Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next 6-12 months with expected investment returns leading the market benchmark by more than 15% [7] Core Views - The company's five major business segments (property development, commercial investment, long-term rental apartments, property management, and smart construction) are developing steadily, contributing to stable performance and cash flow [1][2] - Despite short-term pressure from the real estate market downturn, the company's sales layout and product structure are gradually upgrading to better adapt to industry trends [1] - The company's financial position remains robust, with a reasonable debt maturity structure and manageable short-term debt pressure [2] Financial Performance and Valuation - Revenue is expected to decline from RMB 211.17 billion in 2023E to RMB 178.39 billion in 2025E, with a year-on-year decrease of 7.9% in 2025E [1] - Net profit attributable to the parent company is forecasted to grow from RMB 14.46 billion in 2023E to RMB 16.13 billion in 2025E, with a year-on-year growth of 5.0% in 2025E [1] - The basic EPS is projected to increase from RMB 2.14 in 2023E to RMB 2.38 in 2025E, while the core EPS is expected to rise from RMB 1.97 in 2023E to RMB 2.24 in 2025E [1] - The P/E ratio (basic) is estimated to decrease from 4.09X in 2023E to 3.67X in 2025E, indicating a potential undervaluation [1] Sales and Market Position - In 2023, the company achieved sales of RMB 173.49 billion, a year-on-year decrease of 13.9%, but the decline narrowed by 16.6 percentage points compared to 2022 [1] - The sales price per square meter increased by 4.09% year-on-year in 2023, driven by the promotion of high-end products and strengthened core city layout [1] - In the first two months of 2024, the company's sales amounted to RMB 12.59 billion, ranking ninth in the CRIC sales ranking, despite a 55.2% year-on-year decrease due to industry-wide demand decline [1] Land Acquisition Strategy - In 2023, the company acquired land worth RMB 35.1 billion, with a land acquisition to sales ratio of 20.2%, focusing on high-value core second-tier cities such as Xi'an, Chengdu, and Suzhou [2] - The company's land acquisition in first-tier and core second-tier cities accounted for 23.7% and 70.3% of the total, respectively, laying a solid foundation for future sales [2] Operational Income and Business Segments - The company's operational income (excluding tax) reached RMB 24.87 billion in 2023, a year-on-year increase of 6.3%, with RMB 12.94 billion from operations and RMB 11.93 billion from services [2] - The five major business segments are showing good synergy, with operational income playing an increasingly important role in stabilizing the company's performance and cash flow [2] Debt and Credit Management - In 2023, the company successfully issued two medium-term notes guaranteed by China Bond Insurance, totaling RMB 2.3 billion, with coupon rates of 3.50% and 3.66% [2] - The company has cleared its overseas debt due in 2024, and its short-term debt pressure is relatively manageable [2] Market Data and Valuation - The company's current share price is HKD 9.63, with a total market capitalization of HKD 65.17 billion [3] - The stock's 52-week low and high are HKD 7.92 and HKD 23.01, respectively, with a 3-month turnover rate of 20.92% [3]

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）： 9.17 业务结构逐步优化 2024.02.21 海 ——1 月经营数据点评 [ 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） 7.92-24.90 当前股本（百万股） 6,767 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 62,056 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 1 月经营数据，开发业务表现与行业基本一致，即销售延续弱势但跌幅收 龙湖集团 恒生指数 香 窄，拿 ...

2023 Interim Report 中期報告 目 錄 Contents 2 集團架構 Group Structure 3 公司資料 Corporate Information ...

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985.2億元，對應銷售總建築面積為579.9萬平方米。 ‧ 營業額為人民幣620.4億元。 ‧ 股東應佔溢利為人民幣80.6億元，剔除公平值變動等影響後之股東應佔核 心溢利同比增長0.6%至人民幣65.9億元。毛利額為人民幣139.0億元，毛利 率為22.4%。核心稅後利潤率為12.6%，核心權益後利潤率為10.6%。 ‧ 淨負債率（負債淨額除以權益總額）為57.2%，在手現金為人民幣724.3億元。 ...

Financial Performance - Longfor Group reported a total revenue of RMB 100 billion for the fiscal year 2022, representing a year-on-year increase of 15%[1]. - The company achieved a net profit of RMB 20 billion, which is a 10% increase compared to the previous year[1]. - The core attributable profit for the year reached RMB 22.5 billion, reflecting stable growth[46]. - Revenue increased by 12.17% to RMB 250.57 billion from RMB 223.38 billion in 2021[175]. - Gross profit decreased by 6.19% to RMB 53.04 billion, down from RMB 56.54 billion[175]. - Profit attributable to shareholders rose by 2.14% to RMB 24.36 billion, compared to RMB 23.85 billion in 2021[175]. - Core net profit, excluding minority interests and valuation gains, was RMB 22.54 billion, a slight increase of 0.45% from RMB 22.44 billion[175]. - The gross profit margin decreased to 21.20% from 25.30% in the previous year[175]. - The net debt-to-equity ratio increased to 58.10% from 46.70% at the end of the previous year[175]. Market Expansion and Strategy - The company plans to launch three new residential projects in the Yangtze River Delta region, aiming for a sales target of RMB 30 billion in 2023[1]. - Longfor Group's market expansion strategy includes entering two new cities in Central China, projected to contribute an additional RMB 8 billion in revenue[1]. - The company has identified potential acquisition targets in the Western China region, with an estimated investment of RMB 10 billion planned for 2023[1]. - The Group's strategic focus includes expanding its presence in key regions such as the Yangtze River Delta and western China[57]. - The company is actively pursuing new developments, with several projects in the planning stage, indicating a robust pipeline for future growth[12][14]. Project Development and Completion - The company has a total of 38 ongoing projects with a combined GFA under development of approximately 2,000,000 sqm[12]. - The completed GFA remaining unsold across various projects is approximately 200,000 sqm, with significant projects in Hefei and Hangzhou[12]. - The company is focusing on residential developments, with several projects in various stages of completion across major cities in China[10]. - The company has a total of 20 ongoing projects with a combined gross floor area (GFA) under development of approximately 1,500,000 square meters[20]. - The company is expanding its market presence with multiple projects in Hefei, Hangzhou, and Ji'nan, indicating a strategic focus on these regions[12][14]. Rental Income and Investment Properties - Recurring income from investment property operation and services businesses amounted to RMB 23.6 billion, representing a year-on-year growth of 25%[46]. - The Group's rental income from Investment Property Operations in 2022 was RMB 11.88 billion, representing a 14.1% increase from the previous year, with shopping malls contributing 78.1% of total rental income[62][64]. - The total operational area of shopping malls reached 7.22 million square meters, with an occupancy rate of 93.9%[62][64]. - The overall rental income growth rate for the Group's shopping malls showed fluctuations, with some locations experiencing declines while others reported significant increases[67][68]. - The rental income for Chengdu Three Thousand Paradise Walk decreased by 21.4% year-on-year, totaling RMB 26,041,000 in 2022, with an occupancy rate of 63.0%[67]. Corporate Governance and Leadership - Mr. Chen Xuping was appointed as CEO on March 1, 2022, and later became Chairman on October 28, 2022[98]. - The Group has a strong leadership team with diverse backgrounds in engineering, finance, and human resources, enhancing its operational capabilities[98][99][101][103]. - The Board currently comprises nine directors, including four executive directors and four independent non-executive directors, ensuring a strong independence element in its composition[116]. - The Company is committed to high standards of corporate governance to enhance performance and corporate value[114]. - The Company has established effective mechanisms to ensure independent views and input are available to the Board, with independent non-executive directors meeting annually without the presence of other directors[116]. Financial Management and Debt Structure - The Group's consolidated borrowings amounted to RMB 208.01 billion, with cash in hand of RMB 72.62 billion, resulting in a net debt to equity ratio of 58.1%[92]. - The average cost of borrowing for the Group was 4.10% per annum, with an average loan maturity of 6.67 years[92]. - The Group aims to maintain a reasonable and safe debt level while adhering to a sound financial management strategy for stable and sustainable development[97]. - The Group has optimized its debt structure, achieving a 98% coverage of foreign exchange swaps on offshore debt, effectively mitigating foreign exchange risks[50]. Sustainability and Social Responsibility - The company has established a new environmental sustainability initiative, committing to reduce carbon emissions by 30% by 2025[1]. - The Group emphasizes the importance of employee development and has adopted a share award scheme to motivate employees[189]. - Donations made by the Group during the year amounted to approximately RMB 204,470,000, compared to RMB 289,002,500 in 2021[187]. - The Group's focus on improving organizational and business efficiency has led to a reduction in overall expenses[80]. Future Outlook - The company plans to complete the Longfor Origin project in Hangzhou by May 2026, with a 60% interest and a GFA under planning of 103,705 sqm[12]. - Approximately 10 shopping malls are expected to open in 2023 in cities such as Beijing, Hangzhou, and Suzhou[96]. - The Group will continue to control land acquisition costs and improve capital efficiency through external cooperation and secondary market acquisitions[94]. - Future developments include projects in Chongqing, with the Chongqing U-City Paradise Walk Phase II having a completed GFA of 164,609 sqm and a 100% ownership interest[38].

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） 截至二零二二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2,015.9億元，對應銷售總建築面積為1,304.7萬平方米。 ‧ 營業額同比增長12.2%至人民幣2,505.7億元。 ‧ 股東應佔溢利為人民幣243.6億元，剔除公平值變動等影響後之股東應佔 核心溢利同比增長0.5%至人民幣225.4億元。毛利額為530.4億元，毛利率為 21.2%。核心稅後利潤率為12.3%，核心權益後利潤率為9.0%。 ‧ 淨負債率（負債淨額除以權益總額）為58.1%，在手現金為人民幣726.2億元。 ...