Investment Rating - The report maintains a "Buy" rating for Longfor Group (00960.HK) [1][2][6] Core Views - The company experienced a decline in both revenue and profit, with operating business showing stable development. In 2023, the company achieved revenue of 180.7 billion yuan, a year-on-year decrease of 27.9%, and a net profit of 12.9 billion yuan, down 47.3% [3][6] - The core net profit, excluding minority interests and fair value changes of investment properties and financial derivatives, was 11.4 billion yuan, a decline of 49.6% year-on-year. The property development business generated revenue of 155.9 billion yuan, down 31%, while operational revenue increased by 9% to 12.9 billion yuan [3][6] - The company focuses on core cities to ensure cash flow, achieving a sales area of 10.8 million square meters, down 17.2%, and sales amounting to 173.5 billion yuan, down 13.9%. The company maintained a 100% collection rate [3][6] Financial Performance and Forecast - Revenue and profit forecasts for 2024 and 2025 have been adjusted downwards due to market downturns affecting the company's turnover scale and gross margin. Expected net profits for 2024 and 2025 are 12.92 billion yuan and 12.95 billion yuan, respectively, with corresponding EPS of 1.91 yuan [1][6][10] - The company’s financial safety is highlighted by a debt-to-asset ratio of 60% and a net debt ratio of 56% as of the end of 2023. The company has a cash balance of 60.4 billion yuan, down 16.8% year-on-year, and a cash-to-short-term debt ratio of 1.36 times [6][9] Business Segmentation - The company’s land reserves total 45.39 million square meters, with an average land cost of 4,705 yuan per square meter. High-quality land reserves account for 72% of total area, representing 77% of sales value [3][6] - The company has secured financing channels, with new operating property loans of 17.4 billion yuan and remaining bank credit limits exceeding 200 billion yuan [6][9]

[Table_StockInfo] 持有 2024年 03月 25日 （维持） 证券研究报告•2023年年报点评 当前价： 10.18港元 龙湖集团（0960.HK） 房地产 目标价： ——港元 开发业务聚焦核心区域，商业运营稳健发展 投资要点 西南证券研究发展中心 [T ab营le业_S收u入mm承a压ry，] 财务总体向好。2023年公司取得营业收入 1807.4亿元，同比 [分Ta析bl师e_：Au池th天or惠] 下降 27.9%，实现归母净利润 128.5亿元，同比下降 47.3%，剔除公平值变动 执业证号：S1250522100001 等影响后核心归母净利润同比下降 49.6%至 113.5亿元。毛利 305.8亿元，毛 电话：13003109597 利率为 16.9%。核心税后利润率为 8.7%，同比-3.6pp，核心权益后利润率为 邮箱：cth@swsc.com.cn 6.3%，同比-2.7pp。财务总体稳定向好，公司现金短债比为 1.96，净负债率同 分析师：刘洋 比下降 2.2个百分点至 55.9%，剔除预收账款的资产负债率为 60.4%，剔除预 执业证号：S1250523070005 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 房地产 | 公司研究 多元业务稳增，利润结构优化 2024年03月22日 龙湖集团 (00960.HK) 买入 23年核心净利润同比-50%、符合预期，运营及服务业务贡献业绩超60%。23年公司营业收入1,807 亿元，同比-27.9%；归母净利润128.5亿元，同比-47.3%；核心净利润113.5亿元，同比-49.6%、 维持 符合前期业绩预减范围，其中运营及服务业务贡献超60%、公司计划持续提升该占比；每股基本收 益2.07元，同比-49.4%。地产结算收入1,559亿元，同比-31.3%；地产结算面积1,071万平，同 比-31.0%。毛利率、归母净利率、核心净利率分别为16.9%、7.1%、6.3%，同比分别-4.2pct、-2.6pct、 市场数据：2024年03月22日 -2.7pct；地产结算毛利率11.0%，同比-6.9pct；三费费率为6.0%，同比+1.1pct，其中销售和管 收盘价（港币） 10.18 理费率分别同比+0.8pct和+0.3pct；投资收 ...

Investment Rating - The report maintains a "Recommend" rating for Longfor Group (0960) [2] Core Views - Longfor Group's 2023 revenue was RMB 180.737 billion, down 27.87% YoY, with net profit attributable to shareholders dropping 47.25% to RMB 12.85 billion [2] - The company's gross margin fell to 16.92%, a 4.25 percentage point decrease from 2022, mainly due to lower development margin (11% vs 17% in 2022) [2] - Sales volume decreased 13.94% to RMB 173.488 billion, while average selling price increased 4% to RMB 16,069.6 per square meter [2] - Rental income grew 8.9% to RMB 12.94 billion, with shopping malls contributing 77.4% and rental housing 19.7% [2] Financial Performance - Revenue breakdown: Development business turnover down 31.35%, significantly impacting overall revenue [2] - Profitability: Gross margin declined to 16.92%, with development margin dropping 6.9 percentage points to 11% [2] - Expense ratios: Management expense ratio increased to 2.91% (up 0.78ppt), sales expense ratio rose to 3.04% (up 0.33ppt) [2] Sales and Land Bank - Regional sales distribution: Yangtze River Delta (28.9%), Bohai Rim (21.8%), Western China (28.4%) [2] - Land acquisition: Added 31 plots totaling 3.68 million sqm GFA, with average land cost of RMB 9,730 per sqm [2] - Land bank: Total 45.39 million sqm, with 71.29% equity ratio and average cost of RMB 4,705 per sqm [2] Operational Highlights - Shopping malls: 88 operational malls with 7.97 million sqm GFA, achieving 96.2% occupancy rate [2] - Rental housing: 123,000 operational units with 95.5% occupancy rate, generating RMB 2.93 billion in revenue [2] - New openings: 12 new malls in 2023 (7 light-asset), with 14 more planned for 2024 [2] Financial Health - Leverage: Net debt ratio at 55.9%, debt-to-asset ratio (excluding advance receipts) at 60.4% [5] - Debt structure: Short-term debt at 13.9%, foreign debt at 17.7% [5] - Liquidity: Cash position of RMB 60.42 billion, cash-to-short-term-debt ratio of 1.36 [5] Future Projections - Revenue forecast: RMB 181.584 billion (2024E), RMB 194.204 billion (2025E), RMB 205.429 billion (2026E) [5] - Net profit forecast: RMB 12.85 billion (2024E), RMB 13.871 billion (2025E), RMB 14.704 billion (2026E) [5] - Valuation: PE ratios of 5.20X (2024E), 4.82X (2025E), 4.55X (2026E) [5]

Investment Rating - The report maintains a "Recommend" rating for Longfor Group (0960) [2] Core Views - Longfor Group's 2023 revenue was RMB 180.737 billion, down 27.87% YoY, with a net profit attributable to shareholders of RMB 12.85 billion, down 47.25% YoY [2] - The company's gross margin declined to 16.92% in 2023, down 4.25 percentage points from 2022, with development gross margin dropping to 11% from 17% [2] - Sales in 2023 reached RMB 173.488 billion, down 13.94% YoY, with a sales area of 10.796 million sqm, down 17.25% YoY, but the average selling price increased by 4% to RMB 16,069.6 per sqm [2] - The company added 31 new land parcels in 2023, with a total construction area of 3.68 million sqm and an average land cost of RMB 9,730 per sqm [2] - Rental income in 2023 was RMB 12.94 billion, up 8.9% YoY, with shopping malls contributing 77.4% of the total rental income [2] Financial Performance - The company's net debt ratio was 55.9% at the end of 2023, with a debt-to-asset ratio of 60.4% after excluding advance receipts [5] - Interest-bearing debt decreased by 7.4% to RMB 192.6 billion at the end of 2023, with short-term debt accounting for 13.9% and foreign debt for 17.7% [5] - The company's cash position remained strong, with RMB 60.42 billion in hand at the end of 2023, resulting in a cash-to-short-term debt ratio of 1.36 [5] - The average borrowing cost was 4.24% per annum, with an average loan term of 7.85 years [5] Business Operations - The company's shopping mall business achieved rental income of RMB 10.28 billion in 2023, up 9% YoY, with an occupancy rate of 96.2% [2] - Long-term rental apartments generated rental income of RMB 2.93 billion in 2023, up 13% YoY, with a five-year CAGR of 25% [2] - The company plans to open 14 new shopping malls in 2024, continuing its asset-light strategy [2] Regional Performance - Sales in the Yangtze River Delta, Bohai Rim, and Western regions accounted for 28.9%, 21.8%, and 28.4% of total sales, respectively [2] - The company's land reserves totaled 45.39 million sqm at the end of 2023, with an average land cost of RMB 4,705 per sqm, representing 29.3% of the current selling price [2] Future Outlook - The report forecasts revenue growth of 0.47%, 6.95%, and 5.78% for 2024, 2025, and 2026, respectively [5] - Net profit attributable to shareholders is expected to be RMB 12.85 billion, RMB 13.871 billion, and RMB 14.704 billion for 2024, 2025, and 2026, respectively [5] - The company's EPS is projected to be RMB 1.90, RMB 2.05, and RMB 2.17 for 2024, 2025, and 2026, respectively [5]

Core Viewpoint - Longfor Group Holdings Limited reported its annual performance for the year ending December 31, 2023, highlighting a resilient approach amid macroeconomic shifts towards high-quality development in the real estate market [1] Financial Performance - The company achieved a total revenue of 180.74 billion yuan and a net profit attributable to shareholders of 12.85 billion yuan, with core net profit after excluding fair value changes reaching 11.35 billion yuan [1] - Gross profit amounted to 30.58 billion yuan, resulting in a gross margin of 16.9%, while the core net profit margin stood at 8.7% and the core profit attributable to equity holders was 6.3% [1] Development Business - The development segment generated revenue of 155.86 billion yuan, with a total delivered property area of 10.708 million square meters and a settlement gross margin of 11.0% [1] - The company recorded contract sales in real estate development of 173.49 billion yuan, achieving a sales collection rate exceeding 100% [1] Regional Sales Performance - Sales distribution by region showed that the Yangtze River Delta, Bohai Rim, Western China, South China, and Central China accounted for 28.9%, 21.8%, 28.4%, 11.8%, and 9.1% of total sales, respectively, with first and second-tier cities making up 95% of sales [1] Delivery and Customer Satisfaction - Longfor Group delivered a total of 140,000 housing units in 2023, with 20% delivered more than a month ahead of schedule, achieving a customer satisfaction rate exceeding 90% [1] Investment Strategy - The company focused on investment in core regions, acquiring 31 new land parcels in major cities such as Shenzhen, Shanghai, Guangzhou, Chengdu, Hangzhou, and Suzhou, with a total new land reserve area of 3.68 million square meters and an equity area of 2.66 million square meters [1] - As of December 31, 2023, the total land reserve reached 45.39 million square meters, with an equity area of 32.36 million square meters, concentrating 77% of its value in high-energy cities and valuable areas at reasonable costs [1]

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） 960 （股份代號： ） 截至二零二三年十二月三十一日止年度業績公告 財務摘要 • 合同銷售額為人民幣1,734.9億元，對應銷售總建築面積為1,079.6萬平方米。 • 營業收入為人民幣1,807.4 億元。其中，運營及服務業務收入為人民幣248.8 億元，同比增長5.7%。 • 股東應佔溢利為人民幣128.5億元，剔除公平值變動等影響後之股東應佔核 心溢利為人民幣113.5億元。其中，運營及服務業務貢獻超60%。毛利額為 人民幣305.8億元，毛利率為16.9%。核心稅後利潤率為8.7%，核心權益後利 潤率為6.3%。 • 淨負債率（負債淨額除以權益總額）為55.9%，在手現金為人民幣604.2億元。 ...

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）： 10.84 聚焦协同，稳健发展 2024.03.13 海 ——2023年业绩预告点评 [ 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 当前股本（百万股） 6,767 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 73,357 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 公司预计 2023 年归母净利润同比下滑 45%~50%，主要源自开发业务收入和毛利率 XX股票 X ...

[Table_Header] 公司点评●房地产 2024年 03 月10 日 [Table_Title] [Table_StockCode] 龙湖集团(0960) 业绩下降控负债，非开发业务占比提升 [Table_InvestRank] 推荐 (维持) --2023 年业绩预警点评 核心观点： 分析师 [Table⚫_ Sum事m件ar：y] 公司发布 2023 年业绩预警，2023 年全年实现的归母净利润和剔 [胡Ta孝b宇le_ Authors] 除公允价值变动等影响后的股东应占核心净利润均预计同比下降 45%- 50%。 ：huxiaoyu_yj@chinastock.com.cn ⚫ 业绩下滑：公司发布 2023 年业绩预警。2023 年全年实现的归母净利润 分析师登记编码：S0130523070001 和剔除公允价值变动等影响后的股东应占核心净利润均预计同比下降 45%-50%。受到 2022年、2023年行业整体下行的影响，销售下滑、价格 承压等造成地产开发业务结算规模下行、结算毛利率下降是业绩下滑的 [市Ta场ble数_M据ark et] 2024-03-08 主要原因。 股票代码 0960 ...

海 外 研 证券研究报告 究 ＃industryId＃ 房地产行业 ＃00960 .HK ＃龙dy湖Com集pa团ny＃ 港股通（沪、深） dyStockco d e＃ ＃ ＃investSuggestion＃ ＃title＃ 增持 ( i下nve调stS ） 销售下降符合预期，经营性业务贡献增强 uggesti onC han ge＃ ＃createTime1＃ 2024年 3 月 2 日 投资要点 跟 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 我ma 们ry 的＃观 点：公司保持项目如期交付，当前短债占比可控，销售规模下降和拿地节奏有所 踪 日期 2024.3.1 放缓，符合预期，公司战略重心一方面放在管控财务风险，另一方面积极培育多元化业务， 报 收盘价(港元) 9.77 经营性业务盈利贡献正在持续增强。受到行业销售规模下行影响，以及与行业毛利率整体 告 总股本(亿股) 67.67 下滑同步，我们预计公司 2023/2024/2025 年的营业收入为 1792/1497/1327 亿元，同比 -28.5%/-16.5%/-11.4%；核心净利润为117/113/114亿元，同比-48.1%/- ...