a total of 36 ongoing and planned projects in Chongqing, with a significant focus on residential developments, including Bright City and Meilin Meiyuan, expected to complete in 2028 and 2026 respectively[17] - The company has a total of 20 principal development properties with varying completion dates, including projects in Haikou, Hangzhou, and Nanjing, with expected completion dates ranging from 2024 to 2028[20] - The company is developing the E-sports Town New Project in Guiyang, with a completion date set for November 2024 and a 90% interest in the project[17] - The company has a diverse portfolio with projects in multiple cities, including Guangzhou and Hefei, indicating a robust growth strategy across different regions[19] - The company is focusing on residential developments, with a majority of projects categorized under residential use[23] Financial Management and Debt - As of the end of 2023, the Group's interest-bearing liabilities totaled RMB192.6 billion, a decrease of 7.4% compared to 2022[52] - The Group plans to optimize its debt structure by gradually reducing indebtedness to ensure financial sustainability[52] - The Group's consolidated borrowings amounted to RMB192.65 billion, with cash in hand of RMB60.42 billion[134] - The net debt to equity ratio was 55.9%, and the liabilities to asset ratio (excluding pre-sale deposits) was 60.4%[134] - The average borrowing cost was 4.24%, with fixed-rate debt accounting for 32% of total debt[138] Sustainability and ESG Initiatives - The company has set a target to reduce carbon emissions by 30% by 2025 as part of its sustainability strategy[4] - The Group's commitment to ESG initiatives is reflected in its inclusion in the Hang Seng Corporate Sustainability Index and an improved MSCI ESG rating of AA[65] - The company is committed to sustainable development, with a significant portion of its projects focused on residential and commercial spaces, enhancing community living[17] Corporate Governance - The Company is committed to achieving a high standard of corporate governance and has complied with applicable code provisions, except for specific deviations noted in the report[188] - The Board currently consists of nine directors, including four executive directors and four independent non-executive directors, ensuring a strong independence element in its composition[195] - The Company emphasizes the importance of corporate transparency and accountability in its governance practices[188] - The Board has reviewed the Group's Code of Conduct and assessed the risk management and internal control systems during the year[198] - The effectiveness of the Company's corporate governance policy was confirmed by the Board[198] Operational Performance - Same-store sales for opened malls increased by 30% year-on-year, with average daily foot traffic up by 28%[55] - The occupancy rate of malls recovered from 93% at the beginning of last year to 96%[55] - The total rental income from shopping malls was RMB 7.97 billion, representing a 22.7% decrease from RMB 10.28 billion in 2022[94] - The average daily foot traffic across all shopping malls was 2.63 million in 2023, indicating strong consumer engagement[95] - The Group's rental income, net of tax, from Investment Property Operation was RMB12.94 billion, representing an increase of 8.9% compared to the previous year[84]

Investment Rating - The report adjusts the investment rating to "Accumulate" from "Buy" [1][2] Core Views - The company maintains financial stability with light public debt pressure due in 2024, having a cash balance of 60.42 billion and a short-term debt repayment pressure that is manageable [2] - The company experienced a significant decline in revenue and net profit in 2023, with total revenue of 180.74 billion, down 27.9% year-on-year, and a core net profit of 11.35 billion, down 49.4% year-on-year [2][3] - The company continues to face sales pressure, focusing land acquisitions in core first and second-tier cities, with total sales amounting to 173.49 billion, a decrease of 13.9% year-on-year [2][3] Financial Performance Summary - As of the end of 2023, the company had interest-bearing liabilities of 192.65 billion, a decrease of 7.4% year-on-year, with a cash-to-short-term debt ratio of 2.25 times [2] - The overall gross margin for the company was 16.9%, down 4.2 percentage points year-on-year, while the net profit margin was 7.1%, down 2.6 percentage points year-on-year [2] - The company’s land reserve stood at 45.39 million square meters, with a focus on higher-tier cities, and the land acquisition area decreased by 17.9% year-on-year [3] Revenue and Profit Forecast - The report forecasts revenues for 2024, 2025, and 2026 to be 171.52 billion, 164.15 billion, and 158.64 billion respectively, with corresponding net profits of 12.47 billion, 12.34 billion, and 12.51 billion [2][4]

2024年4月1日 公司研究 开发业务结算规模下降，经营性业务利润补位 ——龙湖集团（0960.HK）动态跟踪 要点 买入（维持） 当 前价：11.06港元 事件：据克而瑞数据显示，龙湖集团24年1-3月实现全口径销售额237亿元。 点评：开发收入大幅下滑等因素带动业绩下降，销售短期承压，财务整体稳健。 作者 23年开发业务收入大幅减少，毛利率大幅下滑有望筑底：2023年，公司实现营 分析师：何缅南 业收入1807亿元，同比减少27.9%，主要因前期销售额减少导致开发业务营收 执业证书编号：S0930518060006 021-52523801 同比减少31.3%至1559亿元；公司综合毛利率为16.9%，同比降低4.2pct，其 hemiannan@ebscn.com 中开发业务毛利率为 11.0%，同比降低 6.9pct，主要因前期获取的低毛利项目 结算以及 23 年新增计提存货减值 10 亿元；公司归母净利润 128.5 亿元，同比 联系人：庄晓波 减少 47.3%，其中核心归母净利润为 113.5 亿元，同比减少 49.6%，同比降幅 021-52523416 zhuangxiaobo@ebscn.c ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 龙湖集团（0960）公司年报点评 2024年03月26日 [Table_InvestInfo] 投资评级 优于大市 维持 恪守财务稳健安全，内生增长不断增强 股票数据 [Table_Summary] 3[T月ab25le日_S收t盘oc价kI（nf港o元] ） 10.66 投资要点： 52周股价波动（港元） 7.86-23.33 总股本股（百万股） 6767 营收利润有所下滑。公司2023年营业总收入1810.94亿元，同比下行27.8%。 总市值（亿港元） 721  相关研究 毛利为305.8亿元，同比下行42.3%，剔除公允价值变动的归母核心利润为 113.5亿元，同比下行49.6%。2023年公司毛利率16.9%，较2022年降低 [《Ta提b质le增_R效e确p保or安tI全nf，o]多航道业务协同发展》 4.3个百分点；核心税后利润率（剔除评估增值后）为8.7%，较2022年降 2023.08.24 低3.6个百分点；归母核心税后利润（核心权益后利润率）为6.3%，较2022 《龙湖集团（0960.HK）2022年年报点评： ...

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[ 龙I Tnaf 湖bol]e 集_Ti 团tle] （ 0960） [评Tab级le_：Inv est] 增持 当前价格（港元）： 10.18 经营性收入稳健增长 2024.03.25 ——2月经营数据点评 海 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 7.92-24.85 公 010-83939826 010-83939815 021-38675923 当前股本（百万股） 6,767 当前市值（百万港元） 68,891 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 司 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 52周内股价走势图 中 本报告导读： 公司发布 2 月经营数据，开发业务延续上月表现继续承压，拿地投资布局优势城 龙湖集团 恒生指数 国 市； ...

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[ 龙I Tnaf 湖bol]e 集_Ti 团tle] （ 0960） [评Tab级le_：Inv est] 增持 当前价格（港元）： 10.18 积极调整，坚韧前行 2024.03.25 ——2023年业绩点评 海 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 7.92-24.85 公 010-83939826 010-83939815 021-38675923 当前股本（百万股） 6,767 当前市值（百万港元） 68,891 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 司 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 52周内股价走势图 中 本报告导读： 公司 2023年继续缩表，毛利率因开发业务短暂承压进一步探底；未来公司将以高质 龙湖集团 恒生指数 国 ...